# EDGAR Filing Document

**Accession Number:** 0000836622
**File Stem:** 0001133228-25-013002
**Filing Date:** 2025-12
**Character Count:** 385066
**Document Hash:** fdb2301b3ed9df4ccc4328d305e4c492
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013002.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001133228-25-013002

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**EFFECTIVENESS DATE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM DIVERSIFIED INCOME TRUST
- **CENTRAL INDEX KEY:** 0000836622

**ORGANIZATION NAME:**
- **EIN:** 043017475
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05635
- **FILM NUMBER:** 251538350

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6177601000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

## Series and Classes Contracts Data

### PUTNAM DIVERSIFIED INCOME TRUST (Series ID: S000005529)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000015036 | Class A Shares | PDINX           |
| C000015038 | Class C Shares | PDVCX           |
| C000015039 | Class M Shares | PDVMX           |
| C000015040 | Class R Shares | PDVRX           |
| C000015041 | Class Y Shares | PDVYX           |
| C000135951 | Class R6       |  |

?xml version='1.0' encoding='ASCII'? 2025-10-2074200177800_PutnamDiversifiedIncomeTrust_ClassA_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05635**

**Putnam Diversified Income Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

Stephen Tate, Vice President

100 Federal Street,

Boston, Massachusetts 02110

Copy to:

Bryan Chegwidden, Esq.

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **September 30**

Date of reporting period: **September 30, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class A [PDINX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class A | $101 | 0.98% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class A shares of Putnam Diversified Income Trust returned 6.28%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSA-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,600 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class A** 9/30/2015 — 9/30/2025

![image](ts5341img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class A**  | 6.28 | 2.70 | 2.93 |
| **Class A (with sales charge)**  | 2.03 | 1.87 | 2.51 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

Putnam Diversified Income Trust PAGE 2 38926-ATSA-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5341img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSA-1125

960098161070311111116661121011527104571057912053128101000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDVCX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class C | $177 | 1.72% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class C shares of Putnam Diversified Income Trust returned 5.68%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSC-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class C** 9/30/2015 — 9/30/2025

![image](ts5342img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class C**  | 5.68 | 1.97 | 2.32 |
| **Class C (with sales charge)**  | 4.78 | 1.97 | 2.32 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

Class C share performance reflects conversion to class A shares after eight years.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

Putnam Diversified Income Trust PAGE 2 38926-ATSC-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5342img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSC-1125

10000101681098911318118061125211491103371038411831125741000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class M [PDVMX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class M | $127 | 1.23% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class M shares of Putnam Diversified Income Trust returned 6.04%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSM-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT ($** **9,675 AFTER MAXIMUM APPLICABLE SALES CHARGE) –**

**Class M** 9/30/2015 — 9/30/2025

![image](ts5343img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class M**  | 6.04 | 2.45 | 2.67 |
| **Class M (with sales charge)**  | 2.60 | 1.78 | 2.33 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

Putnam Diversified Income Trust PAGE 2 38926-ATSM-1125

------

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5343img004.jpg)

\* Does not include derivatives, except purchased options, if any.

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSM-1125

967598791073511114116421115411436103631044411874125921000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDVRX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R | $112 | 1.09% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R shares of Putnam Diversified Income Trust returned 6.19%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSR-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R** 9/30/2015 — 9/30/2025

![image](ts5344img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R**  | 6.19 | 2.47 | 2.69 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5344img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Putnam Diversified Income Trust PAGE 2 38926-ATSR-1125

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSR-1125

10000102081110111504120451154211851107111081512280130411000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PDVGX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class R6 | $64 | 0.62% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class R6 shares of Putnam Diversified Income Trust returned 6.83%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSR6-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class R6** 9/30/2015 — 9/30/2025

![image](ts5345img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class R6**  | 6.83 | 3.07 | 3.29 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5345img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Putnam Diversified Income Trust PAGE 2 38926-ATSR6-1125

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSR6-1125

10000102641122311695123281188512250111631132412940138241000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PDVYX] | ![image](img2199_202405220716489.jpg) |
| Annual Shareholder Report \| September 30, 2025  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2024, to September 30, 2025.

You can find additional information about the Fund at https://www.franklintempleton.com/regulatory-fund-documents. You can also request this information by contacting us at (800) 225-1581.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of a** **$10,000 investment**<sup>\*</sup>  |
| Class Y | $75 | 0.73% |

---

\* Reflects fee waivers and/or expense reimbursements, without which expenses would have been higher.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the twelve months ended September 30, 2025, Class Y shares of Putnam Diversified Income Trust returned 6.64%. The Fund compares its performance to the ICE BofA U.S. Treasury Bill Index, which returned 4.44% for the same period.

**PERFORMANCE HIGHLIGHTS**

---

| | |
|:---|:---|
| **Top contributors to performance:** | **Top contributors to performance:** |
| ↑ | Overweight allocations to investment-grade and high-yield corporate credit contributed to returns, as spreads tightened by approximately 15 and 30 basis points, respectively, over the period. |
| ↑ | Mortgage credit strategies added value, driven by positioning in both residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS). U.S. homeowner balance sheets remained well positioned, supported by locked in home price appreciation, lower household leverage, and strong underwriting standards. |
| ↑ | Emerging markets (EM) exposures contributed to performance. EM hard currency sovereign bond indexes, as well as investment-grade bonds and high-yield issues, recorded gains, supported by U.S. Federal Reserve (Fed) easing and a favorable technical backdrop. |
| ↑ | Prepayment strategies - primarily interest-only (IO), inverse IO, and mortgage-backed securities (MBS) allocations. Agency MBS outperformed other securitized sectors over the period, mainly due to tighter spreads and expectations of higher bank demand in response to the Fed's rate cut. |

---

---

| | |
|:---|:---|
| **Top detractors from performance:** | **Top detractors from performance:** |
| ↓ | Positive structural duration as the U.S. Treasury yield curve steepened over the period, with intermediate- and long-term rates rising as short-term rates fell. |
| ↓ | Currency strategies detracted modestly from returns. The strategy employs a hedge of safe-haven currencies which typically do well in risk-off environments. Long positioning in USD, GBP, EUR, and CHF relative to the rest of G10 currencies weighed on the portfolio, especially due to weaker USD momentum. |

---

**Use of derivatives and the impact on performance:**

The Fund used interest rate swaps for yield curve positioning, to hedge term structure risk and to gain exposure to rates in various countries, which contributed to performance.

Putnam Diversified Income Trust PAGE 1 38926-ATSY-1125

------

**HOW DID THE FUND PERFORM OVER THE LAST 10 YEARS?**

**The Fund's past performance is not necessarily an indication of how the Fund will perform in the future.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

**VALUE OF A $** **10,000 INVESTMENT –** **Class Y** 9/30/2015 — 9/30/2025

![image](ts5346img003.jpg)

**AVERAGE ANNUAL TOTAL RETURNS (%)** Period Ended September 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class Y**  | 6.64 | 2.97 | 3.19 |
| **Bloomberg U.S. Aggregate Index**  | 2.88 | -0.45 | 1.84 |
| **ICE BofA U.S. Treasury Bill Index**  | 4.44 | 2.98 | 2.10 |

---

Fund performance figures may reflect fee waivers and/or expense reimbursements, without which the performance would have been lower.

For current month-end performance, please call Franklin Templeton at (800) 225-1581 or visit

https://www.franklintempleton.com/investments/options/mutual-funds.

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

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Total Net Assets** | $1027601655 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 823 |
| **Total Management Fee Paid** | $5456523 |
| **Portfolio Turnover Rate** | 549% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

**Portfolio Composition**<sup>\*</sup> **(% of Total Investments)**

![image](ts5346img004.jpg)

\* Does not include derivatives, except purchased options, if any.

Putnam Diversified Income Trust PAGE 2 38926-ATSY-1125

------

**HOW HAS THE FUND CHANGED?**

Effective November 1, 2024 (the "Effective Date"), Putnam Investments Limited ("PIL"), a sub-advisor of the Fund prior to the Effective Date, merged with and into Franklin Templeton Investment Management Limited ("FTIML"), a wholly-owned subsidiary of Franklin Resources, Inc. (the "Merger"). As of the Effective Date, PIL investment professionals became employees of FTIML, and the sub-advisory agreement between Franklin Advisers, Inc. ("Franklin Advisers") and PIL with respect to the Fund was terminated. In connection with the Merger, the Fund's Trustees approved a new sub-advisory agreement between Franklin Advisers and FTIML, pursuant to which FTIML became a sub-advisor of the Fund on the Effective Date.

Effective September 30, 2025, the portfolio managers for the Fund are Albert Chan, Patrick Klein, Michael Salm and Matthew Walkup.

This is a summary of certain changes to the Fund since October 1, 2024. For more complete information, you may review the Fund's current prospectus and any applicable supplements and the Fund's next prospectus, which we expect to be available by February 1, 2026, at https://www.franklintempleton.com/regulatory-fund-documents or upon request at (800) 225-1581 or

funddocuments@putnam.com.

---

| | |
|:---|:---|
| ![image](img11308_202405310907293.jpg) | **WHERE CAN I FIND ADDITIONAL INFORMATION ABOUT THE FUND?** |
| ![image](img11308_202405310907293.jpg) | Additional information is available on https://www.franklintempleton.com/regulatory-fund-documents, including its: |
| ![image](img11308_202405310907293.jpg) | • prospectus • proxy voting information • financial information • holdings • tax information |

---

**HOUSEHOLDING**

You will receive the Fund's shareholder reports every six months. In addition, you will receive an annual updated summary prospectus (detail prospectus available upon request). To reduce Fund expenses, we try to identify related shareholders in a household and send only one copy of the shareholder reports and summary prospectus. This process, called "householding," will continue indefinitely unless you instruct us otherwise. If you prefer not to have these documents householded, please call us at (800) 225-1581. At any time, you may view current prospectuses/summary prospectuses and shareholder reports on our website. If you choose, you may receive these documents through electronic delivery.

Putnam Diversified Income Trust PAGE 3 38926-ATSY-1125

10000102661121411657122751183312197110941125012843136951000010519105271039911470122711216110385104521166111998100001002910093102481050010625106331068311166117841230625.012.99.78.07.37.25.13.51.51.218.6 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Gregory G. McGreevey and Manoj P. Singh possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Gregory G. McGreevey and Manoj P. Singh as the Audit Committee's financial experts. Gregory G. McGreevey and Manoj P. Singh are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending September 30, 2024 and September 30, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $192,578 in September 30, 2024 and $28,622 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in September 30, 2024 and $0 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $15,443 in September 30, 2024 and $25,738 in September 30, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in September 30, 2024 and $0 in September 30, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

Pre-Approval Policies of the Audit, Compliance and Risk Committee. The Audit, Compliance and Risk Committee of the Putnam funds has determined that, as a matter of policy, all work performed for the funds by the funds' independent auditors will be pre-approved by the Committee itself and thus will generally not be subject to pre-approval procedures.

The Audit, Compliance and Risk Committee also has adopted a policy to pre-approve the engagement by the fund's investment manager and certain of its affiliates of the fund's independent auditors, even in circumstances where pre-approval is not required by applicable law. Any such requests by the fund's investment manager or certain of its affiliates are typically submitted in writing to the Committee and explain, among other things, the nature of the proposed engagement, the estimated fees, and why this work should be performed by that particular audit firm as opposed to another one. In reviewing such requests, the Committee considers, among other things, whether the provision of such services by the audit firm are compatible with the independence of the audit firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $960,797 in September 30, 2024 and $489,647 in September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable*.*

ITEM 6. SCHEDULE OF INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Putnam

#### Diversified

#### Income

#### Trust

#### Financial

#### Statements

#### and

#### Other

#### Important

#### Information

#### Annual
\|

September

30,

2025

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Annual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 44
Notes

to

Financial

Statements

#### 49
Report

of

Independent

Registered

Public

Accounting

Firm

#### 67
Tax

Information

#### 68
Changes

In

and

Disagreements

with

Accountants

#### 69
Results

of

Meeting(s)

of

Shareholders

Remuneration

Paid

to

Directors,

Officers

and

Others

Board

Approval

of

Management

and

Subadvisory

Agreements

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.60

$5.28

$5.59

$6.41

$6.45

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.27 0.30 0.30 0.29 0.25 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.41 (0.23)

(0.87)

(0.06)

Total

from

investment

operations

....................

0.30 0.71 0.07 (0.58)

0.19 Less

distributions

from:

Net

investment

income

..........................

(0.85)

(0.39)

(0.38)

(0.24)

(0.20)

Net

realized

gains

.............................

—

—

—

—

(0.03)

Total

distributions

...............................

(0.85)

(0.39)

(0.38)

(0.24)

(0.23)

Net

asset

value,

end

of

year

.......................

$5.05

$5.60

$5.28

$5.59

$6.41

Total

return

c

...................................

6.28%

13.93%

1.17%

(9.29)%

2.83%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

0.98%

e

1.03%

e

1.04%

1.01%

0.97%

Net

investment

income

...........................

5.35%

5.55%

5.42%

4.78%

3.80%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$492,310

$528,025

$545,289

$617,526

$817,914

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.45

$5.15

$5.46

$6.27

$6.31

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.23 0.25 0.25 0.23 0.20 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.40 (0.22)

(0.85)

(0.06)

Total

from

investment

operations

....................

0.26 0.65 0.03 (0.62)

0.14 Less

distributions

from:

Net

investment

income

..........................

(0.81)

(0.35)

(0.34)

(0.19)

(0.16)

Net

realized

gains

.............................

—

—

—

—

(0.02)

Total

distributions

...............................

(0.81)

(0.35)

(0.34)

(0.19)

(0.18)

Net

asset

value,

end

of

year

.......................

$4.90

$5.45

$5.15

$5.46

$6.27

Total

return

c

...................................

5.68%

13.04%

0.45%

(10.04)%

2.13%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

1.72%

e

1.78%

e

1.79%

1.76%

1.72%

Net

investment

income

...........................

4.61%

4.79%

4.66%

3.97%

3.05%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$33,200

$54,963

$70,547

$114,682

$218,082

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.43

$5.13

$5.45

$6.25

$6.30

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.25 0.28 0.28 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.40 (0.23)

(0.83)

(0.06)

Total

from

investment

operations

....................

0.28 0.68 0.05 (0.57)

0.17 Less

distributions

from:

Net

investment

income

..........................

(0.84)

(0.38)

(0.37)

(0.23)

(0.19)

Net

realized

gains

.............................

—

—

—

—

(0.03)

Total

distributions

...............................

(0.84)

(0.38)

(0.37)

(0.23)

(0.22)

Net

asset

value,

end

of

year

.......................

$4.87

$5.43

$5.13

$5.45

$6.25

Total

return

c

...................................

6.04%

13.69%

0.79%

(9.39)%

2.53%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

d

....................................

1.23%

e

1.28%

e

1.29%

1.26%

1.22%

Net

investment

income

...........................

5.11%

5.31%

5.11%

4.48%

3.51%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$43,305

$50,461

$52,473

$59,808

$78,270

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Total

return

does

not

reflect

sales

commissions

or

contingent

deferred

sales

charges,

if

applicable.

d

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

e

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.48

$5.18

$5.49

$6.31

$6.35

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.26 0.29 0.28 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.39 (0.22)

(0.86)

(0.05)

Total

from

investment

operations

....................

0.29 0.68 0.06 (0.59)

0.18 Less

distributions

from:

Net

investment

income

..........................

(0.84)

(0.38)

(0.37)

(0.23)

(0.19)

Net

realized

gains

.............................

—

—

—

—

(0.03)

Total

distributions

...............................

(0.84)

(0.38)

(0.37)

(0.23)

(0.22)

Net

asset

value,

end

of

year

.......................

$4.93

$5.48

$5.18

$5.49

$6.31

Total

return

....................................

6.19%

13.55%

0.97%

(9.62)%

2.67%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

1.09%

d

1.28%

d

1.29%

1.26%

1.22%

Net

investment

income

...........................

5.25%

5.37%

5.16%

4.56%

3.56%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$1,728

$1,181

$1,642

$1,860

$2,120

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.50

$5.20

$5.52

$6.33

$6.38

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.29 0.32 0.32 0.31 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.39 (0.23)

(0.86)

(0.07)

Total

from

investment

operations

....................

0.32 0.71 0.09 (0.55)

0.20 Less

distributions

from:

Net

investment

income

..........................

(0.87)

(0.41)

(0.41)

(0.26)

(0.22)

Net

realized

gains

.............................

—

—

—

—

(0.03)

Total

distributions

...............................

(0.87)

(0.41)

(0.41)

(0.26)

(0.25)

Net

asset

value,

end

of

year

.......................

$4.95

$5.50

$5.20

$5.52

$6.33

Total

return

....................................

6.83%

14.26%

1.44%

(8.88)%

3.07%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.62%

d

0.66%

d

0.67%

0.66%

0.63%

Net

investment

income

...........................

5.71%

5.92%

5.88%

5.23%

4.16%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$22,546

$27,421

$37,045

$25,839

$24,944

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

...................

$5.53

$5.22

$5.53

$6.34

$6.38

Income

from

investment

operations

a

:

Net

investment

income

b

.........................

0.28 0.31 0.32 0.30 0.27 Net

realized

and

unrealized

gains

(losses)

...........

0.03 0.40 (0.24)

(0.86)

(0.07)

Total

from

investment

operations

....................

0.31 0.71 0.08 (0.56)

0.20 Less

distributions

from:

Net

investment

income

..........................

(0.86)

(0.40)

(0.39)

(0.25)

(0.21)

Net

realized

gains

.............................

—

—

—

—

(0.03)

Total

distributions

...............................

(0.86)

(0.40)

(0.39)

(0.25)

(0.24)

Net

asset

value,

end

of

year

.......................

$4.98

$5.53

$5.22

$5.53

$6.34

Total

return

....................................

6.64%

14.15%

1.41%

(9.04)%

3.08%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

c

.....................................

0.73%

d

0.78%

d

0.79%

0.76%

0.72%

Net

investment

income

...........................

5.60%

5.80%

5.77%

5.06%

4.10%

#### Supplemental

#### data
Net

assets

,

end

of

year

(000's)

.....................

$434,513

$469,863

$529,882

$767,605

$1,324,278

Portfolio

turnover

rate

............................

549%

1164%

1325%

1163%

1277%

a

The

amount

shown

for

a

share

outstanding

throughout

the

period

may

not

correlate

with

the

Statement

of

Operations

for

the

period

due

to

the

timing

of

sales

and

repurchases

of

the

Fund's

shares

in

relation

to

income

earned

and/or

fluctuating

fair

value

of

the

investments

of

the

Fund.

b

Based

on

average

daily

shares

outstanding.

c

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

d

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Schedule

of

Investments,

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 1.7%

#### Capital

#### Markets

#### 1.7%
a

Franklin

Ultra

Short

Bond

ETF

..........................

United

States

691,880

$

17,366,188

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 17,210,592

####)
..................

#### 17,366,188

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 3.9%

#### Aerospace

#### &

#### Defense

#### 0.1%
AeroVironment,

Inc.

,

Senior

Note

,

Zero

Cpn.,

7/15/30

........

United

States

380,000

471,770

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5 %

,

12/15/27

..........

United

States

79,000

247,961

719,731

#### Automobiles

#### 0.1%
Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625 %

,

3/15/29

........

United

States

440,000

456,995

#### Banks

#### 0.0%

#### †
Barclays

Bank

plc

,

Senior

Note

,

%

,

2/16/29

...........................

United

Kingdom

460,000

518,673

518,673

#### Biotechnology

#### 0.2%
Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

%

,

9/15/27

...........................

United

States

117,000

192,582

b,c

Senior

Note

,

144A,

.19

%

,

9/15/28

....................

United

States

405,000

402,722

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25 %

,

4/01/28

.........

Denmark

209,000

285,024

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75 %

,

4/15/31

.....

United

States

387,000

362,027

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

%

,

8/15/28

.......

United

States

446,000

627,745

1,870,100

#### Broadline

#### Retail

#### 0.2%
Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5 %

,

6/01/31

......

China

309,000

568,405

Etsy,

Inc.

,

Senior

Note

,

0.25 %

,

6/15/28

...................

United

States

341,000

302,041

JD.com,

Inc.

,

Senior

Note

,

0.25 %

,

6/01/29

.................

China

551,000

593,427

Sea

Ltd.

,

Senior

Note

,

2.375 %

,

12/01/25

..................

Singapore

202,000

399,354

1,863,227

#### Capital

#### Markets

#### 0.3%
Coinbase

Global,

Inc.

,

Senior

Note

,

0.25 %

,

4/01/30

.........................

United

States

396,000

498,663

b

Senior

Note

,

144A,

Zero

Cpn.,

10/01/32

................

United

States

494,000

546,858

b

Euronext

NV

,

Senior

Note

,

Reg

S,

1.5 %

,

5/30/32

............

Netherlands

600,000

EUR

697,856

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

9/01/28

.....

United

States

211,000

210,143

b

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

8/15/30

.......

United

States

394,000

419,278

2,372,798

#### Communications

#### Equipment

#### 0.1%
b

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375 %

,

3/15/32

.

United

States

797,000

916,949

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

.................

United

States

218,000

259,202

#### Consumer

#### Finance

#### 0.0%

#### †
b

SoFi

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/15/26

United

States

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

181,000

$

262,088

#### Diversified

#### REITs

#### 0.1%
b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875 %

,

11/15/29

...

United

States

491,000

516,778

#### Diversified

#### Telecommunication

#### Services

#### 0.1%
b

Cellnex

Telecom

SA

,

Senior

Note

,

Reg

S,

0.5 %

,

7/05/28

......

Spain

600,000

EUR

737,466

#### Electric

#### Utilities

#### 0.3%
NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

%

,

3/01/27

United

States

410,000

485,235

PG&E

Corp.

,

Senior

Secured

Note

,

4.25 %

,

12/01/27

.........

United

States

584,000

592,059

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875 %

,

3/15/28

......

United

States

591,000

675,365

1,752,659

#### Electrical

#### Equipment

#### 0.1%
b

Schneider

Electric

SE

,

Senior

Note

,

Reg

S,

1.625 %

,

6/28/31

...

United

States

600,000

EUR

749,721

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
b

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75 %

,

9/01/30

.............

United

States

286,000

289,432

Itron,

Inc.

,

Senior

Note

,

1.375 %

,

7/15/30

..................

United

States

486,000

558,171

b

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/31

United

States

196,000

211,258

OSI

Systems,

Inc.

,

Senior

Note

,

2.25 %

,

8/01/29

............

United

States

253,000

367,672

1,426,533

#### Entertainment

#### 0.1%
Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25 %

,

8/15/27

...................................

United

States

281,000

373,309

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

3.125 %

,

1/15/29

........................

United

States

195,000

315,044

b

Senior

Note

,

144A,

2.875 %

,

1/15/30

...................

United

States

555,000

616,605

1,304,958

#### Financial

#### Services

#### 0.2%
b

Affirm

Holdings,

Inc.

,

Senior

Note

,

144A,

0.75 %

,

12/15/29

.....

United

States

339,000

369,002

Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

455,000

417,578

b

,c

Nexi

SpA

,

Senior

Note

,

Reg

S,

.62

%

,

2/24/28

.............

Italy

400,000

EUR

431,181

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5 %

,

8/01/27

...........

United

States

430,000

424,230

1,641,991

#### Food

#### Products

#### 0.1%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

.............

United

States

508,000

571,246

#### Ground

#### Transportation

#### 0.1%
b

Lyft,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

............

United

States

223,000

270,165

c

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875 %

,

12/01/28

..................

United

States

501,000

737,722

b

Senior

Secured

Note

,

144A,

Zero

Cpn.,

5/15/28

..........

United

States

264,000

281,028

1,288,915

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Dexcom,

Inc.

,

Senior

Note

,

0.375 %

,

5/15/28

...............

United

States

392,000

357,798

Haemonetics

Corp.

,

Senior

Note

,

2.5 %

,

6/01/29

............

United

States

192,000

178,110

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875 %

,

3/15/30

...

United

States

498,000

485,052

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/29

...

United

States

277,000

322,567

1,343,527

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.0%

#### †
b

Hims

&

Hers

Health,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

United

States

101,000

$

113,877

#### Health

#### Care

#### REITs

#### 0.1%
b

Welltower

OP

LLC

,

Senior

Note

,

144A,

2.75 %

,

5/15/28

....................

United

States

230,000

430,905

Senior

Note

,

144A,

3.125 %

,

7/15/29

...................

United

States

253,000

372,163

803,068

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.4%
b

Accor

SA

,

Senior

Note

,

Reg

S,

0.7 %

,

12/07/27

.............

France

1,005,100

EUR

630,236

Carnival

Corp.

,

Senior

Note

,

5.75 %

,

12/01/27

..............

United

States

44,000

98,381

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

806,000

918,034

b

MakeMyTrip

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

7/01/30

......

India

580,000

600,259

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.75 %

,

9/15/30

..........

United

States

376,000

381,170

b

Trip.com

Group

Ltd.

,

Senior

Note

,

Reg

S,

1.5 %

,

7/01/27

......

China

617,000

717,165

3,345,245

#### Household

#### Durables

#### 0.0%

#### †
Meritage

Homes

Corp.

,

Senior

Note

,

1.75 %

,

5/15/28

.........

United

States

371,000

381,559

#### Household

#### Products

#### 0.0%

#### †
Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375 %

,

6/01/29

........

United

States

250,000

232,937

#### Industrial

#### REITs

#### 0.0%

#### †
b

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.125 %

,

3/15/29

United

States

267,000

269,537

#### IT

#### Services

#### 0.1%
Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375 %

,

9/01/27

.....

United

States

342,000

327,978

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

541,000

615,658

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/27

...........

United

States

208,000

316,056

1,259,692

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

................

United

States

230,000

231,840

#### Machinery

#### 0.0%

#### †
b

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375 %

,

9/15/30

........

United

States

234,000

227,916

#### Multi-Utilities

#### 0.1%
CMS

Energy

Corp.

,

Senior

Note

,

3.375 %

,

5/01/28

...........

United

States

406,000

445,585

#### Office

#### REITs

#### 0.0%

#### †
b

Boston

Properties

LP

,

Senior

Note

,

144A,

%

,

10/01/30

.......

United

States

379,000

379,379

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
b

Centrus

Energy

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

8/15/32

..

United

States

223,000

344,814

Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625 %

,

4/15/29

.......

United

States

243,000

244,276

589,090

#### Passenger

#### Airlines

#### 0.1%
b

International

Consolidated

Airlines

Group

SA

,

Senior

Note

,

Reg

S,

1.125 %

,

5/18/28

...................................

United

Kingdom

400,000

EUR

659,970

#### Pharmaceuticals

#### 0.1%
Jazz

Investments

I

Ltd.

,

Senior

Note

,

3.125 %

,

9/15/30

........

United

States

345,000

410,205

#### Professional

#### Services

#### 0.0%

#### †
Parsons

Corp.

,

Senior

Note

,

2.625 %

,

3/01/29

..............

United

States

220,000

251,350

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Professional

#### Services
(continued)

b

Planet

Labs

PBC

,

Senior

Note

,

144A,

0.5 %

,

10/15/30

........

United

States

278,000

$

375,995

627,345

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
b

LEG

Properties

BV

,

Senior

Note

,

Reg

S,

%

,

9/04/30

........

Germany

300,000

EUR

344,636

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.1%
Microchip

Technology,

Inc.

,

Senior

Note

,

0.75 %

,

6/01/30

......

United

States

340,000

330,480

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

...................

United

States

318,000

349,005

b

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

281,000

338,505

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5 %

,

3/01/29

........

United

States

352,000

325,660

b

SK

Hynix,

Inc.

,

Senior

Note

,

Reg

S,

1.75 %

,

4/11/30

..........

South

Korea

200,000

602,100

b

,c

STMicroelectronics

NV

,

B

,

Senior

Note

,

Reg

S,

.89

%

,

8/04/27

.

Singapore

400,000

393,507

2,339,257

#### Software

#### 0.5%
Bentley

Systems,

Inc.

,

Senior

Note

,

0.375 %

,

7/01/27

.........

United

States

215,000

202,960

Box,

Inc.

,

Senior

Note

,

1.5 %

,

9/15/29

....................

United

States

419,000

422,143

b

Cipher

Mining,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/31

...

United

States

222,000

244,866

b

Commvault

Systems,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

United

States

237,000

245,177

b

Core

Scientific,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/31

....

United

States

184,000

206,540

b

CyberArk

Software

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.

United

States

300,000

333,869

b

,c

Datadog,

Inc.

,

Senior

Note

,

144A,

.18

%

,

12/01/29

..........

United

States

356,000

353,330

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

533,000

621,224

b

,c

MARA

Holdings,

Inc.

,

Senior

Note

,

144A,

.88

%

,

6/01/31

.....

United

States

185,000

176,043

b

Nebius

Group

NV

,

Senior

Note

,

144A,

%

,

9/15/30

......................

Netherlands

139,000

162,005

Senior

Note

,

144A,

2.75 %

,

9/15/32

....................

Netherlands

122,000

142,130

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5 %

,

12/15/29

............

United

States

431,000

486,255

Progress

Software

Corp.

,

Senior

Note

,

3.5 %

,

3/01/30

........

United

States

196,000

197,617

b

Rubrik,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

..........

United

States

381,000

386,334

b

,c

Strategy,

Inc.

,

Senior

Note

,

144A,

.59

%

,

12/01/29

...................

United

States

226,000

203,120

Senior

Note

,

144A,

.407

%

,

3/01/30

...................

United

States

289,000

304,895

b

Terawulf,

Inc.

,

Senior

Note

,

144A,

%

,

9/01/31

.............

United

States

199,000

237,805

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25 %

,

3/15/26

........

United

States

242,000

266,200

Vertex,

Inc.

,

Senior

Note

,

0.75 %

,

5/01/29

.................

United

States

252,000

257,040

Workiva,

Inc.

,

Senior

Note

,

1.25 %

,

8/15/28

................

United

States

271,000

267,951

5,717,504

#### Specialty

#### Retail

#### 0.0%

#### †
Burlington

Stores,

Inc.

,

1.25 %

,

12/15/27

..................

United

States

187,000

252,731

Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

.................

United

States

223,000

340,360

593,091

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
b

Lenovo

Group

Ltd.

,

Senior

Note

,

Reg

S,

2.5 %

,

8/26/29

.......

China

234,000

335,790

Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

199,000

573,493

909,283

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 36,831,255

####)
..................................

#### 40,454,969
Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds

#### 28.1%

#### Aerospace

#### &

#### Defense

#### 1.3%
ATI,

Inc.

,

Senior

Note

,

4.875 %

,

10/01/29

.......................

United

States

2,395,000

$

2,356,696

Senior

Note

,

7.25 %

,

8/15/30

.........................

United

States

455,000

477,973

Boeing

Co.

(The)

,

Senior

Bond

,

2.95 %

,

2/01/30

.........................

United

States

85,000

80,062

Senior

Note

,

2.7 %

,

2/01/27

..........................

United

States

1,060,000

1,038,785

Senior

Note

,

6.298 %

,

5/01/29

........................

United

States

2,255,000

2,393,754

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/32

...........

Canada

2,475,000

2,589,922

b

Spirit

AeroSystems,

Inc.

,

Secured

Note

,

144A,

9.75 %

,

11/15/30

..................

United

States

672,000

739,902

Senior

Secured

Note

,

144A,

9.375 %

,

11/30/29

...........

United

States

843,000

888,917

b

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

...........

United

States

625,000

648,144

Senior

Secured

Note

,

144A,

6.625 %

,

3/01/32

............

United

States

405,000

417,472

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

.............

United

States

135,000

138,937

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

................

United

States

460,000

475,950

12,246,514

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5 %

,

2/15/33

.

United

States

405,000

419,675

b

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

..............

France

400,000

406,073

825,748

#### Automobiles

#### 0.3%
b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55 %

,

9/26/29

..

United

States

2,510,000

2,516,090

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625 %

,

11/24/27

..................................

Germany

1,380,000

1,304,670

3,820,760

#### Banks

#### 1.9%
b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

.................................

Ireland

1,185,000

1,258,306

Bank

of

America

Corp.

,

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

2,870,000

2,991,520

L

,

Sub.

Bond

,

4.183 %

,

11/25/27

......................

United

States

1,275,000

1,275,769

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

......................

Spain

1,205,000

1,253,500

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

.........................................

United

States

2,415,000

2,416,862

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

..............................

Canada

1,015,000

1,021,002

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

................................

United

States

6,055,000

6,176,485

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264 %

,

12/11/26

..

Canada

985,000

998,928

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

.................................

United

States

2,725,000

2,824,660

20,217,032

#### Building

#### Products

#### 0.6%
b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75 %

,

5/15/35

..

United

States

345,000

360,657

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

............

United

States

80,000

81,296

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

............

United

States

340,000

348,549

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

..............

United

States

1,225,000

1,259,151

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products
(continued)

b

Quikrete

Holdings,

Inc.

,

Senior

Note

,

144A,

6.75 %

,

3/01/33

....................

United

States

815,000

$

847,966

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

............

United

States

420,000

435,382

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

..................................

United

States

2,600,000

2,748,025

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

.....................

United

States

775,000

795,961

Senior

Note

,

144A,

6.25 %

,

8/01/33

....................

United

States

575,000

583,225

7,460,212

#### Capital

#### Markets

#### 1.2%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

..............

United

States

3,025,000

3,114,698

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

.........................................

United

States

100,000

110,535

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

...............................

United

States

2,355,000

2,447,821

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

.........................................

United

States

4,240,000

4,331,837

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

535,000

551,112

UBS

AG

,

Senior

Note

,

7.5 %

,

2/15/28

.....................

Switzerland

585,000

629,959

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

.................................

Switzerland

1,058,000

1,093,309

12,279,271

#### Chemicals

#### 0.4%
b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

275,000

279,475

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45 %

,

11/15/29

........................................

Mexico

800,000

489,438

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879 %

,

7/15/32

....

United

States

38,000

38,856

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

........................................

United

States

670,000

708,035

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

1,300,000

1,244,638

b

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

....................

United

States

190,000

194,263

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

.............

United

States

480,000

484,261

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

.........................................

United

States

530,000

532,082

3,971,048

#### Commercial

#### Services

#### &

#### Supplies

#### 1.2%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

...................................

United

States

1,215,000

1,274,985

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875 %

,

2/05/33

.....

Brazil

790,000

132,807

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

1,226,000

1,221,678

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

...................

United

States

1,235,000

1,235,691

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

.........................................

United

States

1,630,000

1,672,038

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25 %

,

2/15/29

...

Sweden

3,240,000

EUR

3,837,168

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

........................................

United

States

435,000

467,398

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

2,150,000

2,232,339

12,074,104

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Note

,

%

,

4/15/29

...........

United

States

1,235,000

$

1,264,985

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

320,000

334,502

#### Construction

#### Materials

#### 0.1%
Cemex

SAB

de

CV

,

b,d

Sub.

Bond

,

144A,

7.2%

to

6/09/30,

FRN

thereafter

,

Perpetual

Mexico

505,000

528,609

528,609

#### Consumer

#### Finance

#### 0.9%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625 %

,

9/10/29

.........................

Ireland

1,805,000

1,821,961

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

.............................

United

States

735,000

729,298

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

.........................................

United

States

1,375,000

1,452,564

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

2,803,000

2,900,707

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

..........................

United

States

650,000

656,771

Senior

Note

,

4.125 %

,

8/17/27

........................

United

States

940,000

924,813

8,486,114

#### Containers

#### &

#### Packaging

#### 0.1%
b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

...............................

United

States

1,120,000

1,149,786

#### Distributors

#### 0.2%
b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

1,610,000

1,685,916

#### Diversified

#### REITs

#### 0.3%
VICI

Properties

LP

,

Senior

Note

,

4.95 %

,

2/15/30

............

United

States

2,520,000

2,549,910

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

,

Senior

Note

,

4.1 %

,

2/15/28

...................

United

States

3,000,000

2,998,181

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

...............................

United

States

3,023,000

2,798,140

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

11/29/31

.......

Nigeria

750,000

790,673

6,586,994

#### Electric

#### Utilities

#### 2.1%
b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875 %

,

2/15/39

Mexico

885,471

958,287

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

%

,

12/01/28

....

United

States

1,185,000

1,248,886

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

.........................................

Italy

1,015,000

1,008,437

b

Energo

-

Pro

A/S

,

Senior

Note

,

144A,

%

,

11/02/28

.........

Czech

Republic

1,000,000

1,056,455

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

............

United

States

1,225,000

1,258,580

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25 %

,

11/01/34

...................

United

States

2,560,000

2,625,833

e

Senior

Bond

,

144A,

%

,

1/15/36

......................

United

States

955,000

955,734

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1 %

,

1/15/29

......

United

States

1,200,000

1,255,744

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

2,815,000

2,777,758

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

............

United

States

1,775,000

1,846,425

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875 %

,

7/15/29

United

States

2,700,000

2,578,344

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

b

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

...................

United

States

1,560,000

$

1,528,481

Senior

Note

,

144A,

6.875 %

,

4/15/32

...................

United

States

1,285,000

1,344,890

20,443,854

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
b

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75 %

,

10/01/35

...................

United

States

435,000

446,911

Senior

Note

,

144A,

6.5 %

,

10/01/33

....................

United

States

485,000

494,118

b

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

665,000

619,827

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

.........................................

United

States

551,250

552,357

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

...................................

United

States

368,333

378,390

2,491,603

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

.........................................

France

2,100,000

2,182,843

#### Financial

#### Services

#### 1.1%
b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

...................................

United

States

315,000

316,553

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

1,930,000

2,154,627

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

2,685,000

2,837,586

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75 %

,

11/15/31

........................................

United

States

1,735,000

1,758,905

b

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

8/01/32

United

States

295,000

304,929

b

Petronas

Capital

Ltd.

,

Senior

Bond

,

Reg

S,

2.48 %

,

1/28/32

...................

Malaysia

1,980,000

1,785,374

Senior

Note

,

144A,

4.95 %

,

1/03/31

....................

Malaysia

1,030,000

1,063,744

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,100,000

1,136,700

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

...........................

United

States

270,000

EUR

330,705

11,689,123

#### Food

#### Products

#### 0.2%
b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

...................................

United

States

1,095,000

1,143,177

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

......................

United

States

815,000

781,736

1,924,913

#### Ground

#### Transportation

#### 0.2%
b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

%

,

5/01/28

........

United

Kingdom

1,295,000

1,284,981

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

2/06/28

......

South

Africa

1,120,000

1,183,423

b

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

...................................

United

States

250,000

258,979

2,727,383

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

1,245,000

1,270,346

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

.................................

United

States

980,000

1,030,414

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

...................

United

States

960,000

$

992,473

Senior

Note

,

144A,

6.75 %

,

7/15/33

....................

United

States

135,000

139,325

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

3,020,000

2,984,334

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75 %

,

5/15/31

..

United

States

2,650,000

2,745,595

7,892,141

#### Health

#### Care

#### REITs

#### 0.1%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

....................

United

States

1,315,000

1,398,275

#### Hotel

#### &

#### Resort

#### REITs

#### 0.3%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/32

.....................

United

States

1,225,000

1,260,323

Senior

Note

,

144A,

6.5 %

,

6/15/33

.....................

United

States

405,000

417,379

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

..............

United

States

985,000

1,013,292

2,690,994

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.6%
b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

1,300,000

1,254,287

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

2/15/30

.........................................

United

States

1,684,000

1,733,244

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

...................

United

States

1,075,000

1,075,000

Senior

Note

,

144A,

5.75 %

,

3/15/30

....................

United

States

545,000

556,803

b

Carnival

plc

,

Senior

Note

,

144A,

4.125 %

,

7/15/31

...........

United

States

745,000

EUR

886,749

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

.........................................

United

States

1,015,000

1,029,286

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25 %

,

9/15/33

..........

United

States

1,040,000

1,046,033

b

,e

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

.............

United

States

370,000

373,530

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625 %

,

9/30/31

...................

United

States

495,000

505,096

Senior

Note

,

144A,

6.25 %

,

3/15/32

....................

United

States

642,000

662,990

Senior

Note

,

144A,

%

,

2/01/33

......................

United

States

1,403,000

1,439,311

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625 %

,

12/01/31

...

United

States

1,650,000

1,557,922

Viking

Cruises

Ltd.

,

b

Senior

Note

,

144A,

9.125 %

,

7/15/31

...................

United

States

1,285,000

1,380,161

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

.........................

United

States

2,080,000

2,240,515

15,740,927

#### Household

#### Durables

#### 0.5%
Newell

Brands,

Inc.

,

Senior

Note

,

6.375 %

,

5/15/30

........................

United

States

291,000

289,049

Senior

Note

,

6.625 %

,

5/15/32

........................

United

States

87,000

86,078

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

.........................................

United

States

2,811,000

2,804,522

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8 %

,

11/01/29

.....

United

States

1,320,000

1,292,801

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

..............................

United

States

1,145,000

1,122,142

5,594,592

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

1,170,000

1,226,364

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

1,215,000

1,256,087

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers
(continued)

b

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

,

Senior

Secured

Bond

,

144A,

7.25 %

,

1/31/41

......

Mexico

762,691

$

815,621

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

490,000

487,289

3,785,361

#### Insurance

#### 0.8%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

....................................

United

States

1,175,000

1,224,973

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583 %

,

1/09/29

.

United

States

1,220,000

1,261,470

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4 %

,

1/13/28

.......

United

States

1,200,000

1,260,119

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

1,340,000

1,343,263

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

...........................

Canada

1,155,000

1,214,396

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9 %

,

6/13/28

.........................................

United

States

1,230,000

1,258,854

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

........................................

United

States

1,765,000

1,832,414

9,395,489

#### IT

#### Services

#### 0.4%
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

...............

United

States

1,320,000

1,284,011

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625 %

,

6/15/29

...........

United

States

2,675,000

2,563,649

3,847,660

#### Leisure

#### Products

#### 0.2%
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

.............

United

States

1,550,000

1,505,070

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

................

United

States

697,000

700,432

#### Machinery

#### 0.1%
b

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

1,160,000

1,182,639

#### Media

#### 0.6%
b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

..............................

United

States

1,680,000

1,765,262

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

5.75 %

,

8/01/28

.............

United

States

934,000

934,245

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

............

United

States

900,000

935,833

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note

,

144A,

%

,

8/15/27

......................

United

States

890,000

886,239

Senior

Secured

Note

,

144A,

7.375 %

,

2/15/31

............

United

States

445,000

469,786

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

...................................

United

States

1,350,000

1,386,551

6,377,916

#### Metals

#### &

#### Mining

#### 0.7%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

...............

Luxembourg

1,035,000

1,163,321

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

......................

United

States

573,000

579,426

Senior

Note

,

144A,

7.625 %

,

1/15/34

...................

United

States

245,000

252,610

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

1,536,000

1,450,817

b

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

..................

United

States

980,000

EUR

1,122,804

Senior

Note

,

144A,

6.375 %

,

8/15/32

...................

United

States

1,785,000

1,826,045

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining
(continued)

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875 %

,

1/30/30

..........

United

States

1,098,000

$

1,139,509

7,534,532

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

..................

United

States

1,110,000

1,135,345

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 2.8%
b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6 %

,

6/13/28

............

Norway

1,225,000

1,263,920

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

1,425,000

1,434,337

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

.........................................

United

States

860,000

872,098

Energy

Transfer

LP

,

Senior

Bond

,

5.25 %

,

4/15/29

...........

United

States

2,455,000

2,526,497

b

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875 %

,

3/01/28

...................

United

States

360,000

367,202

Senior

Note

,

144A,

4.25 %

,

2/15/30

....................

United

States

1,560,000

1,513,313

Senior

Note

,

144A,

5.5 %

,

10/15/30

....................

United

States

538,000

542,293

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

..................

Kazakhstan

1,350,000

1,390,213

Senior

Bond

,

Reg

S,

6.375 %

,

10/24/48

.................

Kazakhstan

980,000

976,422

Kinder

Morgan,

Inc.

,

Senior

Note

,

%

,

2/01/29

.............

United

States

1,605,000

1,641,681

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

2,710,000

2,727,794

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875 %

,

4/15/28

..

United

States

2,661,000

2,717,544

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

1,255,000

1,283,137

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

1,030,000

1,006,567

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

..................................

Canada

1,250,000

1,264,715

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

.............

United

States

988,000

1,006,344

Targa

Resources

Corp.

,

Senior

Note

,

6.15 %

,

3/01/29

........

United

States

1,190,000

1,254,323

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

........................................

United

States

1,264,000

1,237,860

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

.........................................

United

States

2,610,000

2,742,263

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

.............

United

States

170,000

191,987

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

.............

United

States

515,000

547,343

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

..............

United

States

170,000

187,958

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

..............

United

States

250,000

263,320

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

340,000

345,897

29,305,028

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

1,100,000

974,812

#### Passenger

#### Airlines

#### 0.4%
b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125 %

,

5/31/28

.......

France

1,200,000

EUR

1,576,665

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

1,085,000

1,141,977

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

765,000

753,864

3,472,506

#### Personal

#### Care

#### Products

#### 0.1%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/29

.......

United

States

1,315,000

1,280,571

#### Pharmaceuticals

#### 0.7%
Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

..............

United

States

2,870,000

3,083,665

Royalty

Pharma

plc

,

Senior

Note

,

4.45 %

,

3/25/31

...........

United

States

1,395,000

1,383,779

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Pharmaceuticals
(continued)

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

...................................

Israel

930,000

EUR

$

1,122,207

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125 %

,

9/15/31

...................................

Israel

1,873,000

2,143,870

7,733,521

#### Professional

#### Services

#### 0.1%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

990,000

1,022,473

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.2%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875 %

,

1/15/27

...................................

United

States

1,515,000

1,514,481

#### Software

#### 0.2%
b

Cloud

Software

Group,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/29

.........................................

United

States

500,000

505,060

Oracle

Corp.

,

Senior

Note

,

4.45 %

,

9/26/30

................

United

States

540,000

539,859

1,044,919

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Note

,

2.75 %

,

1/15/27

.........

United

States

3,045,000

2,992,296

#### Specialty

#### Retail

#### 0.3%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

3,175,000

3,307,404

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

...................

United

States

830,000

846,530

Senior

Note

,

144A,

9.625 %

,

12/01/32

..................

United

States

1,436,000

1,627,785

2,474,315

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.4%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note

,

144A,

PIK,

%

,

7/15/33

..................

United

States

1,090,000

1,178,466

Senior

Secured

Note

,

144A,

5.25 %

,

7/15/32

.............

United

States

560,000

EUR

675,564

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125 %

,

8/15/31

............

United

States

1,695,000

1,555,251

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

465,000

465,588

3,874,869

#### Tobacco

#### 0.2%
Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

..

United

States

2,435,000

2,517,486

#### Trading

#### Companies

#### &

#### Distributors

#### 0.9%
Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

.............

United

States

3,475,000

3,580,185

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

1,245,000

1,275,834

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

1,260,000

1,235,204

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

1,180,000

1,250,178

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

375,000

385,595

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

.........................................

United

States

1,315,000

1,364,833

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

%

,

7/15/30

..

United

States

533,000

510,317

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/33

.

United

States

265,000

274,895

9,877,041

#### Wireless

#### Telecommunication

#### Services

#### 1.0%
T-Mobile

USA,

Inc.

,

Senior

Note

,

2.05 %

,

2/15/28

.........................

United

States

1,360,000

1,296,831

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

T-Mobile

USA,

Inc.,

(continued)

Senior

Note

,

3.375 %

,

4/15/29

........................

United

States

6,100,000

$

5,923,929

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25 %

,

1/31/31

...................................

United

Kingdom

1,490,000

EUR

1,684,118

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

.........................................

United

Kingdom

1,336,000

1,424,617

10,329,495

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 280,319,671

####)
...................................

#### 288,714,160
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 5.8%

#### Aerospace

#### &

#### Defense

#### 0.1%
h

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.502 %

,

(3-month

SOFR

+

2.5 %),

2/28/31

.............................

United

States

1,089,445

1,090,136

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
h

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

7.296 %

,

(3-month

SOFR

+

%),

3/18/30

.......................

United

States

1,166,530

1,163,193

#### Automobile

#### Components

#### 0.1%
h

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

342,504

343,146

#### Broadline

#### Retail

#### 0.1%
e,h

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B

,

6.017 %

,

(12-month

SOFR

+

2.25 %),

9/27/32

....................

Netherlands

603,527

604,849

h

#### Building

#### Products

#### 0.2%
EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

8/04/31

.

United

States

1,051,740

1,048,322

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

6.413 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

.....................

United

States

1,287,067

1,289,313

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

7.166 %

,

(1-month

SOFR

+

%),

3/30/29

............

United

States

148,010

148,380

2,486,015

a

a

a

a

a

a

h

#### Chemicals

#### 0.2%
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.913 %

,

(1-month

SOFR

+

3.75 %),

4/06/29

.....................

United

States

1,296,641

1,299,208

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B

,

5.43 %

,

(1-month

EURIBOR

+

3.5 %),

4/03/28

..........................

Netherlands

1,160,000

EUR

1,367,400

2,666,608

a

a

a

a

a

a

h

#### Commercial

#### Services

#### &

#### Supplies

#### 0.3%
e

Clean

Harbors,

Inc.,

First

Lien,

CME

Term

Loan

,

5.259 %

,

(12-month

SOFR

+

1.5 %),

9/24/32

.....................

United

States

1,318,143

1,324,734

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.702 %

,

(6-month

SOFR

+

2.5 %),

6/21/28

......................

United

States

1,334,154

1,336,809

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan

,

7.046 %

,

(3-month

SOFR

+

2.75 %),

3/26/31

..............

Luxembourg

549,460

552,002

3,213,545

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.1%
e,h

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.913 %

,

(1-month

SOFR

+

4.75 %),

12/18/29

....................

United

States

1,005,000

1,018,593

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
h

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

7.705 %

,

(3-month

SOFR

+

3.5 %),

8/30/32

..

United

Kingdom

117,295

$

117,759

h

#### Containers

#### &

#### Packaging

#### 0.1%
e

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

245,704

245,604

e,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

...................................

United

States

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

6.509 %

,

(12-month

SOFR

+

2.75 %),

9/27/32

......

United

States

652,819

652,411

898,144

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
h

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

8.002 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

197,320

195,607

h

#### Electrical

#### Equipment

#### 0.2%
e

Pinnacle

Buyer

LLC,

First

Lien,

CME

Term

Loan

,

6.483 %

,

(12-month

SOFR

+

2.5 %),

9/13/32

.....................

United

States

385,748

386,712

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.53 %

,

(1-month

SOFR

+

2.25 %),

1/27/31

.....................

United

States

1,336,500

1,338,445

1,725,157

a

a

a

a

a

a

h

#### Entertainment

#### 0.0%

#### †
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

7.023 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

..............

France

500,000

502,658

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.028 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

.....................

United

States

233,776

230,517

733,175

a

a

a

a

a

a

#### Food

#### Products

#### 0.1%
h

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.763 %

,

(1-month

SOFR

+

2.5 %),

10/25/27

.....................

United

States

1,233,784

1,238,541

#### Ground

#### Transportation

#### 0.1%
h

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.752 %

,

(3-month

SOFR

+

1.75 %),

4/10/31

..............

United

States

816,750

814,479

h

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan

,

8.163 %

,

(1-month

SOFR

+

%),

9/29/28

.......................

United

States

762,386

763,339

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan

,

8.413 %

,

(1-month

SOFR

+

4.25 %),

1/15/31

.........

United

States

1,860,732

1,864,221

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

6.163 %

,

(1-month

SOFR

+

%),

10/23/28

...........

United

States

1,168,583

1,169,745

3,797,305

a

a

a

a

a

a

h

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.3%
Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.663 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

......................

United

States

1,275,640

1,277,859

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan

,

6.663 %

,

(1-month

SOFR

+

2.5 %),

11/15/28

.........

United

States

1,310,727

1,313,323

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Health

#### Care

#### Providers

#### &

#### Services
(continued)

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.316 %

,

(1-month

SOFR

+

%),

10/22/29

................

United

States

587,895

$

588,998

3,180,180

a

a

a

a

a

a

h

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.413 %

,

(1-month

SOFR

+

2.25 %),

2/06/31

..............

United

States

1,324,825

1,323,447

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

7.413 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

..............

United

States

1,151,233

1,150,876

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.752 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

......

Ireland

648,450

647,477

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.753 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

.............

Canada

1,000,000

966,880

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B

,

6.663 %

,

(1-month

SOFR

+

2.5 %),

12/15/27

...

United

States

1,561,598

1,563,667

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan

,

7.036 %

,

(3-month

SOFR

+

2.75 %),

4/04/29

.

United

States

1,272,134

1,263,114

6,915,461

a

a

a

a

a

a

#### Household

#### Durables

#### 0.1%
h

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

1/16/32

.....................

Netherlands

1,208,705

1,211,836

#### Insurance

#### 0.1%
h

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.666 %

,

(1-month

SOFR

+

2.5 %),

9/19/31

..........

United

States

1,315,050

1,312,847

#### IT

#### Services

#### 0.1%
h

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3

,

6.752 %

,

(3-month

SOFR

+

2.75 %),

2/03/31

.....................

United

States

534,754

536,059

h

#### Machinery

#### 0.5%
Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.792 %

,

(3-month

SOFR

+

2.5 %),

3/15/30

..........

United

States

1,816,507

1,828,996

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

8.78 %

,

(1-month

SOFR

+

4.5 %),

9/28/28

......................

United

States

992,936

991,848

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.913 %

,

(1-month

SOFR

+

2.75 %),

10/23/28

..

United

States

1,107,132

1,113,476

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

7.197 %

,

(6-month

SOFR

+

%),

4/30/30

................

Germany

811,232

814,164

4,748,484

a

a

a

a

a

a

h

#### Media

#### 0.5%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.278 %

,

(1-month

SOFR

+

%),

8/23/28

.........................................

United

States

920,000

922,760

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5

,

8.75 %

,

(PRIME

+

1.5 %),

4/15/27

....................................

United

States

1,555,312

1,508,653

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.82 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

........

United

States

2,360,140

2,367,149

4,798,562

a

a

a

a

a

a

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.2%
h

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.296 %

,

(3-month

SOFR

+

%),

12/31/30

......................

United

States

2,193,289

2,195,822

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Passenger

#### Airlines

#### 0.3%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

7.575 %

,

(3-month

SOFR

+

3.25 %),

5/28/32

.....

United

States

114,713

$

115,358

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

6.575 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

.....................

United

States

2,240,708

2,239,935

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

7.252 %

,

(3-month

SOFR

+

3.25 %),

2/14/31

.....................

Canada

1,063,800

1,066,369

3,421,662

a

a

a

a

a

a

#### Pharmaceuticals

#### 0.1%
h

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

8.163 %

,

(1-month

SOFR

+

%),

4/23/31

.......

United

States

960,151

963,252

h

#### Software

#### 0.4%
McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

7.223 %

,

(1-month

SOFR

+

%),

3/01/29

...............................

United

States

1,301,875

1,247,359

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan

,

7.163 %

,

(1-month

SOFR

+

%),

8/31/28

...............................

United

States

1,373,387

1,380,488

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.81 %

,

(3-month

SOFR

+

2.5 %),

2/10/31

.............................

United

States

1,301,850

1,302,026

3,929,873

a

a

a

a

a

a

#### Specialty

#### Retail

#### 0.3%
h

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

7.416 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

.............

United

States

2,920,406

2,924,305

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
h

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

7.796 %

,

(3-month

SOFR

+

3.5 %),

3/02/28

......................

United

States

1,165,213

1,025,387

#### Water

#### Utilities

#### 0.0%

#### †
e,h

Deep

Blue

Operating

I

LLC,

First

Lien,

CME

Term

Loan

,

7.009 %

,

(12-month

SOFR

+

3.25 %),

9/17/32

....................

United

States

262,530

263,186

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 59,435,266

####)
........................

#### 59,533,168

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 10.9%
b

Angola

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

11/26/29

.....................

Angola

500,000

488,397

Senior

Bond

,

Reg

S,

8.75 %

,

4/14/32

...................

Angola

1,090,000

1,043,953

Argentina

Government

Bond

,

Senior

Bond

,

4.125 %

,

7/09/35

........................

Argentina

2,450,000

1,285,025

Senior

Note

,

0.75 %

,

7/09/30

.........................

Argentina

728,000

492,492

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6 %

,

2/02/31

Armenia

850,000

767,841

b

Bahrain

Government

Bond

,

Senior

Bond

,

Reg

S,

7.375 %

,

5/14/30

Bahrain

1,022,000

1,103,438

b

Benin

Government

Bond

,

Senior

Bond

,

144A,

7.96 %

,

2/13/38

....................

Benin

990,000

1,014,813

Senior

Bond

,

144A,

8.375 %

,

1/23/41

...................

Benin

500,000

525,023

Senior

Bond

,

Reg

S,

4.875 %

,

1/19/32

..................

Benin

422,000

EUR

471,772

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

...................

Benin

400,000

EUR

433,004

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

........................

Brazil

1,940,000

1,863,855

Senior

Bond

,

%

,

10/20/33

...........................

Brazil

1,080,000

1,108,620

Senior

Bond

,

8.25 %

,

1/20/34

.........................

Brazil

1,030,000

1,205,769

Senior

Bond

,

6.125 %

,

3/15/34

........................

Brazil

500,000

512,250

Senior

Bond

,

%

,

1/27/45

...........................

Brazil

1,320,000

1,074,084

b

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

......................

Bulgaria

750,000

751,685

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Bulgaria

Government

Bond,

(continued)

Senior

Bond

,

Reg

S,

1.375 %

,

9/23/50

..................

Bulgaria

740,000

EUR

$

499,528

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

...................

Bulgaria

405,000

EUR

490,443

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95 %

,

7/07/32

.........................................

Cameroon

1,210,000

EUR

1,171,598

Chile

Government

Bond

,

Senior

Bond

,

5.65 %

,

1/13/37

.........................

Chile

1,400,000

1,474,410

Senior

Bond

,

4.34 %

,

3/07/42

.........................

Chile

1,000,000

886,600

Senior

Note

,

4.85 %

,

1/22/29

.........................

Chile

960,000

983,424

Colombia

Government

Bond

,

Senior

Bond

,

3.125 %

,

4/15/31

........................

Colombia

950,000

826,927

Senior

Bond

,

7.5 %

,

2/02/34

..........................

Colombia

1,710,000

1,801,058

Senior

Bond

,

%

,

11/14/35

...........................

Colombia

1,710,000

1,839,105

Senior

Note

,

7.375 %

,

4/25/30

.........................

Colombia

600,000

639,480

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875 %

,

7/26/33

.........................................

Mexico

600,000

530,491

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

2/19/31

..................

Costa

Rica

1,250,000

1,305,937

Senior

Bond

,

Reg

S,

7.158 %

,

3/12/45

..................

Costa

Rica

1,050,000

1,130,646

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

144A,

6.95 %

,

3/15/37

....................

Dominican

Republic

750,000

801,712

Senior

Bond

,

Reg

S,

%

,

7/19/28

......................

Dominican

Republic

1,490,000

1,540,809

Senior

Bond

,

Reg

S,

4.5 %

,

1/30/30

....................

Dominican

Republic

950,000

932,995

Senior

Bond

,

Reg

S,

6.85 %

,

1/27/45

...................

Dominican

Republic

700,000

726,985

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

1,510,000

1,533,873

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

..............

Colombia

1,175,000

1,054,623

b

Ecuador

Government

Bond

,

Senior

Bond

,

Reg

S,

6.9 %

,

7/31/35

....................

Ecuador

802,170

600,625

Senior

Note

,

Reg

S,

6.9 %

,

7/31/30

.....................

Ecuador

169,828

150,934

b

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

....................

Egypt

1,750,000

1,817,742

Senior

Bond

,

Reg

S,

7.053 %

,

1/15/32

..................

Egypt

1,078,000

1,041,628

Senior

Bond

,

Reg

S,

7.3 %

,

9/30/33

....................

Egypt

1,100,000

1,041,054

Senior

Note

,

144A,

8.625 %

,

2/04/30

....................

Egypt

770,000

818,771

b

El

Salvador

Government

Bond

,

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

..................

El

Salvador

597,000

639,650

Senior

Note

,

Reg

S,

0.25 %

,

4/17/30

....................

El

Salvador

600,000

15,516

b

,d

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

.....................

France

1,280,000

1,485,085

b

Empresa

Nacional

del

Petroleo

,

Senior

Bond

,

144A,

5.95 %

,

7/30/34

.........................................

Chile

695,000

732,839

b

Eskom

Holdings

SOC

Ltd.

,

Senior

Bond

,

Reg

S,

6.35 %

,

8/10/28

...................

South

Africa

230,000

236,986

Senior

Note

,

Reg

S,

4.314 %

,

7/23/27

...................

South

Africa

240,000

237,708

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625 %

,

2/06/31

....

Gabon

1,590,000

1,284,636

b

Ghana

Government

Bond

,

Senior

Bond

,

144A,

%

,

7/03/35

.......................

Ghana

1,443,360

1,220,119

Senior

Note

,

144A,

7/03/26

..........................

Ghana

29,120

28,173

Senior

Note

,

144A,

%

,

7/03/29

.......................

Ghana

240,440

234,685

Senior

Note

,

144A,

1/03/30

..........................

Ghana

82,498

70,863

b

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6 %

,

6/13/36

....................

Guatemala

2,570,000

2,723,425

Senior

Note

,

144A,

7.05 %

,

10/04/32

....................

Guatemala

1,940,000

2,133,549

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5 %

,

1/13/29

.........................................

Jordan

470,000

$

491,283

b

Honduras

Government

Bond

,

Senior

Bond

,

Reg

S,

6.25 %

,

1/19/27

.........................................

Honduras

230,000

233,277

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,890,000

1,937,383

Indonesia

Government

Bond

,

b

Senior

Bond

,

144A,

4.35 %

,

1/08/27

....................

Indonesia

600,000

603,265

b

Senior

Bond

,

Reg

S,

4.35 %

,

1/08/27

...................

Indonesia

800,000

804,353

Senior

Bond

,

3.55 %

,

3/31/32

.........................

Indonesia

765,000

722,379

b

Senior

Bond

,

Reg

S,

7.75 %

,

1/17/38

...................

Indonesia

1,320,000

1,630,838

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8 %

,

1/15/28

....

Iraq

1,218,750

1,213,449

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5 %

,

12/06/28

........................................

Turkiye

1,000,000

1,097,873

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875 %

,

1/30/32

..................

Ivory

Coast

1,070,000

EUR

1,201,404

Senior

Bond

,

Reg

S,

6.125 %

,

6/15/33

..................

Ivory

Coast

2,762,000

2,658,377

Jamaica

Government

Bond

,

Senior

Bond

,

%

,

3/15/39

.......

Bermuda

370,000

450,786

b

Jordan

Government

Bond

,

Senior

Bond

,

Reg

S,

5.85 %

,

7/07/30

Jordan

700,000

699,244

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

........................

Mexico

240,000

213,816

Senior

Bond

,

4.28 %

,

8/14/41

.........................

Mexico

750,000

609,562

Senior

Bond

,

6.338 %

,

5/04/53

........................

Mexico

430,000

419,143

Senior

Note

,

5.85 %

,

7/02/32

.........................

Mexico

203,174

210,011

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875 %

,

4/01/32

.........................................

Montenegro

950,000

EUR

1,121,963

b

Morocco

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

12/15/32

.....................

Morocco

474,000

419,874

Senior

Bond

,

Reg

S,

5.5 %

,

12/11/42

...................

Morocco

539,000

517,367

b

Nigeria

Government

Bond

,

Senior

Bond

,

Reg

S,

6.5 %

,

11/28/27

...................

Nigeria

990,000

995,512

Senior

Bond

,

Reg

S,

7.375 %

,

9/28/33

..................

Nigeria

700,000

664,126

Senior

Note

,

Reg

S,

8.375 %

,

3/24/29

...................

Nigeria

940,000

972,860

b

Oman

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

8/01/29

...

Oman

2,167,000

2,285,133

Panama

Government

Bond

,

Senior

Bond

,

%

,

3/01/38

...........................

Panama

1,230,000

1,402,938

Senior

Bond

,

3.87 %

,

7/23/60

.........................

Panama

700,000

452,585

Senior

Note

,

7.5 %

,

3/01/31

..........................

Panama

1,290,000

1,419,774

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

4/28/31

...................

Paraguay

500,000

506,510

Senior

Bond

,

Reg

S,

3.849 %

,

6/28/33

..................

Paraguay

1,490,000

1,397,024

Senior

Bond

,

Reg

S,

6.1 %

,

8/11/44

....................

Paraguay

450,000

462,424

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

1,400,000

1,293,670

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

...................

Indonesia

950,000

977,241

b

Petroleos

del

Peru

SA

,

Senior

Bond

,

Reg

S,

4.75 %

,

6/19/32

...

Peru

350,000

304,652

Petroleos

Mexicanos

,

Senior

Bond

,

5.95 %

,

1/28/31

.........................

Mexico

200,000

193,847

Senior

Bond

,

6.75 %

,

9/21/47

.........................

Mexico

200,000

165,186

Senior

Note

,

6.49 %

,

1/23/27

.........................

Mexico

1,980,000

2,001,531

Senior

Note

,

6.84 %

,

1/23/30

.........................

Mexico

1,000,000

1,017,788

Senior

Note

,

6.7 %

,

2/16/32

..........................

Mexico

421,000

417,476

Philippines

Government

Bond

,

Senior

Bond

,

3.75 %

,

1/14/29

.........................

Philippines

550,000

543,621

Senior

Bond

,

5.5 %

,

2/04/35

..........................

Philippines

1,580,000

1,683,167

Senior

Bond

,

4.2 %

,

3/29/47

..........................

Philippines

924,000

790,533

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

1,380,000

1,346,271

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625 %

,

2/22/36

..................

Romania

660,000

EUR

$

755,892

Senior

Note

,

144A,

%

,

2/27/27

.......................

Romania

1,460,000

1,426,307

b

Romanian

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

2/14/31

......................

Romania

1,550,000

1,378,883

Senior

Bond

,

Reg

S,

6.125 %

,

1/22/44

..................

Romania

930,000

873,368

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5 %

,

10/26/46

........................................

Saudi

Arabia

1,500,000

1,302,762

b

Senegal

Government

Bond

,

Senior

Bond

,

Reg

S,

6.25 %

,

5/23/33

Senegal

260,000

188,985

b

Serbia

Government

Bond

,

Senior

Bond

,

144A,

6.5 %

,

9/26/33

.....................

Serbia

700,000

761,426

Senior

Bond

,

Reg

S,

2.125 %

,

12/01/30

.................

Serbia

1,450,000

1,270,349

Senior

Bond

,

Reg

S,

6.5 %

,

9/26/33

....................

Serbia

730,000

794,058

Senior

Note

,

Reg

S,

6.25 %

,

5/26/28

....................

Serbia

370,000

386,261

South

Africa

Government

Bond

,

Senior

Bond

,

4.85 %

,

9/27/27

.........................

South

Africa

810,000

816,153

Senior

Bond

,

5.875 %

,

6/22/30

........................

South

Africa

200,000

204,875

Senior

Bond

,

5.875 %

,

4/20/32

........................

South

Africa

500,000

506,539

Senior

Bond

,

%

,

10/12/46

...........................

South

Africa

600,000

450,637

Senior

Bond

,

5.75 %

,

9/30/49

.........................

South

Africa

550,000

441,412

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

.........................................

Azerbaijan

1,240,000

1,255,495

b

Trinidad

&

Tobago

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5 %

,

8/04/26

.........................................

Trinidad

and

Tobago

900,000

898,173

Turkiye

Government

Bond

,

Senior

Bond

,

7.625 %

,

5/15/34

........................

Turkiye

700,000

743,879

Senior

Note

,

8.6 %

,

9/24/27

..........................

Turkiye

1,000,000

1,068,973

Senior

Note

,

9.125 %

,

7/13/30

.........................

Turkiye

2,410,000

2,731,452

b

Ukraine

Government

Bond

,

Senior

Bond

,

144A,

2/01/35

..........................

Ukraine

226,247

110,668

Senior

Bond

,

144A,

4.5 %

,

2/01/35

.....................

Ukraine

459,055

254,186

Senior

Bond

,

144A,

2/01/36

..........................

Ukraine

188,540

92,226

Senior

Bond

,

144A,

4.5 %

,

2/01/36

.....................

Ukraine

497,406

272,045

Senior

Note

,

144A,

2/01/30

..........................

Ukraine

71,644

37,933

Senior

Note

,

144A,

2/01/34

..........................

Ukraine

267,727

112,009

Senior

Note

,

144A,

4.5 %

,

2/01/34

.....................

Ukraine

355,122

200,348

Uruguay

Government

Bond

,

Senior

Bond

,

7.875 %

,

1/15/33

........................

Uruguay

1,000,000

1,201,000

Senior

Bond

,

5.1 %

,

6/18/50

..........................

Uruguay

500,000

474,625

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9 %

,

2/28/32

.........................................

Uzbekistan

1,640,000

1,766,991

b

Uzbekneftegaz

JSC

,

Senior

Note

,

144A,

8.75 %

,

5/07/30

......

Uzbekistan

300,000

321,190

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 107,351,634

####)
..........

#### 112,475,269

#### Asset-Backed

#### Securities

#### 1.4%

#### Financial

#### Services

#### 1.4%
b

,h

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.32 %

,

(1-month

SOFR

+

1.184 %),

11/16/38

.

.................................

United

States

228,341

229,218

b

,h

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.768 %

,

(3-month

SOFR

+

4.45 %),

10/25/37

.

...................

Jersey

2,238,000

2,271,057

h

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2B

,

FRN

,

4.452 %

,

(1-month

SOFR

+

0.294 %),

3/25/37

.........................................

United

States

793,435

696,390

2007-AMC3

,

A2D

,

FRN

,

4.622 %

,

(1-month

SOFR

+

0.464 %),

3/25/37

.........................................

United

States

4,616,164

4,051,452

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18 %

,

9/27/55

.

...

United

States

688,000

689,966

b

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

195,864

196,617

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

h

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.632 %

,

(1-month

SOFR

+

0.474 %),

5/25/36

.

...........................

United

States

9,105,507

$

1,900,206

b

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

..................................

United

States

1,355,000

1,134,742

b

,h

Northwoods

Capital

Ltd.

,

2020-22A

,

DRR

,

144A,

FRN

,

8.971 %

,

(3-month

SOFR

+

4.95 %),

9/16/31

.

..............

United

States

2,200,000

2,236,029

b

,e

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

250,000

250,659

b

Tricolor

Auto

Securitization

Trust

,

2024-1A

,

A

,

144A,

6.61 %

,

10/15/27

.

........................................

United

States

720,135

691,948

14,348,284

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 16,524,400

####)
.............................

#### 14,348,284

#### Commercial

#### Mortgage-Backed

#### Securities

#### 8.1%

#### Financial

#### Services

#### 8.1%
j

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.384 %

,

9/15/48

..............................

United

States

621,000

601,055

j

,k

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.35 %

,

10/15/57

.........

United

States

26,304,866

2,142,292

j

,k

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.401 %

,

10/15/57

.............

United

States

40,128,902

1,662,472

2024-5YR12

,

XA

,

IO,

FRN

,

0.695 %

,

12/15/57

.............

United

States

8,674,908

165,597

2024-5YR7

,

XA

,

IO,

FRN

,

1.57 %

,

6/15/57

...............

United

States

28,640,811

1,234,253

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

C

,

3.71 %

,

11/15/52

.........................

United

States

641,000

569,831

b

2019-C5

,

D

,

144A,

2.5 %

,

11/15/52

.....................

United

States

442,000

363,504

b,j

2019-C5

,

F

,

144A,

FRN

,

2.702 %

,

11/15/52

...............

United

States

648,000

387,941

j

,k

BBCMS

Mortgage

Trust

,

2022-C14

,

XA

,

IO,

FRN

,

0.808 %

,

2/15/55

................

United

States

28,707,431

937,263

2024-5C29

,

XA

,

IO,

FRN

,

1.822 %

,

9/15/57

...............

United

States

44,265,798

2,423,628

2024-5C31

,

XA

,

IO,

FRN

,

1.281 %

,

12/15/57

..............

United

States

10,298,392

403,763

2024-C26

,

XA

,

IO,

FRN

,

1.241 %

,

5/15/57

................

United

States

12,432,092

891,871

j

,k

Benchmark

Mortgage

Trust

,

2024-V10

,

XA

,

IO,

FRN

,

1.522 %

,

9/15/57

................

United

States

37,202,553

1,671,380

2024-V11

,

XA

,

IO,

FRN

,

0.773 %

,

11/15/57

...............

United

States

14,684,000

312,636

j

,k

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.574 %

,

9/15/57

................

United

States

34,249,613

1,539,109

2024-5C8

,

XA

,

IO,

FRN

,

1.24 %

,

12/15/57

................

United

States

12,608,402

474,628

j

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

2,660,000

2,522,663

CFCRE

Commercial

Mortgage

Trust

,

b,j

2011-C2

,

E

,

144A,

FRN

,

5.08 %

,

12/15/47

................

United

States

1,124,000

1,052,436

2016-C7

,

A3

,

3.839 %

,

12/10/54

.......................

United

States

2,149,000

2,126,435

Citigroup

Commercial

Mortgage

Trust

,

b,j

2012-GC8

,

C

,

144A,

FRN

,

5.295 %

,

9/10/45

..............

United

States

1,684,516

1,659,000

b,j

2015-GC27

,

D

,

144A,

FRN

,

4.543 %

,

2/10/48

.............

United

States

2,714,859

2,625,348

j

2015-GC33

,

C

,

FRN

,

4.545 %

,

9/10/58

..................

United

States

489,000

419,317

2015-GC33

,

D

,

3.172 %

,

9/10/58

.......................

United

States

549,000

340,380

COMM

Mortgage

Trust

,

2012-CR4

,

AM

,

3.251 %

,

10/15/45

.....................

United

States

1,667,000

1,537,858

b

2012-LC4

,

E

,

144A,

4.25 %

,

12/10/44

...................

United

States

10,009,000

1,285,831

2013-CR12

,

AM

,

4.3 %

,

10/10/46

......................

United

States

1,122,171

1,066,167

b,j

2013-CR13

,

D

,

144A,

FRN

,

5.109 %

,

11/10/46

............

United

States

2,113,000

1,193,845

b,j

2013-CR7

,

D

,

144A,

FRN

,

4.386 %

,

3/10/46

..............

United

States

137,315

131,299

j

2014-CR16

,

C

,

FRN

,

4.885 %

,

4/10/47

..................

United

States

389,000

370,061

b,j

2014-CR17

,

D

,

144A,

FRN

,

5.006 %

,

5/10/47

.............

United

States

1,232,000

1,038,884

b,j

2014-CR19

,

D

,

144A,

FRN

,

4.572 %

,

8/10/47

.............

United

States

149,803

146,527

j

2014-CR20

,

C

,

FRN

,

4.826 %

,

11/10/47

.................

United

States

588,560

567,938

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

COMM

Mortgage

Trust,

(continued)

b,j

2014-LC15

,

D

,

144A,

FRN

,

4.919 %

,

4/10/47

.............

United

States

351,784

$

346,147

2014-UBS3

,

AM

,

4.012 %

,

6/10/47

.....................

United

States

253,909

249,595

j

2014-UBS5

,

AM

,

FRN

,

4.193 %

,

9/10/47

.................

United

States

949,232

937,723

j

2015-CR22

,

B

,

FRN

,

3.926 %

,

3/10/48

..................

United

States

263,880

254,119

j

2015-CR27

,

C

,

FRN

,

4.448 %

,

10/10/48

.................

United

States

298,000

279,547

2015-DC1

,

AM

,

3.724 %

,

2/10/48

......................

United

States

779,628

767,287

j

2015-DC1

,

B

,

FRN

,

4.035 %

,

2/10/48

...................

United

States

2,646,000

2,524,138

j

2015-LC19

,

B

,

FRN

,

3.829 %

,

2/10/48

...................

United

States

219,781

216,045

CSAIL

Commercial

Mortgage

Trust

,

j

2015-C2

,

B

,

FRN

,

4.208 %

,

6/15/57

....................

United

States

243,008

235,027

2015-C3

,

A4

,

3.718 %

,

8/15/48

........................

United

States

5,549

5,537

2016-C5

,

A5

,

3.757 %

,

11/15/48

.......................

United

States

322,607

321,513

b

,j

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53 %

,

8/10/44

.........................................

United

States

238,383

230,776

b

,h

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1

,

M2

,

144A,

FRN

,

8.106 %

,

(30-day

SOFR

Average

+

3.75 %),

1/25/51

...................................

United

States

1,820,000

1,878,902

2021-MN3

,

M2

,

144A,

FRN

,

8.356 %

,

(30-day

SOFR

Average

+

%),

11/25/51

....................................

United

States

4,501,000

4,679,702

b

,h

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.721 %

,

(30-day

SOFR

Average

+

3.364 %),

10/25/49

.................................

United

States

370,412

376,728

2020-01

,

M10

,

144A,

FRN

,

8.221 %

,

(30-day

SOFR

Average

+

3.864 %),

3/25/50

..................................

United

States

492,180

501,853

j

GS

Mortgage

Securities

Trust

,

b

2013-GC13

,

AS

,

144A,

FRN

,

4.004 %

,

7/10/46

............

United

States

985,219

973,302

2014-GC24

,

B

,

FRN

,

4.527 %

,

9/10/47

..................

United

States

2,418,000

2,335,637

b

2014-GC24

,

D

,

144A,

FRN

,

4.548 %

,

9/10/47

.............

United

States

1,280,000

820,800

k

2019-GC42

,

XA

,

IO,

FRN

,

0.929 %

,

9/10/52

..............

United

States

24,442,908

623,759

j

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-LC11

,

D

,

FRN

,

4.339 %

,

4/15/46

...................

United

States

239,000

18,229

b,l

2013-LC11

,

E

,

144A,

FRN

,

3.25 %

,

4/15/46

...............

United

States

3,874,809

132,797

JPMBB

Commercial

Mortgage

Securities

Trust

,

j

2013-C12

,

D

,

FRN

,

4.071 %

,

7/15/45

...................

United

States

965,000

892,632

b,j

2014-C18

,

D

,

144A,

FRN

,

4.654 %

,

2/15/47

..............

United

States

1,461,000

1,322,205

j

2014-C23

,

AS

,

FRN

,

4.202 %

,

9/15/47

..................

United

States

443,716

436,417

j

2014-C23

,

B

,

FRN

,

4.688 %

,

9/15/47

...................

United

States

241,000

234,059

j

2014-C23

,

C

,

FRN

,

4.688 %

,

9/15/47

...................

United

States

1,184,839

1,138,666

b,j

2014-C23

,

D

,

144A,

FRN

,

4.188 %

,

9/15/47

..............

United

States

150,000

136,476

j

2014-C25

,

B

,

FRN

,

4.347 %

,

11/15/47

...................

United

States

858,000

801,587

2016-C1

,

A5

,

3.576 %

,

3/17/49

........................

United

States

968,000

964,360

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414 %

,

3/15/50

........................

United

States

700,587

691,095

j

2018-C8

,

C

,

FRN

,

4.914 %

,

6/15/51

....................

United

States

1,046,000

943,702

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

.........................................

United

States

2,853,000

2,803,596

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

j

2013-C10

,

B

,

FRN

,

4.085 %

,

7/15/46

...................

United

States

782,722

742,417

b,j

2013-C10

,

F

,

144A,

FRN

,

4.085 %

,

7/15/46

...............

United

States

254,000

26,368

b,j

2013-C12

,

D

,

144A,

FRN

,

4.859 %

,

10/15/46

.............

United

States

258,000

241,245

b,j

2013-C9

,

D

,

144A,

FRN

,

3.924 %

,

5/15/46

...............

United

States

265,000

242,695

2014-C19

,

C

,

%

,

12/15/47

..........................

United

States

537,672

521,193

j

2015-C22

,

C

,

FRN

,

4.113 %

,

4/15/48

...................

United

States

3,282,000

2,907,883

2015-C27

,

AS

,

4.068 %

,

12/15/47

......................

United

States

590,000

582,958

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

Morgan

Stanley

Capital

I

Trust

,

2016-UB11

,

C

,

FRN

,

3.691 %

,

8/15/49

..................

United

States

1,611,000

$

1,572,932

2018-H3

,

C

,

FRN

,

4.995 %

,

7/15/51

....................

United

States

1,592,437

1,483,551

k

2021-L7

,

XA

,

IO,

FRN

,

1.189 %

,

10/15/54

................

United

States

6,094,172

250,729

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055 %

,

10/10/48

........................................

United

States

2,390,000

2,354,212

b

,l

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

4,414,162

Wells

Fargo

Commercial

Mortgage

Trust

,

b,j

2013-LC12

,

D

,

144A,

FRN

,

3.913 %

,

7/15/46

.............

United

States

2,548,111

1,465,164

b

2014-LC16

,

D

,

144A,

3.938 %

,

8/15/50

..................

United

States

3,287,507

397,657

2015-C31

,

A4

,

3.695 %

,

11/15/48

......................

United

States

666,172

664,836

2015-C31

,

D

,

3.852 %

,

11/15/48

.......................

United

States

653,000

564,358

j

2016-C33

,

B

,

FRN

,

4.506 %

,

3/15/59

...................

United

States

1,938,000

1,921,570

j,k

2019-C52

,

XA

,

IO,

FRN

,

1.71 %

,

8/15/52

.................

United

States

3,800,483

178,829

b

2019-C53

,

D

,

144A,

2.5 %

,

10/15/52

....................

United

States

395,000

314,843

j,k

2024-5C1

,

XA

,

IO,

FRN

,

1.257 %

,

7/15/57

................

United

States

28,529,541

973,308

j

WFRBS

Commercial

Mortgage

Trust

,

b

2012-C9

,

E

,

144A,

FRN

,

4.876 %

,

11/15/45

...............

United

States

165,381

164,991

2013-C11

,

C

,

FRN

,

4.146 %

,

3/15/45

...................

United

States

844,000

813,342

b

2013-C15

,

D

,

144A,

FRN

,

4.284 %

,

8/15/46

..............

United

States

1,307,513

751,820

2014-C21

,

C

,

FRN

,

4.234 %

,

8/15/47

...................

United

States

128,000

120,208

2014-C23

,

B

,

FRN

,

4.44 %

,

10/15/57

...................

United

States

564,000

547,538

82,744,232

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 92,909,703

####)
..............

#### 82,744,232

#### Mortgage-Backed

#### Securities

#### 20.6%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 16.6%
m

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

10/25/55

....

United

States

18,000,000

15,167,738

m

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

10/25/55

.....

United

States

6,000,000

5,271,082

m

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

10/25/55

....

United

States

7,000,000

6,396,289

m

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

10/25/55

.....

United

States

1,000,000

991,891

m

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

10/25/55

....

United

States

99,000,000

99,831,028

m

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

10/25/55

.....

United

States

35,000,000

35,802,772

m

Uniform

Mortgage-Backed

Securities

,

6.5 %

,

TBA,

10/25/55

....

United

States

7,000,000

7,234,780

170,695,580

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 4.0%
m

GNMA

II,

Single-family,

Year

,

4.5 %,

10/15/55

............

United

States

5,500,000

5,334,528

m

GNMA

II,

Single-family,

Year

,

%,

10/15/55

..............

United

States

3,000,000

2,984,561

m

GNMA

II,

Single-family,

Year

,

5.5 %,

10/15/55

............

United

States

32,000,000

32,243,153

GNMA

II,

Single-family,

Year

,

6.5 %,

11/20/38

............

United

States

62,673

66,274

40,628,516

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 211,884,011

####)
.........................

#### 211,324,096

#### Residential

#### Mortgage-Backed

#### Securities

#### 8.9%

#### Financial

#### Services

#### 8.9%
b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

2,127,968

2,169,198

Alternative

Loan

Trust

,

h

2005-38

,

A3

,

FRN

,

4.972 %

,

(1-month

SOFR

+

0.814 %),

9/25/35

United

States

368,690

337,993

h

2005-59

,

1A1

,

FRN

,

4.91 %

,

(1-month

SOFR

+

0.774 %),

11/20/35

........................................

United

States

362,472

351,724

h

2005-65CB

,

2A1

,

FRN

,

4.697 %

,

(1-month

SOFR

+

0.539 %),

12/25/35

........................................

United

States

279,622

172,566

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

Alternative

Loan

Trust,

(continued)

h

2006-OA10

,

1A1

,

FRN

,

5.113 %

,

(12-month

average

of

1-year

CMT

+

0.96 %),

8/25/46

.............................

United

States

1,885,243

$

1,722,263

h

2006-OA10

,

3A1

,

FRN

,

4.652 %

,

(1-month

SOFR

+

0.494 %),

8/25/46

.........................................

United

States

2,810,963

2,507,747

h

2006-OA10

,

4A1

,

FRN

,

4.652 %

,

(1-month

SOFR

+

0.494 %),

8/25/46

.........................................

United

States

6,479,780

5,624,648

j

2006-OA7

,

1A1

,

FRN

,

3.161 %

,

6/25/46

.................

United

States

1,725,801

1,604,198

h

2006-OA7

,

1A2

,

FRN

,

5.093 %

,

(12-month

average

of

1-year

CMT

+

0.94 %),

6/25/46

.............................

United

States

174,777

172,457

h

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.462 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

.............

United

States

2,566,194

1,513,081

j

Bear

Stearns

ALT-A

Trust

,

2005-8

,

21A1

,

FRN

,

5.232 %

,

10/25/35

United

States

32,493

26,894

h

Bear

Stearns

Mortgage

Funding

Trust

,

2006-AR2

,

2A1

,

FRN

,

4.732 %

,

(1-month

SOFR

+

0.574 %),

9/25/46

.............

United

States

3,105,338

2,909,474

b

,h

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.452 %

,

(1-month

SOFR

+

0.294 %),

11/25/47

...................

United

States

1,537,274

1,379,424

b

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

9.17 %

,

9/25/62

United

States

152,945

153,438

b

,j

COLT

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

3.698 %

,

3/25/65

.........................................

United

States

410,000

407,396

j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

b

2017-2

,

M1

,

144A,

FRN

,

%

,

8/25/56

...................

United

States

14,995

14,942

b

2017-3

,

M2

,

144A,

FRN

,

4.75 %

,

7/25/56

................

United

States

472,839

465,583

b

2019-2

,

M

,

144A,

FRN

,

4.75 %

,

8/25/58

.................

United

States

233,611

227,352

2019-3

,

M

,

FRN

,

4.75 %

,

10/25/58

.....................

United

States

1,307,087

1,285,673

h

FHLMC

STACR

Debt

Notes

,

2015-DNA3

,

B

,

FRN

,

13.821 %

,

(30-day

SOFR

Average

+

9.464 %),

4/25/28

..................................

United

States

4,538,259

4,560,747

2015-HQA2

,

B

,

FRN

,

14.971 %

,

(30-day

SOFR

Average

+

10.614 %),

5/25/28

.................................

United

States

6,303,040

6,374,850

2016-DNA1

,

B

,

FRN

,

14.471 %

,

(30-day

SOFR

Average

+

10.114 %),

7/25/28

.................................

United

States

2,076,240

2,128,681

b

,h

FHLMC

STACR

REMIC

Trust

,

2020-DNA3

,

B2

,

144A,

FRN

,

13.821 %

,

(30-day

SOFR

Average

+

9.464 %),

6/25/50

................................

United

States

239,000

311,958

2020-DNA4

,

B2

,

144A,

FRN

,

14.471 %

,

(30-day

SOFR

Average

+

10.114 %),

8/25/50

................................

United

States

448,000

600,983

2020-DNA5

,

B2

,

144A,

FRN

,

15.856 %

,

(30-day

SOFR

Average

+

11.5 %),

10/25/50

.................................

United

States

256,000

358,454

2020-HQA2

,

B2

,

144A,

FRN

,

12.071 %

,

(30-day

SOFR

Average

+

7.714 %),

3/25/50

................................

United

States

500,000

601,514

2020-HQA3

,

B2

,

144A,

FRN

,

14.471 %

,

(30-day

SOFR

Average

+

10.114 %),

7/25/50

................................

United

States

3,318,000

4,422,426

2022-HQA1

,

B2

,

144A,

FRN

,

15.356 %

,

(30-day

SOFR

Average

+

%),

3/25/42

...................................

United

States

4,969,000

5,542,827

b

,h

FHLMC

STACR

Trust

,

2018-DNA3

,

B2

,

144A,

FRN

,

12.221 %

,

(30-day

SOFR

Average

+

7.864 %),

9/25/48

................................

United

States

408,000

472,162

2018-HQA2

,

B2

,

144A,

FRN

,

15.471 %

,

(30-day

SOFR

Average

+

11.114 %),

10/25/48

...............................

United

States

2,017,000

2,507,084

2019-DNA1

,

B2

,

144A,

FRN

,

15.221 %

,

(30-day

SOFR

Average

+

10.864 %),

1/25/49

................................

United

States

111,000

137,136

2019-DNA2

,

B2

,

144A,

FRN

,

14.971 %

,

(30-day

SOFR

Average

+

10.614 %),

3/25/49

................................

United

States

242,000

281,848

2019-FTR1

,

B2

,

144A,

FRN

,

12.821 %

,

(30-day

SOFR

Average

+

8.464 %),

1/25/48

................................

United

States

1,340,000

1,598,443

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

FHLMC

STACR

Trust,

(continued)

2019-FTR3

,

B2

,

144A,

FRN

,

9.271 %

,

(30-day

SOFR

Average

+

4.914 %),

9/25/47

..................................

United

States

468,000

$

504,904

2019-HQA1

,

B2

,

144A,

FRN

,

16.721 %

,

(30-day

SOFR

Average

+

12.364 %),

2/25/49

................................

United

States

841,000

1,022,225

j

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

5.147 %

,

11/25/36

.........................

United

States

3,894,547

2,668,067

k

FNMA

,

1998-T2

,

A4

,

IO,

6.5 %

,

10/25/36

......................

United

States

j

2002-W8

,

,

IO,

FRN

,

0.291 %

,

6/25/42

.................

United

States

2,809,017

35,634

h

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01

,

1B

,

FRN

,

16.221 %

,

(30-day

SOFR

Average

+

11.864 %),

8/25/28

.................................

United

States

4,931,033

5,124,251

2016-C02

,

1B

,

FRN

,

16.721 %

,

(30-day

SOFR

Average

+

12.364 %),

9/25/28

.................................

United

States

5,920,484

6,202,517

2016-C03

,

1B

,

FRN

,

16.221 %

,

(30-day

SOFR

Average

+

11.864 %),

10/25/28

................................

United

States

7,657,874

8,065,679

2016-C04

,

1B

,

FRN

,

14.721 %

,

(30-day

SOFR

Average

+

10.364 %),

1/25/29

.................................

United

States

146,990

156,379

2016-C05

,

2B

,

FRN

,

15.221 %

,

(30-day

SOFR

Average

+

10.864 %),

1/25/29

.................................

United

States

439,169

468,712

2016-C06

,

1B

,

FRN

,

13.721 %

,

(30-day

SOFR

Average

+

9.364 %),

4/25/29

..................................

United

States

413,629

443,625

b

2019-R04

,

2B1

,

144A,

FRN

,

9.721 %

,

(30-day

SOFR

Average

+

5.364 %),

6/25/39

..................................

United

States

391,337

403,187

b

2020-R02

,

2B1

,

144A,

FRN

,

7.471 %

,

(30-day

SOFR

Average

+

3.114 %),

1/25/40

..................................

United

States

126,000

128,938

b

2020-SBT1

,

1B1

,

144A,

FRN

,

11.221 %

,

(30-day

SOFR

Average

+

6.864 %),

2/25/40

................................

United

States

1,645,000

1,741,416

b

2020-SBT1

,

1M2

,

144A,

FRN

,

8.121 %

,

(30-day

SOFR

Average

+

3.764 %),

2/25/40

................................

United

States

239,000

247,865

b

2021-R01

,

1B2

,

144A,

FRN

,

10.356 %

,

(30-day

SOFR

Average

+

%),

10/25/41

...................................

United

States

185,000

192,124

b

2022-R02

,

2B1

,

144A,

FRN

,

8.856 %

,

(30-day

SOFR

Average

+

4.5 %),

1/25/42

....................................

United

States

1,471,000

1,526,406

b

2022-R02

,

2M2

,

144A,

FRN

,

7.356 %

,

(30-day

SOFR

Average

+

%),

1/25/42

.....................................

United

States

200,000

204,157

h

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.582 %

,

(1-month

SOFR

+

0.424 %),

5/25/37

....................

United

States

3,486,853

1,928,026

h

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.768 %

,

(1-month

SOFR

+

0.634 %),

5/19/35

....................

United

States

10,366,678

2,863,232

b

,h

J.P.

Morgan

Mortgage

Trust

,

2025-2

,

A11

,

144A,

FRN

,

5.606 %

,

(30-day

SOFR

Average

+

1.25 %),

7/25/55

...............

United

States

1,017,338

1,016,747

MFA

Trust

,

2024-NPL1

,

A1

,

6.33 %

,

9/25/54

.......................

United

States

509,587

510,589

b

2025-NQM3

,

A1

,

144A,

5.261 %

,

8/25/70

................

United

States

222,473

223,377

b

,h

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.008 %

,

(1-month

SOFR

+

0.344 %),

2/26/37

.............

United

States

99,779

95,013

b

,h

OBX

Trust

,

2025-NQM14

,

A1F

,

144A,

FRN

,

5.556 %

,

(30-day

SOFR

Average

+

1.2 %),

7/25/65

......................

United

States

215,297

215,653

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL5

,

A1

,

144A,

7.762 %

,

4/25/30

...................................

United

States

2,450,000

2,481,152

b

,j

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25 %

,

7/25/58

................

United

States

240,000

206,045

2019-2

,

A2

,

144A,

FRN

,

3.75 %

,

12/25/58

................

United

States

256,000

232,979

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

h

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.252 %

,

(1-month

SOFR

+

1.094 %),

10/25/45

..

United

States

60,803

$

59,724

91,913,795

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 93,062,077

####)
...............

#### 91,913,795

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 8.3%

#### Financial

#### Services

#### 8.3%
k

FHLMC

,

h

,

S1

,

IO,

FRN

,

1.463 %

,

Strip

,

(30-day

SOFR

Average

+

5.836 %),

8/15/43

..................................

United

States

5,436,862

599,153

h

,

S2

,

IO,

FRN

,

1.463 %

,

Strip

,

(30-day

SOFR

Average

+

5.836 %),

3/15/44

..................................

United

States

2,968,105

317,326

4000

,

PI

,

IO,

4.5 %

,

1/15/42

..........................

United

States

2,098,964

278,929

4020

,

IA

,

IO,

%

,

3/15/27

............................

United

States

149,824

1,449

4077

,

IK

,

IO,

%

,

7/15/42

............................

United

States

1,993,870

422,213

4105

,

HI

,

IO,

3.5 %

,

7/15/41

..........................

United

States

846,355

42,921

h

4265

,

SD

,

IO,

FRN

,

1.613 %

,

(30-day

SOFR

Average

+

5.986 %),

1/15/35

..................................

United

States

11,674,891

799,108

4484

,

TI

,

IO,

3.5 %

,

11/15/44

..........................

United

States

476,468

21,639

h

4839

,

WS

,

IO,

FRN

,

1.613 %

,

(30-day

SOFR

Average

+

5.986 %),

8/15/56

..................................

United

States

1,554,356

230,342

h

4945

,

SL

,

IO,

FRN

,

1.579 %

,

(30-day

SOFR

Average

+

5.936 %),

1/25/50

.........................................

United

States

1,718,951

216,684

4984

,

IL

,

IO,

4.5 %

,

6/25/50

...........................

United

States

1,761,571

370,374

h

5002

,

SJ

,

IO,

FRN

,

1.629 %

,

(30-day

SOFR

Average

+

5.986 %),

7/25/50

.........................................

United

States

24,847,761

3,125,431

h

5011

,

SA

,

IO,

FRN

,

1.779 %

,

(30-day

SOFR

Average

+

6.136 %),

9/25/50

.........................................

United

States

2,824,636

396,767

5024

,

HI

,

IO,

4.5 %

,

10/25/50

.........................

United

States

20,228,963

4,829,248

5093

,

YI

,

IO,

4.5 %

,

12/25/50

.........................

United

States

2,120,819

506,509

5349

,

IB

,

IO,

%

,

12/15/46

...........................

United

States

3,882,378

848,758

k

FNMA

,

h

2010-35

,

SG

,

IO,

FRN

,

1.929 %

,

(30-day

SOFR

Average

+

6.286 %),

4/25/40

..................................

United

States

2,748,238

315,596

h

2011-101

,

SA

,

IO,

FRN

,

1.429 %

,

(30-day

SOFR

Average

+

5.786 %),

10/25/41

.................................

United

States

5,448,606

546,966

2012-127

,

BI

,

IO,

4.5 %

,

11/25/42

......................

United

States

2,170,194

448,548

2012-151

,

IN

,

IO,

%

,

1/25/43

........................

United

States

4,351,666

914,273

2015-30

,

IO,

5.5 %

,

5/25/45

..........................

United

States

588,056

80,196

h

2015-42

,

LS

,

IO,

FRN

,

1.729 %

,

(30-day

SOFR

Average

+

6.086 %),

6/25/45

..................................

United

States

1,015,785

79,786

2015-58

,

KI

,

IO,

%

,

3/25/37

.........................

United

States

8,422,537

1,386,884

2015-69

,

IO,

%

,

9/25/45

............................

United

States

6,377,699

1,329,616

2016-3

,

NI

,

IO,

%

,

2/25/46

..........................

United

States

4,798,875

699,998

h

2018-38

,

SA

,

IO,

FRN

,

1.729 %

,

(30-day

SOFR

Average

+

6.086 %),

6/25/48

..................................

United

States

18,609,139

2,306,525

2018-58

,

AI

,

IO,

4.5 %

,

8/25/48

........................

United

States

11,469,134

1,600,121

h

2019-34

,

SL

,

IO,

FRN

,

1.579 %

,

(30-day

SOFR

Average

+

5.936 %),

7/25/49

..................................

United

States

9,528,049

1,125,667

h

2019-43

,

JS

,

IO,

FRN

,

1.579 %

,

(30-day

SOFR

Average

+

5.936 %),

8/25/49

..................................

United

States

777,568

87,442

h

2019-47

,

SA

,

IO,

FRN

,

1.579 %

,

(30-day

SOFR

Average

+

5.936 %),

8/25/49

..................................

United

States

8,181,283

1,023,255

2020-76

,

BI

,

IO,

4.5 %

,

11/25/50

.......................

United

States

2,237,345

514,068

2023-49

,

IA

,

IO,

%

,

8/25/46

.........................

United

States

11,359,465

1,459,317

2023-49

,

IB

,

IO,

3.5 %

,

3/25/47

........................

United

States

13,915,300

2,171,803

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

FNMA,

(continued)

,

,

IO,

5.5 %

,

8/25/36

............................

United

States

377,312

$

61,676

,

,

IO,

%

,

Strip

,

6/25/35

........................

United

States

364,213

50,415

,

,

IO,

5.5 %

,

11/25/39

...........................

United

States

8,884

1,796

,

,

IO,

%

,

10/25/40

............................

United

States

31,275

5,410

k

GNMA

,

2010-20

,

BI

,

IO,

4.5 %

,

2/16/40

........................

United

States

5,656,887

983,812

h

2010-20

,

SC

,

IO,

FRN

,

1.9 %

,

(1-month

SOFR

+

6.036 %),

2/20/40

.........................................

United

States

2,330,604

275,354

2012-128

,

IA

,

IO,

3.5 %

,

10/20/42

......................

United

States

7,934,567

1,292,704

2012-140

,

IC

,

IO,

3.5 %

,

11/20/42

......................

United

States

11,814,931

1,934,622

2012-146

,

IO,

%

,

12/20/42

..........................

United

States

2,564,267

539,922

h

2013-152

,

SJ

,

IO,

FRN

,

1.9 %

,

(1-month

SOFR

+

6.036 %),

5/20/41

.........................................

United

States

9,356,558

1,082,963

2013-34

,

IH

,

IO,

4.5 %

,

3/20/43

........................

United

States

4,144,262

789,984

h

2014-119

,

SA

,

IO,

FRN

,

1.35 %

,

(1-month

SOFR

+

5.486 %),

8/20/44

.........................................

United

States

6,408,076

639,914

2014-132

,

IO,

%

,

9/20/44

...........................

United

States

3,626,213

734,796

2014-4

,

BI

,

IO,

%

,

1/20/44

..........................

United

States

4,387,338

857,973

h

2014-4

,

SG

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

1/20/44

.........................................

United

States

7,491,142

775,589

h

2014-46

,

SA

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

3/20/44

.........................................

United

States

4,695,450

509,106

2014-71

,

PI

,

IO,

4.5 %

,

12/20/39

.......................

United

States

2,756,776

270,159

2015-105

,

LI

,

IO,

%

,

10/20/39

........................

United

States

4,556,510

977,088

2015-167

,

MI

,

IO,

%

,

6/20/45

........................

United

States

8,784,914

1,664,260

2015-52

,

KI

,

IO,

3.5 %

,

11/20/40

.......................

United

States

2,688,384

104,668

2015-64

,

YI

,

IO,

%

,

11/20/44

........................

United

States

5,137,026

755,747

2015-79

,

GI

,

IO,

%

,

10/20/39

........................

United

States

4,157,014

857,301

j

2015-H10

,

BI

,

IO,

FRN

,

2.078 %

,

4/20/65

................

United

States

9,918,641

449,592

j

2015-H12

,

AI

,

IO,

FRN

,

1.826 %

,

5/20/65

................

United

States

13,436,871

344,400

j

2015-H23

,

BI

,

IO,

FRN

,

1.766 %

,

9/20/65

................

United

States

16,010,404

359,033

2016-126

,

PI

,

IO,

%

,

2/20/46

........................

United

States

5,132,356

1,090,479

2016-17

,

IA

,

IO,

4.5 %

,

3/20/45

........................

United

States

5,822,834

1,129,414

j

2016-H22

,

AI

,

IO,

FRN

,

2.78 %

,

10/20/66

................

United

States

9,395,763

438,275

j

2016-H23

,

NI

,

IO,

FRN

,

2.526 %

,

10/20/66

...............

United

States

23,559,132

1,081,647

j

2016-H24

,

JI

,

IO,

FRN

,

2.423 %

,

11/20/66

................

United

States

5,713,845

337,860

j

2016-H27

,

EI

,

IO,

FRN

,

1.897 %

,

12/20/66

...............

United

States

8,243,065

339,054

2017-104

,

MI

,

IO,

5.5 %

,

7/16/47

.......................

United

States

6,314,576

1,411,325

2017-179

,

WI

,

IO,

%

,

12/20/47

.......................

United

States

3,030,297

689,411

2017-26

,

MI

,

IO,

%

,

11/20/39

........................

United

States

696,797

128,032

2017-42

,

IC

,

IO,

4.5 %

,

8/20/41

........................

United

States

9,562,737

1,731,884

j

2017-H02

,

BI

,

IO,

FRN

,

2.292 %

,

1/20/67

................

United

States

6,560,844

250,532

j

2017-H06

,

BI

,

IO,

FRN

,

2.36 %

,

2/20/67

.................

United

States

14,650,021

470,579

j

2017-H06

,

MI

,

IO,

FRN

,

2.25 %

,

2/20/67

.................

United

States

12,117,969

501,490

j

2017-H08

,

NI

,

IO,

FRN

,

2.213 %

,

3/20/67

................

United

States

16,562,091

515,830

j

2017-H09

,

IO,

FRN

,

1.887 %

,

4/20/67

...................

United

States

16,335,556

469,892

j

2017-H10

,

MI

,

IO,

FRN

,

1.864 %

,

4/20/67

................

United

States

27,415,646

815,944

j

2017-H11

,

DI

,

IO,

FRN

,

2.086 %

,

5/20/67

................

United

States

9,821,066

480,692

j

2017-H12

,

QI

,

IO,

FRN

,

2.387 %

,

5/20/67

................

United

States

13,611,126

526,587

j

2017-H16

,

IO,

FRN

,

2.476 %

,

8/20/67

...................

United

States

15,683,989

947,783

j

2017-H16

,

JI

,

IO,

FRN

,

2.448 %

,

8/20/67

.................

United

States

15,912,662

703,706

2018-127

,

IC

,

IO,

%

,

10/20/44

.......................

United

States

1,150,959

228,610

h

2018-139

,

SA

,

IO,

FRN

,

1.9 %

,

(1-month

SOFR

+

6.036 %),

10/20/48

........................................

United

States

995,446

139,414

h

2018-164

,

AS

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

12/20/48

........................................

United

States

16,907,351

2,136,922

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

GNMA,

(continued)

2018-94

,

AI

,

IO,

4.5 %

,

7/20/48

........................

United

States

1,113,935

$

229,609

j

2018-H02

,

EI

,

IO,

FRN

,

2.33 %

,

1/20/68

.................

United

States

4,492,283

191,946

j

2018-H05

,

BI

,

IO,

FRN

,

2.314 %

,

2/20/68

................

United

States

32,068,566

1,378,596

j

2018-H15

,

EI

,

IO,

FRN

,

0.843 %

,

8/20/68

................

United

States

35,118,979

1,878,549

2019-119

,

IN

,

IO,

%

,

9/20/49

........................

United

States

12,909,012

3,148,205

h

2019-125

,

SG

,

IO,

FRN

,

1.8 %

,

(1-month

SOFR

+

5.936 %),

10/20/49

........................................

United

States

6,795,440

827,789

h

2019-6

,

SM

,

IO,

FRN

,

1.8 %

,

(1-month

SOFR

+

5.936 %),

1/20/49

.........................................

United

States

10,467,635

1,160,533

h

2019-83

,

SY

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

7/20/49

.........................................

United

States

1,139,645

142,351

h

2019-96

,

SY

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

8/20/49

.........................................

United

States

1,105,461

141,453

2020-13

,

AI

,

IO,

%

,

3/20/46

.........................

United

States

8,352,636

1,106,947

2020-175

,

NI

,

IO,

%

,

11/20/50

.......................

United

States

22,808,406

3,693,616

h

2020-63

,

PS

,

IO,

FRN

,

1.85 %

,

(1-month

SOFR

+

5.986 %),

4/20/50

.........................................

United

States

2,131,324

284,618

h

2020-97

,

QS

,

IO,

FRN

,

1.9 %

,

(1-month

SOFR

+

6.036 %),

7/20/50

.........................................

United

States

1,967,033

282,986

j

2020-H12

,

IH

,

IO,

FRN

,

1.607 %

,

7/20/70

................

United

States

37,191,966

2,645,502

h

2021-77

,

SM

,

IO,

FRN

,

2.05 %

,

(1-month

SOFR

+

6.186 %),

5/20/51

.........................................

United

States

25,991,878

3,665,216

h

2021-98

,

SK

,

IO,

FRN

,

2.05 %

,

(1-month

SOFR

+

6.186 %),

6/20/51

.........................................

United

States

4,835,230

680,915

j

2024-32

,

IO,

FRN

,

0.7 %

,

6/16/63

......................

United

States

28,203,221

1,411,300

84,850,689

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 88,582,879

####)
.......

#### 84,850,689

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,004,111,488

####)
...........................

#### 1,003,724,850

#### a

#### Short

#### Term

#### Investments

#### 21.0%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 7.6%
b

,c

Alexandria

Real

Estate

Equities,

Inc.

,

144A,

.34

%

,

10/17/25

..

United

States

2,565,000

2,559,751

b

,c

Alimentation

Couche-Tard,

Inc.

,

144A,

.34

%

,

10/10/25

.......

Canada

2,030,000

2,027,557

c

American

Honda

Finance

Corp.

,

.32

%

,

12/16/25

...........

United

States

3,020,000

2,992,324

b

,c

Boston

Properties

LP

,

144A,

.29

%

,

10/08/25

...............................

United

States

2,825,000

2,822,311

144A,

.32

%

,

11/24/25

...............................

United

States

3,375,000

3,352,871

6,175,182

b

,c

Bunge

Ltd.

Finance

Corp.

,

144A,

.33

%

,

10/22/25

...............................

United

States

2,190,000

2,184,223

144A,

.32

%

,

12/01/25

...............................

United

States

3,050,000

3,027,480

144A,

.32

%

,

10/20/25

...............................

United

States

2,145,000

2,139,859

7,351,562

b

,c

Enbridge

US,

Inc.

,

144A,

.28

%

,

10/17/25

...............................

United

States

2,245,000

2,240,467

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

b,c

Enbridge

US,

Inc.,

(continued)

144A,

.3

%

,

10/28/25

................................

United

States

1,815,000

$

1,808,945

4,049,412

b

,c

Enel

Finance

America

LLC

,

144A,

.26

%

,

12/19/25

..........

Italy

2,165,000

2,144,713

b

,c

Energy

Transfer

LP

,

144A,

.24

%

,

10/01/25

................

United

States

2,965,000

2,964,650

b

,c

Extra

Space

Storage

LP

,

144A,

.33

%

,

10/16/25

............

United

States

2,140,000

2,135,894

b

,c

Fidelity

National

Information

Services,

Inc.

,

144A,

.27

%

,

10/10/25

...............................

United

States

2,185,000

2,182,413

144A,

.29

%

,

10/15/25

...............................

United

States

2,215,000

2,211,048

4,393,461

b

,c

FMC

Corp.

,

144A,

.88

%

,

10/01/25

......................

United

States

4,070,000

4,069,449

b

,c

Kinder

Morgan,

Inc.

,

144A,

.51

%

,

10/01/25

...............

United

States

4,935,000

4,934,381

b

,c

Marriott

International,

Inc.

,

144A,

.31

%

,

10/30/25

...........

United

States

2,070,000

2,062,600

b

,c

Mid-America

Apartments

LP

,

144A,

.22

%

,

10/01/25

...............................

United

States

2,235,000

2,234,738

144A,

.22

%

,

10/02/25

...............................

United

States

1,940,000

1,939,545

144A,

.23

%

,

10/03/25

...............................

United

States

1,585,000

1,584,442

144A,

.25

%

,

10/06/25

...............................

United

States

3,115,000

3,112,796

8,871,521

b

,c

Nutrien

Ltd.

,

144A,

.33

%

,

10/14/25

.....................

Canada

1,145,000

1,143,077

b

,c

Oracle

Corp.

,

144A,

.25

%

,

11/17/25

.....................

United

States

2,255,000

2,242,288

b

,c

Phillips

,

144A,

.33

%

,

10/20/25

......................

United

States

2,255,000

2,249,590

b

,c

Protective

Life

Corp.

,

144A,

.2

%

,

10/23/25

................

United

States

2,100,000

2,093,042

c

Ryder

System,

Inc.

,

.22

%

,

10/01/25

.....................

United

States

2,350,000

2,349,725

b

,c

Targa

Resources

Corp.

,

144A,

.64

%

,

10/06/25

...............................

United

States

1,970,000

1,968,478

144A,

.6

%

,

10/01/25

................................

United

States

3,965,000

3,964,493

5,932,971

b

,c

UDR,

Inc.

,

144A,

.22

%

,

10/02/25

...............................

United

States

2,535,000

2,534,405

144A,

.28

%

,

10/15/25

...............................

United

States

2,475,000

2,470,596

5,005,001

#### Total

#### Commercial

#### Papers

#### (Cost

#### $

#### 77,758,617

####)
.................................

#### 77,748,151
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 1.0%
c

U.S.

Treasury

Bills

,

n

2.01 %,

10/02/25

...................................

United

States

6,900,000

6,899,230

n

3.92 %,

11/06/25

...................................

United

States

600,000

597,589

3.83 %,

1/20/26

...................................

United

States

2,900,000

2,865,888

10,362,707

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 10,362,596

####)
...............

#### 10,362,707
Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 12.4%
a,o

Putnam

Short

Term

Investment

Fund

,

Class

P

,

4.364 %

.......

United

States

127,240,127

$

127,240,127

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 127,240,127

####)
.................

#### 127,240,127

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 215,361,340

####)
.............................

#### 215,350,985

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,219,472,828

####)
118.7 #### %
...............................

#### $1,219,075,835

#### TBA

#### Sale

#### Commitments

#### (6.1 ####)

#### %
..............................................

#### (#### 62,697,656

####)

#### Other

#### Assets,

#### less

#### Liabilities

#### (12.6 ####)

#### %
........................................

#### (128,776,524)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $1,027,601,655

#### a

#### Principal

#### Amount

#### \*
p

#### TBA

#### Sale

#### Commitments

#### (6.1)%

#### Mortgage-Backed

#### Securities

#### (6.1)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (6.1)%
Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

10/25/55

...............................

United

States

(17,000,000)

(16,491,568)

%

,

TBA,

10/25/55

.................................

United

States

(28,000,000)

(27,772,963)

%

,

TBA,

10/25/55

.................................

United

States

(18,000,000)

(18,433,125)

(62,697,656)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $

#### (#### 62,919,023

####)
........................

#### $(62,697,656)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3(g)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

September

30,

2025,

the

aggregate

value

of

these

securities

was

$415,189,238,

representing

40.4%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Perpetual

security

with

no

stated

maturity

date.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

See

Note

1(f)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

See

Note

regarding

unfunded

loan

commitments.

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.

See

Note

7. m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(d).

n

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

September

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$3,423,140,

representing

0.3%

net

assets.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

Putnam

Diversified

Income

Trust

Schedule

of

Investments,

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

September

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

September

30,

2025

,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
Euro-Bobl

..................................

Short

$

8,298,890

12/08/25

$

7,708

U.S.

Treasury

Year

Ultra

Notes

................

Short

19,333,125

12/19/25

(176,105)

U.S.

Treasury

Year

Notes

.....................

Long

1,419,539

12/31/25

(1,541)

Total

Futures

Contracts

......................................................................

$(169,938)

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Australian

Dollar

....

BZWS

Buy

2,823,700

1,860,326

10/15/25

$

8,489

$

—

Australian

Dollar

....

BZWS

Sell

1,439,100

949,674

10/15/25

—

(2,768)

Australian

Dollar

....

CITI

Sell

1,826,700

1,202,270

10/15/25

—

(6,699)

Australian

Dollar

....

GSCO

Buy

198,200

130,447

10/15/25

728

—

Australian

Dollar

....

HSBK

Sell

736,600

484,762

10/15/25

—

(2,743)

Australian

Dollar

....

MSCO

Buy

119,000

78,318

10/15/25

—

Australian

Dollar

....

MSCO

Sell

8,068,100

5,309,927

10/15/25

—

(29,800)

Australian

Dollar

....

SSBT

Sell

3,493,900

2,299,318

10/15/25

—

(13,057)

Australian

Dollar

....

UBSW

Sell

138,200

90,927

10/15/25

—

(539)

Australian

Dollar

....

WPAC

Sell

158,500

104,319

10/15/25

—

(582)

Canadian

Dollar

....

BOFA

Sell

23,500

17,320

10/15/25

—

Canadian

Dollar

....

BZWS

Sell

592,600

437,040

10/15/25

10,947

—

Canadian

Dollar

....

GSCO

Sell

65,800

48,500

10/15/25

1,188

—

Canadian

Dollar

....

JPHQ

Sell

1,377,700

1,015,606

10/15/25

25,010

—

Canadian

Dollar

....

SSBT

Sell

6,699,100

4,923,319

10/15/25

106,521

—

Canadian

Dollar

....

TDOM

Sell

996,100

734,222

10/15/25

18,004

—

Canadian

Dollar

....

UBSW

Sell

141,300

104,194

10/15/25

2,596

—

Canadian

Dollar

....

WPAC

Buy

60,600

44,689

10/15/25

—

(1,116)

New

Zealand

Dollar

.

HSBK

Sell

26,200

16,012

10/15/25

815

—

New

Zealand

Dollar

.

MSCO

Sell

4,865,400

2,977,041

10/15/25

154,910

—

New

Zealand

Dollar

.

UBSW

Sell

578,900

354,314

10/15/25

18,528

—

Chinese

Yuan

......

WPAC

Buy

739,400

103,561

11/19/25

531

—

Hong

Kong

Dollar

...

HSBK

Buy

10,816,600

1,390,070

11/19/25

1,515

—

Hong

Kong

Dollar

...

HSBK

Sell

11,705,400

1,506,147

11/19/25

—

Hong

Kong

Dollar

...

TDOM

Buy

1,007,600

129,681

11/19/25

—

(51)

Japanese

Yen

......

BOFA

Buy

692,052,400

4,738,819

11/19/25

—

(35,344)

Japanese

Yen

......

CITI

Buy

17,054,400

117,284

11/19/25

—

(1,375)

Japanese

Yen

......

CITI

Sell

30,838,700

211,210

11/19/25

1,618

—

Japanese

Yen

......

GSCO

Buy

680,798,100

4,629,294

11/19/25

19,680

(21,988)

Japanese

Yen

......

HSBK

Buy

185,896,200

1,273,349

11/19/25

—

(9,921)

Japanese

Yen

......

JPHQ

Buy

85,555,900

585,798

11/19/25

—

(4,325)

Japanese

Yen

......

MSCO

Buy

393,107,700

2,692,733

11/19/25

—

(21,009)

Japanese

Yen

......

TDOM

Buy

25,655,100

175,681

11/19/25

—

(1,318)

Japanese

Yen

......

TDOM

Sell

15,586,100

106,154

11/19/25

—

New

Taiwan

Dollar

..

BZWS

Buy

11,904,700

402,254

11/19/25

—

(10,106)

New

Taiwan

Dollar

..

BZWS

Sell

3,843,200

127,343

11/19/25

745

—

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

September

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

British

Pound

......

HSBK

Sell

3,840,900

5,220,144

12/17/25

$

54,026

$

—

Euro

.............

CITI

Sell

109,500

129,027

12/17/25

—

(107)

Euro

.............

HSBK

Buy

1,951,200

2,306,295

12/17/25

—

(5,245)

Euro

.............

HSBK

Sell

26,342,900

31,136,992

12/17/25

70,808

—

Euro

.............

JPHQ

Sell

87,300

103,984

12/17/25

1,031

—

Euro

.............

TDOM

Buy

5,400

6,369

12/17/25

—

(1)

Norwegian

Krone

...

MSCO

Sell

26,720,300

2,714,219

12/17/25

36,136

—

Swedish

Krona

.....

MSCO

Sell

30,629,900

3,317,037

12/17/25

47,723

—

Swiss

Franc

.......

UBSW

Buy

6,493,900

8,257,873

12/17/25

—

(24,523)

Total

Forward

Exchange

Contracts

...................................................

$582,852

$(192,617)

Net

unrealized

appreciation

(depreciation)

............................................

$390,235

\*

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
3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

263,600,000

$

1,093,940

$

222,404

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

395,350,000

(869,770)

279,685

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

11,855,700

607,012

(411,799)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

11,855,700

579,744

(222,920)

3.165%/1-day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

7,681,200

549,206

(155,020)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

48,909,700

552,680

(535,696)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

6,129,800

222,512

(149,150)

(4.37%)/1-day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(24,211)

4.37%/1-day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(38,254)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

1,724,650

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

(815,416)

4.565%/6-month

AUD

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,979

(270,852)

(4.565%)/6-month

AUD

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,980

(223,255)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

31,866,700

796,622

(227,108)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

31,866,700

632,511

(450,986)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

964,717

(796,069)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

964,717

3,099,678

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

48,909,700

(159,241)

158,984

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

48,909,700

329,287

(328,743)

3.25%/1-day

SOFR/Sep-37/(Purchased)

MCM

9/09/27

/

3.25%

13,700,000

291,125

(40,703)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

5,225,500

240,634

(92,606)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

5,225,500

230,967

(10,399)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

6,440,900

513,451

134,174

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

September

30,

2025

,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts
(continued)

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### party

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

9,202,400

$

960,704

$

327,656

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

6,695,700

242,384

(67,987)

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

(682,692)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

1,463,578

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

(370,924)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

448,714

#### Unrealized

#### appreciation

#### 7,859,523

#### Unrealized
(depreciation)

#### (5,914,790)

#### Total

#### $1,944,733
\*

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

#### to

#### Sell

#### Protection
(c) (d) #### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

45,541,000

$

3,694,286

$

2,160,567

$

1,533,719

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

.....................................

$3,694,286

$2,160,567

$1,533,719

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

5,680,000

2,798,587

2,318,565

480,022

CMBX.NA.BB.10

(5.00)%

Monthly

GSCO

11/17/59

131,000

64,544

59,000

5,544

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

160,000

78,833

9,104

69,729

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

190,000

70,374

71,488

(1,114)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

1,271,000

79,096

57,268

21,828

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

37,000

15,877

16,021

(144)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

922,000

183,001

277,119

(94,118)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

1,667,000

330,871

319,372

11,499

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

540,000

107,181

174,616

(67,435)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

3,588,000

430,561

447,504

(16,943)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

1,099,000

187,745

199,468

(11,723)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

2,198,000

438,227

460,847

(22,620)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

7,284,000

233,958

1,700,195

(1,466,237)

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

2,246,000

365,368

433,871

(68,503)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

1,099,000

185,216

197,408

(12,192)

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### 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)

#### to

#### Sell

#### Protection
(c) (d) #### Traded

#### Index
CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

2,048,000

$

(135,026)

$

(269,434)

$

134,408

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

591,000

(291,190)

(47,420)

(243,770)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

190,000

(70,374)

(81,236)

10,862

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

6,165,000

(383,657)

(1,071,933)

688,276

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

175,000

(10,890)

(30,380)

19,490

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

649,000

(40,388)

(73,125)

32,737

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

588,000

(36,592)

(104,672)

68,080

Non-

Investment

Grade

CMBX.NA.BB.8

.

5.00%

Monthly

MSCO

10/17/57

37,000

(15,877)

(16,251)

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

232,000

(37,256)

(52,737)

15,481

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

11,000

(1,767)

(2,259)

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

143,000

(22,963)

(32,506)

9,543

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

7,284,000

(233,959)

(438,632)

204,673

Investment

Grade

Total

OTC

Swap

Contracts

..............................................

$4,289,500

$4,521,261

$(231,761)

Total

Credit

Default

Swap

Contracts

....................................

$7,983,786

$

6,681,828

$1,301,958

(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.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

September

30,

2025

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

340,622,000

$

(1,067,736)

$

(395,559)

$

(672,177)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

107,112,000

(377,053)

(171,780)

(205,273)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.23%

....

Quarterly

9/17/27

6,895,000

AUD

21,785

5,775

16,010

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

18,212,000

65,195

65,195

—

Receive

Fixed

2.08%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

12/17/27

9,995,000

EUR

(14,656)

(4,390)

(10,266)

Receive

Fixed

2.38%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

12/17/27

16,584,000

CAD

11,459

6,671

4,788

Receive

Fixed

3.28%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

12/17/27

8,703,000

AUD

(23,334)

1,163

(24,497)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/27

7,699,000

GBP

(19,701)

(8,133)

(11,568)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

480,393,500

5,188,386

1,743,697

3,444,689

Receive

Fixed

3.65%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/30

54,303,000

636,379

218,118

418,261

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

41,853,000

AUD

201,650

(149,900)

351,550

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

2,869,000

EUR

31,435

8,382

23,053

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.2%

.....

Annual

12/17/30

3,994,000

30,697

33,318

(2,621)

Receive

Fixed

4.166%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

7/15/35

33,139,500

AUD

(172,077)

—

(172,077)

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/10/35

17,356,300

252,443

—

252,443

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

48,905,000

$

(910,387)

$

17,116

$

(927,503)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.92%

....

Annual

9/17/35

6,172,000

(135,676)

(39,148)

(96,528)

Receive

Fixed

3.9%

...

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/35

851,000

17,270

26,742

(9,472)

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

44,837,000

AUD

(110,820)

140,254

(251,074)

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.57%

....

Annual

9/17/35

701,000

EUR

7,545

(1,277)

8,822

Receive

Fixed

0.45%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

12/17/35

8,955,000

CHF

(30,288)

(20,100)

(10,188)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

2.93%

....

Semi-Annual

12/17/35

13,418,000

CAD

(27,941)

(35,103)

7,162

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

4,410,000

47,619

33,442

14,177

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.55%

....

Annual

12/17/35

2,667,000

24,349

15,766

8,583

Receive

Fixed

2.63%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

12/17/35

3,227,000

EUR

(10,922)

1,741

(12,663)

Receive

Fixed

3.57%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

12/17/35

549,000

(4,097)

(2,290)

(1,807)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.9%

.....

Semi-Annual

12/17/35

13,006,000

NZD

(105,754)

(20,023)

(85,731)

Receive

Floating

3-month

STIBOR

............

Quarterly

Pay

Fixed

2.6%

.....

Annual

12/17/35

75,985,000

SEK

105,729

26,211

79,518

Receive

Fixed

4.08%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/35

10,781,000

GBP

(107,209)

(28,501)

(78,708)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.18%

....

Semi-Annual

12/17/35

1,585,000

AUD

11,117

(725)

11,842

Receive

Floating

6-month

NIBOR

.............

Semi-Annual

Pay

Fixed

3.85%

....

Annual

12/17/35

109,625,000

NOK

210,667

78,700

131,967

Putnam

Diversified

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

8,925,000

AUD

$

161,041

$

—

$

161,041

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

17,024,000

(296,693)

16,741

(313,434)

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

5,167,000

(108,307)

(24,325)

(83,982)

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

5,271,000

EUR

(399,457)

(69,738)

(329,719)

Receive

Fixed

4.07%

..

Annual

Pay

Floating

1-day

SOFR

............

Annual

9/17/55

7,606,000

186,306

62,862

123,444

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

389,000

AUD

(2,863)

1,888

(4,751)

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.62%

....

Annual

9/17/55

396,000

EUR

26,244

1,618

24,626

Receive

Floating

1-day

SOFR

..............

Annual

Pay

Fixed

3.88%

....

Annual

12/17/55

3,527,000

28,787

32,261

(3,474)

Total

Interest

Rate

Swap

Contracts

.................................

$3,341,132

$

1,566,669

$1,774,463

\*

In

U.S.

dollars

unless

otherwise

indicated.

See

Note 9 regarding

other

derivative

information.

See

Abbreviations

on

.

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

...................................................................

$1,075,022,109

Cost

-

Non-controlled

affiliates

(Note

g)

........................................................

144,450,719

Value

-

Unaffiliated

issuers

..................................................................

$1,074,469,520

Value

-

Non-controlled

affiliates

(Note

g)

.......................................................

144,606,315

Cash

....................................................................................

6,702,460

Receivables:

Investment

securities

sold

...................................................................

2,220,267

Receivable

for

sales

of

TBA

securities

(Note

d)

..................................................

44,485,898

Capital

shares

sold

........................................................................

1,117,247

Dividends

and

interest

.....................................................................

5,707,982

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

............................................................

15,812,183

Variation

margin

on

futures

contracts

...........................................................

9,613

Variation

margin

on

centrally

cleared

swap

contracts

...............................................

19,422

OTC

swap

contracts

(upfront

payments)

..........................................................

6,741,846

Unrealized

appreciation

on

OTC

forward

exchange

contracts

..........................................

582,852

Unrealized

appreciation

on

forward

premium

swap

option

contracts

.....................................

7,859,523

Unrealized

appreciation

on

OTC

swap

contracts

....................................................

1,773,038

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

.......................................

Prepaid

expenses

..........................................................................

473,611

Total

assets

..........................................................................

1,312,582,148

Liabilities:

Payables:

Investment

securities

purchased

..............................................................

9,810,333

Payable

for

purchases

of

TBA

securities

(Note

d)

................................................

193,369,082

Capital

shares

redeemed

...................................................................

737,462

Management

fees

.........................................................................

440,641

Administrative

fees

........................................................................

3,899

Distribution

fees

..........................................................................

148,180

Transfer

agent

fees

........................................................................

300,017

Trustees'

fees

and

expenses

.................................................................

612,279

Deposits

from

brokers

for:

OTC

derivative

contracts

..................................................................

6,322,000

OTC

swap

contracts

(upfront

receipts)

...........................................................

2,220,585

Unrealized

depreciation

on

OTC

swap

contracts

....................................................

2,004,799

Unrealized

depreciation

on

OTC

forward

exchange

contracts

..........................................

192,617

Unrealized

depreciation

on

forward

premium

swap

option

contracts

.....................................

5,914,790

TBA

sale

commitments,

at

value

(proceeds

$62,919,023)

(Note

1d)

.....................................

62,697,656

Accrued

expenses

and

other

liabilities

...........................................................

206,153

Total

liabilities

.........................................................................

284,980,493

Net

assets,

at

value

.................................................................

$1,027,601,655

Net

assets

consist

of:

Paid-in

capital

.............................................................................

$2,797,846,921

Total

distributable

earnings

(losses)

.............................................................

(1,770,245,266)

Net

assets,

at

value

.................................................................

$1,027,601,655

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Diversified

#### Income

#### Trust

#### Class

#### A:
Net

assets,

at

value

.......................................................................

$492,309,851

Shares

outstanding

........................................................................

97,448,739

Net

asset

value

per

share

a,b

..................................................................

$5.05

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

................................

$5.26

#### Class

#### C:
Net

assets,

at

value

.......................................................................

$33,199,897

Shares

outstanding

........................................................................

6,780,737

Net

asset

value

and

maximum

offering

price

per

share

a,b

............................................

$4.90

#### Class

#### M:
Net

assets,

at

value

.......................................................................

$43,304,511

Shares

outstanding

........................................................................

8,889,400

Net

asset

value

per

share

a,b

..................................................................

$4.87

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.75%)

b

................................

$5.03

#### Class

#### R:
Net

assets,

at

value

.......................................................................

$1,728,113

Shares

outstanding

........................................................................

350,275

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.93

#### Class

#### R6:
Net

assets,

at

value

.......................................................................

$22,546,162

Shares

outstanding

........................................................................

4,556,695

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.95

#### Class

#### Y:
Net

assets,

at

value

.......................................................................

$434,513,121

Shares

outstanding

........................................................................

87,264,365

Net

asset

value

and

maximum

offering

price

per

share

b

.............................................

$4.98

a

Redemption

price

is

equal

to

net

asset

value

less

contingent

deferred

sales

charges,

if

applicable.

b

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

September

30,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

.............................................................

$6,902,729

Interest:

(net

of

foreign

taxes

of

$22,285)

Unaffiliated

issuers

........................................................................

59,354,262

Total

investment

income

...................................................................

66,256,991

Expenses:

Management

fees

(Note

a)

...................................................................

5,474,199

Administrative

fees

(Note

b)

..................................................................

21,295

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

1,239,172

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

427,120

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

223,455

Class

R

................................................................................

6,942

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

................................................................................

780,538

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

................................................................................

65,498

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

................................................................................

68,948

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

................................................................................

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

...............................................................................

11,691

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

................................................................................

690,990

Custodian

fees

(Note

4)

......................................................................

73,890

Reports

to

shareholders

fees

..................................................................

92,947

Registration

and

filing

fees

....................................................................

106,818

Professional

fees

...........................................................................

193,266

Trustees'

fees

and

expenses

(Not

e

1f)

...........................................................

38,512

Interest

expense

...........................................................................

1,123

Other

....................................................................................

21,406

Total

expenses

.........................................................................

9,538,046

Expense

reductions

(Note

4)

...............................................................

(26,574)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

..............................................

(17,676)

Net

expenses

.........................................................................

9,493,796

Net

investment

income

................................................................

56,763,195

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Operations

(continued)

for

the

year

ended

September

30,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Diversified

#### Income

#### Trust
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

......................................................................

(4,654,337)

Foreign

currency

transactions

................................................................

69,552

Forward

exchange

contracts

.................................................................

(1,547,252)

Forward

premium

swap

option

contracts

........................................................

1,667,544

Futures

contracts

.........................................................................

767,247

TBA

sale

commitments

.....................................................................

(1,139,805)

Swap

contracts

...........................................................................

(521,568)

Net

realized

gain

(loss)

..................................................................

(5,358,619)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

......................................................................

7,712,908

Non-controlled

affiliates

(Note

g)

...........................................................

155,596

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

98,312

Unfunded

loan

commitments

(Note

8)

..........................................................

Forward

exchange

contracts

.................................................................

1,363,358

Forward

premium

swap

option

contracts

........................................................

(1,975,593)

Futures

contracts

.........................................................................

(85,870)

TBA

sale

commitments

.....................................................................

(83,398)

Swap

contracts

...........................................................................

4,424,097

Net

change

in

unrealized

appreciation

(depreciation)

............................................

11,609,781

Net

realized

and

unrealized

gain

(loss)

............................................................

6,251,162

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$63,014,357

Putnam

Diversified

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$56,763,195

$64,934,166

Net

realized

gain

(loss)

.................................................

(5,358,619)

(14,838,684)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

11,609,781

101,433,675

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

63,014,357

151,529,157

Distributions

to

shareholders:

Class

A

.............................................................

(79,814,073)

(37,874,341)

Class

B

.............................................................

—

(48,109)

Class

C

.............................................................

(7,476,444)

(4,053,018)

Class

M

............................................................

(7,648,502)

(3,651,979)

Class

R

.............................................................

(197,480)

(95,844)

Class

R6

............................................................

(4,300,065)

(2,201,411)

Class

Y

.............................................................

(73,447,979)

(35,838,263)

Total

distributions

to

shareholders

..........................................

(172,884,543)

(83,762,965)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

14,255,563

(48,789,012)

Class

B

.............................................................

—

(1,467,408)

Class

C

.............................................................

(16,281,227)

(19,169,092)

Class

M

............................................................

(2,009,234)

(4,920,517)

Class

R

.............................................................

652,224

(549,486)

Class

R6

............................................................

(1,954,413)

(11,489,693)

Class

Y

.............................................................

10,894,743

(87,756,276)

Total

capital

share

transactions

............................................

5,557,656

(174,141,484)

Net

increase

(decrease)

in

net

assets

...................................

(104,312,530)

(106,375,292)

Net

assets:

Beginning

of

year

.......................................................

1,131,914,185

1,238,289,477

End

of

year

...........................................................

$1,027,601,655

$1,131,914,185

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

Notes

to

Financial

Statements

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Diversified

Income

Trust (Fund)

is

registered

under

the

Investment

Company

Act

of

1940

(1940

Act)

as

an

open-

end

management

investment

company.

The Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

Fund

offers

six classes

of

shares:

Class

A,

Class

C,

Class

M,

Class

R,

Class

R6

and

Class

Y. Class

C

shares

automatically

convert

to

Class

A

shares

on

a

monthly

basis,

after

they

have

been

held

for

years.

Each

class

of

shares

may

differ

by

its

initial

sales

load,

contingent

deferred

sales

charges,

voting

rights

on

matters

affecting

a

single

class,

its

exchange

privilege

and

fees

due

to

differing

arrangements

for

distribution

and

transfer

agent

fees.

Effective

September

5,

2024,

all

Class B

shares

were

converted

to

Class

A. The

following

summarizes

the Fund's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

are

centrally

cleared

or

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### Stripped

#### Securities
The

Fund

may

invest

in

stripped

securities

which

represent

a

participation

in

securities

that

may

be

structured

in

classes

with

rights

to

receive

different

portions

of

the

interest

and

principal.

Interest-only

securities

receive

all

of

the

interest

and

principal-only

securities

receive

all

of

the

principal.

If

the

interest

only

securities

experience

greater

than

anticipated

prepayments

of

principal,

the

Fund

may

fail

to

recoup

fully

its

initial

investment

in

these

securities.

Conversely,

principal-

only

securities

increase

in

value

if

prepayments

are

greater

than

anticipated

and

decline

if

prepayments

are

slower

than

anticipated.

The

fair

value

of

these

securities

is

highly

sensitive

to

changes

in

interest

rates.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a

when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

The

Fund

may

also

enter

into

TBA

sale

commitments

to

hedge

its

portfolio

positions,

to

sell

mortgage-backed

securities

it

owns

under

delayed

delivery

arrangements

or

to

take

a

short

position

in

mortgage-backed

securities.

Proceeds

of

TBA

sale

commitments

are

not

received

until

the

contractual

settlement

date.

During

the

time

a

TBA

sale

commitment

is

outstanding,

either

equivalent

deliverable

securities

or

an

offsetting

TBA

purchase

commitment

deliverable

on

or

before

the

sale

commitment

date

are

held

as

"cover"

for

the

transaction,

or

other

liquid

assets

in

an

amount

equal

to

the

notional

value

of

the

TBA

sale

commitment

are

segregated.

If

the

TBA

sale

commitment

is

closed

through

the

acquisition

of

an

offsetting

TBA

purchase

commitment,

the

Fund

realizes

a

gain

or

loss.

If

the

Fund

delivers

securities

under

the

commitment,

the

Fund

realizes

a

gain

or

a

loss

from

the

sale

of

the

securities

based

upon

the

unit

price

established

at

the

date

the

commitment

was

entered

into.

TBA

commitments,

which

are

accounted

for

as

purchase

and

sale

transactions,

may

be

considered

securities

themselves,

and

involve

a

risk

of

loss

due

to

changes

in

the

value

of

the

security

prior

to

the

settlement

date

as

well

as

the

risk

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

a. #### Financial

#### Instrument

#### Valuation
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

that

the

counterparty

to

the

transaction

will

not

perform

its

obligations.

Counterparty

risk

is

mitigated

by

having

a

master

agreement

between

the

Fund

and

the

counterparty.

Unsettled

TBA

commitments

are

valued

at

their

fair

value

according

to

the

procedures

described

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to interest

rate risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

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Annual

Report

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which

it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

September

30,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

h. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Dividend

income

is

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Distributable

earnings

are

determined

according

to

income

tax

regulations

(tax

basis)

and

may

differ

from

earnings

recorded

in

accordance

with

U.S.

GAAP.

These

differences

may

be

permanent

or

temporary.

Permanent

differences

are

reclassified

among

capital

accounts

to

reflect

their

tax

character.

These

reclassifications

have

no

impact

on

net

assets

or

the

results

of

operations.

Temporary

differences

are

not

reclassified,

as

they

may

reverse

in

subsequent

periods.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

i. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

j. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

September

30,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

10,415,042

$52,844,134

6,263,333

$34,133,533

Shares

issued

in

reinvestment

of

distributions

..........

14,584,395

72,501,481

6,333,475

34,380,553

Shares

redeemed

...............................

(21,874,784)

(111,090,052)

(21,569,971)

(117,303,098)

Net

increase

(decrease)

..........................

3,124,653

$14,255,563

(8,973,163)

$(48,789,012)

#### Class

#### B

#### Shares:

#### \*
Shares

sold

...................................

—

$—

$5

Shares

issued

in

reinvestment

of

distributions

..........

—

—

8,839

47,129

Shares

redeemed

...............................

—

—

(279,673)

(1,514,542)

Net

increase

(decrease)

..........................

—

$—

(270,833)

$(1,467,408)

#### Class

#### C

#### Shares:
Shares

sold

...................................

469,074

$2,353,044

381,135

$2,032,756

Shares

issued

in

reinvestment

of

distributions

..........

1,428,152

6,880,408

695,659

3,679,934

Shares

redeemed

a

..............................

(5,199,109)

(25,514,679)

(4,693,074)

(24,881,782)

Net

increase

(decrease)

..........................

(3,301,883)

$(16,281,227)

(3,616,280)

$(19,169,092)

#### Class

#### M

#### Shares:
Shares

redeemed

...............................

(405,790)

(2,009,234)

(930,720)

(4,920,517)

Net

increase

(decrease)

..........................

(405,790)

$(2,009,234)

(930,720)

$(4,920,517)

#### Class

#### R

#### Shares:
Shares

sold

...................................

146,628

$710,585

23,960

$128,581

Shares

issued

in

reinvestment

of

distributions

..........

40,004

194,072

17,730

94,232

Shares

redeemed

...............................

(51,764)

(252,433)

(143,448)

(772,299)

Net

increase

(decrease)

..........................

134,868

$652,224

(101,758)

$(549,486)

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or directors

of

the

following

subsidiaries:

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Year

#### Ended

#### September

#### 30,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### R6

#### Shares:
Shares

sold

...................................

1,569,594

$7,838,878

2,046,703

$10,863,849

Shares

issued

in

reinvestment

of

distributions

..........

453,222

2,208,302

225,554

1,202,899

Shares

redeemed

...............................

(2,449,164)

(12,001,593)

(4,414,075)

(23,556,441)

Net

increase

(decrease)

..........................

(426,348)

$(1,954,413)

(2,141,818)

$(11,489,693)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

21,244,175

$107,447,691

19,068,753

$103,316,724

Shares

issued

in

reinvestment

of

distributions

..........

13,543,025

66,372,117

5,834,159

31,284,498

Shares

redeemed

...............................

(32,494,689)

(162,925,065)

(41,495,372)

(222,357,498)

Net

increase

(decrease)

..........................

2,292,511

$10,894,743

(16,592,460)

$(87,756,276)

\*

Effective

September

5,

2024,

the

Fund

has

terminated

its

Class

B

shares.

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. #### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

2. #### Shares

#### of

#### Beneficial

#### Interest
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

a. #### Management

#### Fees
The

Fund

pays Advisers

a

management

fee

(based

on

the

Fund's

average

net

assets

and

computed

and

paid

monthly)

at

annual

rates

that

may

vary

based

on

the

average

of

the

aggregate

net

assets

of

all

open-end

mutual

funds

sponsored

by

Putnam

Management

(including

open-end

funds

managed

by

affiliates

of

Putnam

Management

that

have

been

deemed

to

be

sponsored

by

Putnam

Management

for

this

purpose)

(excluding

net

assets

of

such

funds

that

are

invested

in,

or

that

are

invested

in

by,

other

such

funds

to

the

extent

necessary

to

avoid

"double

counting"

of

those

assets).

Such

annual

rates

may

vary

as

follows:

For

the

year

ended

September

30,

2025,

the

gross

effective

investment

management

fee

rate

was 0.523%

of

the

Fund's

average daily

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

an

allocated

amount

for

the

compensation

and

related

expenses

of

certain

officers

of

the

Fund

and

their

staff

who

provide

administrative

services

to

the

Fund.

The

aggregate

amount

of

all

such

reimbursements

is

determined

annually

by

the

Trustees.

c. #### Distribution

#### Fees
The

Fund

has

adopted

distribution

plans

(the

Plans)

with

respect

to

the

following

share

classes

pursuant

to

Rule

12b–1

under

the

1940

Act.

The

purpose

of

the

Plans

is

to

compensate

Distributors

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund.

The

Plans

provide

payments

by

the

Fund

to

Distributors

at

an

annual

rate

of

up

to

the

following

amounts

(Maximum

%)

of

the

average

net

assets

attributable

to

each

class.

The

Trustees

have

approved

payment

by

the

Fund

at

the

following

annual

rate

(Approved

%)

of

the

average

net

assets

attributable

to

each

class.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.700%

of

the

first

$5

billion,

0.650%

of

the

next

$5

billion,

0.600%

of

the

next

$10

billion,

0.550%

of

the

next

$10

billion,

0.500%

of

the

next

$50

billion,

0.480%

of

the

next

$50

billion,

0.470%

of

the

next

$100

billion

and

0.465%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

d. #### Sales

#### Charges/Underwriting

#### Agreements
Front-end

sales

charges

and

contingent

deferred

sales

charges

(CDSC)

do

not

represent

expenses

of

the

Fund.

These

charges

are

deducted

from

the

proceeds

of

sales

of

fund

shares

prior

to

investment

or

from

redemption

proceeds

prior

to

remittance,

as

applicable.

Distributors

has

advised

the

Fund

of

the

following

commission

transactions

related

to

the

sales

and

redemptions

of

the

Fund's

shares

for

the

year:

e. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of

Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

received

fees

for

investor

servicing

for

Class

A,

Class

C,

Class

M,

Class

R

and

Class

Y shares

that

included

(1) a

per

account

fee

for

each

direct

and

underlying

non-defined

contribution

account

(retail

account)

of

the

Fund;

(2) a

specified

rate

of

the

Fund's

assets

attributable

to

defined

contribution

plan

accounts;

and

(3) a

specified

rate

based

on

the

average

net

assets

in

retail

accounts.

PSERV

has

agreed

that

the

aggregate

investor

servicing

fees

for

each

Fund's

retail

and

defined

contribution

accounts

for

these

share

classes

will

not

exceed

an

annual

rate

of

0.25%

of

the

Fund's

average

assets

attributable

to

such

accounts.

Class R6

shares

paid

a

monthly

fee

based

on

the

average

net

assets

of

Class R6

shares

at

an

annual

rate

of

0.05%.

f. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. The

deferred

fees

remain

invested

in

certain

Putnam

funds

until

distribution

in

accordance

with

the

Deferral

Plan.

The

Fund

has

adopted

an

unfunded

noncontributory

defined

benefit

pension

plan

(the

Pension

Plan)

covering

all

Trustees

of

the

Fund

who

have

served

as

a

Trustee

for

at

least

five

years

and

were

first

elected

prior

to

2004. Benefits

under

the

Pension

Plan

are

equal

to

50%

of

the

Trustee's

average

annual

attendance

and

retainer

fees

for

the

three

years

ended

December

31,

2005. The

retirement

benefit

is

payable

during

a

Trustee's

lifetime,

beginning

the

year

following

retirement,

for

the

number

of

years

of

service

through

December

31,

2006. Pension

expense

for

the

Fund

is

included

in

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

and

expenses

in

the

Statement

of

Assets

and

Liabilities.

The

Trustees

have

terminated

the

Pension

Plan

with

respect

to

any

Trustee

first

elected

after

2003. g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

#### Maximum

#### %

#### Approved

#### %
Class

A

...................................................................

0.35%

0.25%

Class

C

...................................................................

1.00%

1.00%

Class

M

..................................................................

1.00%

0.50%

Class

R

...................................................................

1.00%

0.50%

Sales

charges

retained

net

of

commissions

paid

to

unaffiliated

brokers/dealers

..............................

$22,940

CDSC

retained

..............................................................................

$2,293

3. #### Transactions

#### with

#### Affiliates
(continued)

c. #### Distribution

#### Fees
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

September

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

h. #### Waiver

#### and

#### Expense

#### Reimbursements
Advisers has

contractually

agreed,

through

January

30,

2027,

to

waive

fees

and/or

reimburse

the

Fund's

expenses

to

the

extent

necessary

to

limit

the

cumulative

expenses

of

the

Fund,

exclusive

of

brokerage,

interest,

taxes,

investment-related

expenses,

extraordinary

expenses,

acquired

fund

fees

and

expenses

and

payments

under

the

Fund's

investor

servicing

contract,

investment

management

contract

and

distribution

plans,

on

a

fiscal

year-to-date

basis

to

an

annual

rate

of

0.20%

of

the

Fund's

average

net

assets

over

such

fiscal

year-to-date

period.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into

arrangements

with PSERV

and its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

September

30,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective May

19, 2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

September

30,

2025,

the

capital

loss

carryforwards

were

as

follows:

The

tax

character

of

distributions

paid

during

the

years

ended

September

30,

2025

and

2024,

was

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Diversified

#### Income

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$17,210,592

$—

$—

$155,596

$17,366,188

691,880

$507,569

Putnam

Short

Term

Investment

Fund,

Class

P,

4.364%

......

221,124,630

1,016,174,631

(1,110,059,134)

—

—

127,240,127

127,240,127

6,395,160

#### Total

#### Affiliated

#### Securities

#### ...
$221,124,630

$1,033,385,223

$(1,110,059,134)

$—

$155,596

$144,606,315

$6,902,729

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

................................................................................

$

892,255,289

Long

term

................................................................................

740,667,894

Total

capital

loss

carryforwards

...............................................................

$1,632,923,183

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

..........................................................

$172,884,543

$83,762,965

3. #### Transactions

#### with

#### Affiliates
(continued)

g. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

September

30,

2025,

the

cost

of

investments,

net

unrealized

appreciation

(depreciation)

and

undistributed

ordinary

income

for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

September

30,

2025,

aggregated

$5,513,256,772 and

$5,411,204,276,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

September

30,

2025,

the

Fund

had 33.0% of

its

portfolio

invested

in

high

yield,

senior

secured

floating

rate

loans,

or

other

securities rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

September

30,

2025,

the

aggregate

value

of

these

securities represents less

than

0.1%

of

the

Fund's net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying

Schedule

of

Investments.

8. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

September

30,

2025,

unfunded

commitments

were

as

follows:

Cost

of

investments

..........................................................................

$1,314,783,526

Unrealized

appreciation

........................................................................

$56,414,849

Unrealized

depreciation

........................................................................

(201,330,248)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(144,915,399)

Distributable

earnings:

Undistributed

ordinary

income

...................................................................

$7,437,303

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Diversified

#### Income

#### Trust
Clydesdale

Acquisition

Holdings,

Inc.

$

4,167

Pinnacle

Buyer

LLC

74,182

$

78,349

5. #### Income

#### Taxes
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

9. #### Other

#### Derivative

#### Information
At

September

30,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Diversified

#### Income

#### Trust
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

7,708

a

Variation

margin

on

futures

contracts

$

177,646

a

Variation

margin

on

centrally

cleared

swap

contracts

5,081,976

a

Variation

margin

on

centrally

cleared

swap

contracts

3,307,513

a

Unrealized

appreciation

on

forward

premium

swap

option

contracts

7,859,523

Unrealized

depreciation

on

forward

premium

swap

option

contracts

5,914,790

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

582,852

Unrealized

depreciation

on

OTC

forward

exchange

contracts

192,617

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

1,533,719

a

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

6,741,846

OTC

swap

contracts

(upfront

receipts)

2,220,585

Unrealized

appreciation

on

OTC

swap

contracts

1,773,038

Unrealized

depreciation

on

OTC

swap

contracts

2,004,799

Total

....................

$23,580,662

$13,817,950

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

and

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

September

30,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

September

30,

2025,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

At

September

30,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Diversified

#### Income

#### Trust
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$767,247

Futures

contracts

$(85,870)

Swap

contracts

(4,077,114)

Swap

contracts

2,711,293

Forward

premium

swap

option

contracts

1,667,544

Forward

premium

swap

option

contracts

(1,975,593)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(1,547,252)

Forward

exchange

contracts

1,363,358

Credit

contracts

...............

Swap

contracts

3,555,546

Swap

contracts

1,712,804

Total

.......................

$365,971

$3,725,992

#### Putnam

#### Diversified

#### Income

#### Trust
Futures

contracts

..........................................................................

$

31,769,749

Swap

contracts

............................................................................

2,188,294,200

Forwards

exchange

contracts

.................................................................

92,526,100

Options

..................................................................................

1,285,381,091

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Diversified

#### Income

#### Trust
Forward

Exchange

Contracts

.............................

$

582,852

$

192,617

Forward

Premium

Swap

Option

Contracts

...................

7,859,523

5,914,790

Swap

Contracts

.......................................

8,514,884

4,225,384

Total

.............................................

$16,957,259

$10,332,791

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

September

30,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Diversified

#### Income

#### Trust

#### Counterparty
BNDP

...................

$

502,089

$

—

$

(480,836)

$

—

$

21,253

BOFA

....................

205,096

(205,096)

—

—

—

BZWS

...................

20,181

(12,874)

—

—

7,307

CITI

.....................

5,942,030

(3,527,935)

—

(2,414,095)

—

DBAB

...................

—

—

—

—

—

GSCO

...................

1,695,396

(107,027)

—

(1,460,000)

128,369

HSBK

...................

127,380

(17,909)

—

(109,471)

—

JPHQ

...................

4,850,369

(3,079,201)

(1,306,117)

(300,000)

165,051

MCM

....................

158,984

(158,984)

—

—

—

MLCO

...................

245,978

(245,978)

—

—

—

MSCO

...................

1,151,059

(283,865)

—

(519,000)

348,194

NATW

...................

—

—

—

—

—

SSBT

....................

106,521

(13,057)

—

(93,464)

—

TDOM

...................

18,229

(1,370)

—

—

16,859

UBSW

...................

1,933,416

(1,078,678)

(193,738)

(661,000)

—

WPAC

...................

531

(531) —

—

—

Total

...................

$16,957,259

$(8,732,505)

$(1,980,691)

$(5,557,030)

$687,033

$

a

At

September

30,

2025,

the

Fund

received

U.S

Treasury

Bonds,

Notes

and

Inflation

Indexed

Bonds

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

September

30,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

10. #### Credit

#### Facility
Effective

January

31,

2025,

the

Fund,

together

with

other

U.S.

registered

and

foreign

investment

funds

(collectively,

Borrowers)

managed

by

Franklin

Templeton,

are

borrowers

in

a

joint

syndicated

senior

unsecured

credit

facility

totaling

$2.995

billion

(Global

Credit

Facility)

which

matures

on

January

30,

2026. This

Global

Credit

Facility

provides

a

source

of

funds

to

the

Borrowers

for

temporary

and

emergency

purposes,

including

the

ability

to

meet

future

unanticipated

or

unusually

large

redemption

requests.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Diversified

#### Income

#### Trust

#### Counterparty
BNDP

...................

$

—

$

—

$

—

$

—

$

—

BOFA

....................

1,263,715

(205,096)

(925,896)

—

132,723

BZWS

...................

12,874

(12,874)

—

—

—

CITI

.....................

3,527,935

(3,527,935)

—

—

—

DBAB

...................

62,465

—

(39,996)

—

22,469

GSCO

...................

107,027

(107,027)

—

—

—

HSBK

...................

17,909

(17,909)

—

—

—

JPHQ

...................

3,079,201

(3,079,201)

—

—

—

MCM

....................

472,451

(158,984)

(285,968)

—

27,499

MLCO

...................

342,559

(245,978)

(96,581)

—

—

MSCO

...................

283,865

(283,865)

—

—

—

NATW

...................

67,987

—

—

—

67,987

SSBT

....................

13,057

(13,057)

—

—

—

TDOM

...................

1,370

(1,370)

—

—

—

UBSW

...................

1,078,678

(1,078,678)

—

—

—

WPAC

...................

1,698

(531) —

—

1,167

Total

...................

$10,332,791

$(8,732,505)

$(1,348,441)

$—

$251,845

a

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

over

collateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

shall,

in

addition

to

interest

charged

on

any

borrowings

made

by

the

Fund

and

other

costs

incurred

by

the

Fund,

pay its

share

of

fees

and

expenses

incurred

in

connection

with

the

implementation

and

maintenance

of

the

Global

Credit

Facility,

based

upon its

relative

share

of

the

aggregate

net

assets

of

all

of

the

Borrowers,

including

an

annual

commitment

fee

of

0.15%

based

upon

the

unused

portion

of

the

Global

Credit

Facility.

These

fees

are

reflected

in

other

expenses

in

the

Statement

of

Operations.

During

the

reporting

period,

the

Fund

did

not

use

the

Global

Credit

Facility.

Prior

to

January

31,

2025,

the

Fund

participated,

along

with

other

Putnam

funds,

in

a

$320

million

syndicated

unsecured

committed

line

of

credit,

provided

by

State

Street

($160

million)

and

JPMorgan

($160

million),

and

a

$235.5

million

unsecured

uncommitted

line

of

credit,

provided

by

State

Street.

Borrowings

may

have

been

made

for

temporary

or

emergency

purposes,

including

the

funding

of

shareholder

redemption

requests

and

trade

settlements.

Interest

was

charged

to

the

Fund

based

on

the

Fund's

borrowings.

A

closing

fee

equal

to

0.04%

of

the

committed

line

of

credit

and

0.04%

of

the

uncommitted

line

of

credit

was

paid

by

the

participating

funds

and

a

$75,000

fee

was

paid

by

the

participating

funds

to

State

Street

as

agent

of

the

syndicated

committed

line

of

credit.

In

addition,

a

commitment

fee

of

0.21%

per

annum

on

any

unutilized

portion

of

the

committed

line

of

credit

was

allocated

to

the

participating

funds

based

on

their

relative

net

assets

and

paid

quarterly.

During

the

reporting

period,

the

Fund

had

no

borrowings

against

these

arrangements.

11. #### 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

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

September

30,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Diversified

#### Income

#### Trust

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

$

17,366,188

$

—

$

—

$

17,366,188

Convertible

Bonds

.......................

—

40,454,969

—

40,454,969

Corporate

Bonds

........................

—

288,714,160

—

288,714,160

Senior

Floating

Rate

Interests

...............

—

59,533,168

—

59,533,168

Foreign

Government

and

Agency

Securities

....

—

112,475,269

—

112,475,269

Asset-Backed

Securities

...................

—

14,348,284

—

14,348,284

Commercial

Mortgage-Backed

Securities

......

—

82,744,232

—

82,744,232

Mortgage-Backed

Securities

................

—

211,324,096

—

211,324,096

10. #### Credit

#### Facility
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

12. #### Operating

#### Segments
The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

portfolio

managers

assigned

to

the

Fund

within

the

Fund's

Investment

manager serve

as

the

Chief

Operating

Decision

Maker

("CODM")

and

are

responsible

for

evaluating

the

Fund's

operating

results

and

allocating

resources

in

accordance

with

the

Fund's

investment

strategy.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

13. #### New

#### Accounting

#### Pronouncements
In

December

2023,

the

FASB

issued

ASU

No.

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Tax

Disclosures.

The

amendments

enhance

income

tax

disclosures

by

requiring

greater

disaggregation

in

the

rate

reconciliation

and

income

taxes

paid

by

jurisdiction,

while

removing

certain

disclosure

requirements.

The

ASU

is

effective

for

annual

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

Management

is

currently

evaluating

the

impact

and

believes

that

the

adoption

of

the

ASU

will

not

have

a

material

impact

on

the

financial

statements.

14. #### Subsequent

#### Events
The

Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Diversified

#### Income

#### Trust
(continued)

#### Assets:
(continued)

Investments

in

Securities:

(continued)

Residential

Mortgage-Backed

Securities

.......

$

—

$

91,913,795

$

—

$

91,913,795

Agency

Commercial

Mortgage-Backed

Securities

—

84,850,689

—

84,850,689

Short

Term

Investments

...................

127,240,127

88,110,858

—

215,350,985

Total

Investments

in

Securities

...........

$144,606,315

$1,074,469,520

$—

$1,219,075,835

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$582,852

$—

$582,852

Forward

Premium

Swap

Option

Contracts

.....

—

7,859,523

—

7,859,523

Futures

Contracts

.......................

7,708

—

—

7,708

Swap

Contracts

.........................

—

8,388,733

—

8,388,733

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$7,708

$16,831,479

$—

$16,839,187

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

62,697,656

$

—

$

62,697,656

Forward

Exchange

Contracts

...............

—

192,617

—

192,617

Forward

Premium

Swap

Option

Contracts

......

—

5,914,790

—

5,914,790

Futures

Contracts

........................

177,646

—

—

177,646

Swap

Contracts

.........................

—

5,312,312

—

5,312,312

Total

Other

Financial

Instruments

.........

$177,646

$74,117,375

$—

$74,295,021

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### DBAB
Deutsche

Bank

AG

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCM
Mizuho

Capital

Markets

LLC

#### MLCO
Merrill

Lynch

International

&

Co.

#### MSCO
Morgan

Stanley

#### NATW
Natwest

Markets

plc

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### CAD
Canadian

Dollar

#### CHF
Swiss

Franc

#### EUR
Euro

#### GBP
British

Pound

#### NOK
Norwegian

Krone

#### NZD
New

Zealand

Dollar

#### SEK
Swedish

Krona

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### AUD

#### BBR
Australian

Bank

Bill

Rate

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### CORRA
Canadian

Overnight

Repo

Rate

Average

#### ETF
Exchange-Traded

Fund

#### 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

#### IO
Interest

Only

#### NIBOR
Norwegian

Interbank

Offered

Rate

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SARON
Swiss

Average

Rate

Overnight

#### SOFR
Secured

Overnight

Financing

Rate

#### SONIA
Sterling

Overnight

Index

Average

#### STACR
Structured

Agency

Credit

Risk

#### STIBOR
Stockholm

Interbank

Offered

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

REPO_CORRA

.................

2.56%

1-day

SARON

.......................

(0.05)%

1-day

SOFR

........................

4.24%

1-day

SONIA

........................

3.97%

3-month

AUD

BBR

...................

3.58%

3-month

STIBOR

....................

1.89%

6-month

AUD

BBR

...................

3.75%

6-month

EURIBOR

...................

2.10%

6-month

NIBOR

.....................

4.23%

Putnam

Diversified

Income

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Putnam

Diversified

Income

Trust

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Diversified

Income

Trust

(the

"Fund")

as

of

September

30,

2025,

the

related

statement

of

operations

for

the

year

ended

September

30,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

September

30,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

September

30,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

September

30,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

September

30,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

November

19,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Diversified

Income

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

September

30,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$40,486,829

Section

163(j)

Interest

Earned

§163(j)

$54,742,300

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

#### Putnam

#### Diversified

#### Income

#### Trust

#### Trustee

#### approval

#### of

#### management

#### contracts
(unaudited)

*Consideration* 

*of* 

*your* 

*fund's* 

*management* 

*and* 

*sub-advisory* 

*contracts*

At

their

meeting

on

June

27,

2025,

the

Board

of

Trustees

("Board"

or

the

"Trustees")

of

your

fund,

including

all

of

the

Trustees

who

are

not

"interested

persons"

(as

this

term

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"))

of

the

Putnam

mutual

funds

and

exchange-traded

funds

(collectively,

the

"funds")

(the

"Independent

Trustees")

approved

the

continuance

of

a

management

contract

with

Franklin

Advisers,

Inc.

(the

"Advisor"),

a

subadvisory

agreement

between

the

Advisor

and

Franklin

Templeton

Investment

Management

Limited

("FTIML"),

and

a

subadvisory

agreement

between

the

Advisor

and

Putnam

Investment

Management,

LLC

("Putnam

Management"

and

together

with

FTIML,

the

"Subadvisors")

(collectively,

the

"Management

Contracts").

The

Advisor,

FTIML,

and

Putnam

Management

are

each

direct

or

indirect,

wholly-

owned

subsidiaries

of

Franklin

Resources,

Inc.

(together

with

its

subsidiaries,

"Franklin

Templeton").

*General* 

*conclusions*

The

Board

oversees

the

management

of

each

fund

and,

as

required

by

law,

determines

annually

whether

to

approve

the

continuance

of

your

fund's

management

contract

with

the

Advisor

and

the

sub-advisory

contract

with

respect

to

your

fund

between

the

Advisor

and

each

Subadvisor.

Because

the

Subadvisors

are

affiliates

of

the

Advisor

and

the

Advisor

remains

fully

responsible

for

all

services

provided

by

the

Subadvisors,

the

Trustees

did

not

attempt

to

evaluate

the

Subadvisors

as

separate

entities.

All

references

to

the

Advisor

describing

the

Board's

considerations

should

be

deemed

to

include

references

to

the

applicable

Subadvisor

as

necessary

or

appropriate

in

the

context.

The

Board,

with

the

assistance

of

its

Contract

Committee,

requests

and

evaluates

all

information

it

deems

reasonably

necessary

under

the

circumstances

in

connection

with

its

annual

contract

review.

The

Contract

Committee

consists

solely

of

Independent

Trustees.

#### Changes

#### In

#### and

#### Disagreements

#### with

#### Accountants
For

the

period

covered

by

this

report

Not

applicable.

#### Results

#### of

#### Meeting(s)

#### of

#### Shareholders
For

the

period

covered

by

this

report

Not

applicable.

#### Remuneration

#### Paid

#### to

#### Directors,

#### Officers

#### and

#### Others
For

the

period

covered

by

this

report

Refer

to

the

financial

statements

included

herein.

Remuneration

to

officers

is

paid

by

the

Fund's

investment

manager

according

to

the

terms

of

the

agreement.

#### Board

#### Approval

#### of

#### Management

#### and

#### Subadvisory

#### Agreements
For

the

period

covered

by

this

report

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

At

the

outset

of

the

review

process,

the

Board's

independent

staff

and

independent

legal

counsel,

as

defined

in

Rule

0-1(a)

(6) under

the

1940

Act

(their

"independent

legal

counsel"),

considered

any

possible

changes

to

the

annual

contract

review

materials

furnished

to

the

Contract

Committee

in

prior

years

and,

as

applicable,

identified

those

changes

to

the

Advisor.

Following

these

discussions

and

in

consultation

with

the

Contract

Committee,

the

Independent

Trustees'

independent

legal

counsel

submitted

an

initial

request

that

the

Advisor

and

its

affiliates

furnish

specified

information,

together

with

any

additional

information

the

Advisor

considered

relevant,

to

the

Contract

Committee.

Over

the

course

of

several

months

ending

in

June

2025,

the

Contract

Committee

met

on

a

number

of

occasions

with

representatives

of

the

Advisor,

and

separately

in

executive

session,

to

consider

the

information

that

the

Advisor

provided,

including

information

provided

in

response

to

supplemental

requests

submitted

by

independent

legal

counsel.

Throughout

this

process,

the

Contract

Committee

was

assisted

by

the

Board's

independent

staff

and

by

independent

legal

counsel.

At

the

Board's

June

2025

meeting,

the

Contract

Committee

met

in

executive

session

to

discuss

and

consider

its

recommendations

with

respect

to

the

continuance

of

the

Management

Contracts.

At

that

meeting,

the

Contract

Committee

also

met

in

executive

session

with

the

other

Independent

Trustees

to

review

a

summary

of

the

process

undertaken

by

the

Contract

Committee

and

key

information

that

the

Contract

Committee

considered

in

the

course

of

its

review.

The

Contract

Committee

then

presented

its

written

report,

which

summarized

the

key

factors

that

the

Committee

had

considered

and

set

forth

its

recommendations.

The

Contract

Committee

recommended,

and

the

Independent

Trustees

approved,

the

continuance

of

your

fund's

Management

Contracts,

effective

July

1,

2025. In

considering

the

continuance

of

the

Management

Contracts,

the

Board

took

into

account

a

number

of

factors,

including:

1. That

the

fee

schedule

in

effect

for

your

fund

represented

reasonable

compensation

in

light

of

the

nature

and

quality

of

the

services

being

provided

to

the

fund,

the

fees

paid

by

competitive

funds,

the

costs

incurred

by

the

Advisor

in

providing

services

to

the

fund

and

the

application

of

certain

reductions

and

waivers

noted

below;

2. That

the

fee

schedule

in

effect

for

your

fund

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

that

may

exist

in

the

management

of

the

fund

at

current

asset

levels;

3. That

the

funds

benefited,

and

were

expected

to

continue

to

benefit,

from

Franklin

Templeton's

large

retail

and

institutional

global

distribution

capabilities

and

significant

network

of

intermediary

relationships,

which

may

provide

additional

opportunities

for

the

funds

to

increase

assets

and

reduce

the

impact

of

expenses

by

spreading

them

over

a

larger

asset

base;

4. Potential

benefits

to

shareholders

of

the

funds

that

could

result

from

the

alignment

of

certain

fund

features

and

shareholder

benefits

with

those

of

other

funds

sponsored

by

the

Advisor

and

its

affiliates

and

access

to

a

broader

array

of

investment

opportunities;

and

5. The

financial

strength,

reputation,

experience

and

resources

of

Franklin

Templeton

and

its

investment

advisory

subsidiaries.

These

conclusions

were

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Trustees

and

were

not

the

result

of

any

single

factor.

Some

of

the

factors

that

figured

particularly

in

the

Trustees'

deliberations

and

how

the

Trustees

considered

these

factors

are

described

below,

although

individual

Trustees

may

have

evaluated

the

information

presented

differently,

giving

different

weights

to

various

factors.

It

is

also

important

to

recognize

that

the

management

arrangements

for

your

fund

and

the

other

funds

are

the

result

of

many

years

of

review

and

discussion

between

the

Independent

Trustees

and

management,

occurring

both

in

connection

with

formal

contract

reviews

as

well

as

throughout

the

year

and

that

the

Trustees'

conclusions

may

be

based,

in

part,

on

their

consideration

of

fee

arrangements

in

previous

years.

For

example,

with

certain

exceptions

primarily

involving

newer

funds

(including

the

exchange-traded

funds)

or

repositioned

funds,

the

current

fee

arrangements

under

the

vast

majority

of

the

funds'

management

contracts

were

first

implemented

at

the

beginning

of

2010

following

extensive

review

by

the

Contract

Committee

and

discussions

with

management,

as

well

as

approval

by

shareholders.

Putnam

Diversified

Income

Trust

franklintempleton.com

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*Management* 

*fee* 

*schedules* 

*and* 

*total* 

*expenses*

The

Trustees

reviewed

the

management

fee

schedules

in

effect

for

all

funds,

including

fee

levels

and

any

breakpoints.

Under

its

management

contract,

your

fund

has

the

benefit

of

breakpoints

in

its

management

fee

schedule

that

provide

shareholders

with

reduced

fee

levels

as

assets

under

management

of

other

mutual

funds

sponsored

by

the

applicable

Advisor

(or

that

have

been

deemed

to

be

sponsored

by

the

Advisor

for

the

purpose

of

the

management

fee

calculation)

increase.

The

Trustees

also

reviewed

the

total

expenses

of

each

fund,

recognizing

that

in

most

cases

management

fees

represented

the

major,

but

not

the

sole,

determinant

of

total

costs

to

fund

shareholders.

(Two

mutual

funds

and

each

of

the

exchange-traded

funds

have

implemented

(or,

in

the

case

of

ten

municipal

income

funds

that

are

converting

into

exchange-traded

funds,

will

implement)

so-

called

"all-in"

or

unitary

management

fees

covering

substantially

all

routine

fund

operating

costs.)

In

reviewing

fees

and

expenses,

the

Trustees

generally

focus

their

attention

on

material

changes

in

circumstances

—

for

example,

changes

in

assets

under

management,

changes

in

a

fund's

investment

strategy,

changes

in

the

Advisor's

operating

costs

or

profitability,

or

changes

in

competitive

practices

in

the

fund

industry

—

that

suggest

that

consideration

of

fee

changes

might

be

warranted.

The

Trustees

concluded

that

the

circumstances

did

not

indicate

that

changes

to

the

management

fee

schedule

for

your

fund

would

be

appropriate

at

this

time.

As

in

the

past,

the

Trustees

also

focused

on

the

competitiveness

of

each

fund's

total

expense

ratio.

The

Trustees,

the

Advisor

and

the

funds'

investor

servicing

agent,

Putnam

Investor

Services,

Inc.

("PSERV"),

have

implemented

expense

limitations

that

were

in

effect

during

your

fund's

fiscal

year

ending

in

2024. These

expense

limitations

were:

(i) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

investor

servicing

fees

and

expenses

and

(ii) a

contractual

expense

limitation

applicable

to

specified

mutual

funds

(including

your

fund)

of

basis

points

on

so-called

"other

expenses"

(i.e.,

all

expenses

exclusive

of

management

fees,

distribution

fees,

investor

servicing

fees,

investment-related

expenses,

interest,

taxes,

brokerage

commissions,

acquired

fund

fees

and

expenses

and

extraordinary

expenses).

These

expense

limitations

attempt

to

maintain

competitive

expense

levels

for

the

funds.

Most

funds

(including

your

fund)

had

sufficiently

low

expenses

that

these

expense

limitations

were

not

operative

during

their

fiscal

years

ending

in

2024. The

Advisor

and

PSERV

have

agreed

to

maintain

these

expense

limitations

until

at

least

January

30,

2027. The

Advisor

and

PSERV's

commitment

to

these

expense

limitation

arrangements,

which

were

intended

to

support

an

effort

to

have

the

mutual

fund

expenses

meet

competitive

standards,

was

an

important

factor

in

the

Trustees'

decision

to

approve

the

continuance

of

your

fund's

Management

Contracts.

The

Trustees

reviewed

comparative

fee

and

expense

information

for

a

custom

group

of

competitive

funds

selected

by

Broadridge

Financial

Solutions,

Inc.

("Broadridge").

This

comparative

information

included

your

fund's

percentile

ranking

for

effective

management

fees

and

total

expenses

(excluding

any

applicable

12b-1

fees),

which

provides

a

general

indication

of

your

fund's

relative

standing.

In

the

custom

peer

group,

your

fund

ranked

in

the

first

quintile

in

effective

management

fees

(determined

for

your

fund

and

the

other

funds

in

the

custom

peer

group

assuming

the

same

fund

asset

size

for

your

fund

and

the

other

funds

in

the

custom

peer

group

and

the

applicable

contractual

management

fee

schedule)

and

in

the

second

quintile

in

total

expenses

(excluding

any

applicable

12b-1

fees)

as

of

December

31,

2024. The

first

quintile

represents

the

least

expensive

funds

and

the

fifth

quintile

the

most

expensive

funds.

The

fee

and

expense

data

reported

by

Broadridge

as

of

December

31,

2024

reflected

the

most

recent

fiscal

year-end

data

available

in

Broadridge's

database

at

that

time.

In

connection

with

their

review

of

fund

management

fees

and

total

expenses,

the

Trustees

also

reviewed

the

costs

of

the

services

provided

and

the

profits

realized

by

the

Advisor

and

its

affiliates

from

their

contractual

relationships

with

the

funds.

This

information

included

trends

in

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates

relating

to

the

investment

management,

investor

servicing

and

distribution

services

provided

to

the

funds,

as

applicable.

In

this

regard,

the

Trustees

also

reviewed

an

analysis

of

the

revenues,

expenses

and

profitability

of

the

Advisor

and

its

affiliates,

allocated

on

a

fund-by-fund

basis,

with

respect

to

(as

applicable)

the

funds'

management,

distribution

and

investor

servicing

contracts.

For

each

fund,

the

analysis

presented

information

about

revenues,

expenses

and

profitability

in

2024

for

each

of

the

applicable

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

agreements

separately

and

for

the

agreements

taken

together

on

a

combined

basis.

The

Trustees

concluded

that,

at

current

asset

levels,

the

fee

schedules

in

place

for

each

of

the

funds,

including

the

fee

schedule

for

your

fund,

represented

reasonable

compensation

for

the

services

being

provided

and

represented

an

appropriate

sharing

between

fund

shareholders

and

the

Advisor

of

any

economies

of

scale

as

may

exist

in

the

management

of

the

funds

at

that

time.

The

information

examined

by

the

Trustees

in

connection

with

their

annual

contract

review

for

the

funds

included

information

regarding

services

provided

and

fees

charged

by

the

Advisor

and

certain

affiliates

to

other

clients

in

similar

asset

categories,

including

other

1940

Act

funds

advised

by

the

Advisor

but

overseen

by

a

board

of

trustees

other

than

the

Board,

sub-advised

U.S.

mutual

funds,

exchange-traded

funds,

other

U.S.

products

(such

as

collective

investment

trusts,

private

funds,

and

separately

managed

and

institutional

accounts),

non-U.S.

funds,

and

other

non-U.S.

products.

This

information

included,

for

products

that

are

managed

by

the

same

portfolio

team

in

a

similar

asset

category

to

those

of

the

funds,

comparisons

of

the

fees

charged

to

other

clients,

by

category,

with

fees

charged

to

the

funds,

as

well

as

a

detailed

assessment

of

the

differences

in

the

services

provided

to

these

clients

as

compared

to

the

services

provided

to

the

funds.

The

Trustees

observed

that

the

differences

in

fee

rates

between

these

clients

and

the

funds

are

by

no

means

uniform

when

examined

by

individual

asset

classes,

suggesting

that

differences

in

the

pricing

of

investment

management

services

to

these

types

of

clients

may

reflect,

among

other

things,

historical

competitive

forces

operating

in

separate

marketplaces,

the

characteristics

of

different

clients,

the

particulars

of

different

fee

structures,

factors

unique

to

specific

market

segments,

and

the

distinct

risks

and

costs

associated

with

providing

services

to

different

clients.

The

Trustees

considered

the

fact

that

in

many

cases

fee

rates

across

different

asset

classes

are

higher

on

average

for

1940

Act-registered

funds

than

for

other

clients,

and

the

Trustees

also

considered

the

differences

between

the

services

that

the

Advisor

provides

to

the

funds

and

those

that

it

provides

to

its

other

clients.

The

Trustees

did

not

rely

on

these

fee

comparisons

to

any

significant

extent

in

concluding

that

the

management

fees

paid

by

your

fund

are

reasonable.

*Investment* 

*performance*

The

quality

of

the

investment

process

provided

by

the

Advisor

represented

a

major

factor

in

the

Trustees'

evaluation

of

the

quality

of

services

provided

by

the

Advisor

under

your

fund's

Management

Contracts.

The

Trustees

were

assisted

in

their

review

of

the

Advisor's

process

and

performance

by

the

work

of

the

investment

oversight

committees

of

the

Trustees

and

the

full

Board,

which

meet

on

a

regular

basis

with

individual

portfolio

managers

and

with

senior

investment

management

of

the

Advisor

throughout

the

year.

The

Trustees

concluded

that

the

Advisor

generally

provides

a

high-quality

investment

process

—

based

on

the

experience

and

skills

of

the

individuals

assigned

to

the

management

of

fund

portfolios,

the

resources

made

available

to

them

and

in

general

the

Advisor's

ability

to

attract

and

retain

high-quality

personnel

—

but

also

recognized

that

this

does

not

guarantee

favorable

investment

results

for

every

fund

in

every

time

period.

The

Trustees

considered

that,

in

the

aggregate,

peer-relative

and

benchmark-relative

fund

performance

was

strong

in

2024

against

a

constructive

yet

complex

investing

environment.

The

S&P

500

was

up

25%

in

2024,

but

significant

concentration

of

returns

among

large

cap

and

technology

stocks

and

periods

of

volatility

posed

challenges

in

the

market.

The

Bloomberg

Aggregate

fixed

income

index

was

up

slightly

over

1%

amidst

many

moving

pieces,

with

the

Federal

Reserve

cutting

the

Effective

Federal

Funds

rate

from

5.25%

at

year-end

2023

to

4.25%

at

year-end

2024,

with

three

cuts

in

the

latter

part

of

the

year,

while

also

trying

to

manage

inflation

concerns.

Ten-year

Treasury

yields

ended

2024

at

4.6%

up

from

3.9%

at

year-end

2023. Corporate

earnings

and

employment

figures

continued

to

generally

show

strength

during

the

year,

while

geopolitical

tensions

were

closely

watched.

For

the

one-year

period

ended

December

31,

2024,

the

Trustees

noted

that

the

funds,

on

an

asset-weighted

basis,

ranked

in

the

27th

percentile

of

their

peers

as

determined

by

Lipper

Inc.

("Lipper")

and,

on

an

asset-weighted

basis,

outperformed

their

benchmarks

by

3.0%

gross

of

fees

over

the

one-year

period.

The

Committee

also

noted

that

the

funds'

aggregate

performance

over

longer-term

periods

continued

to

be

strong,

with

the

funds,

on

an

asset-weighted

basis,

ranking

in

the

20th,

22nd

and

20th

percentiles

of

their

Lipper

peers

over

the

three-year,

five-year

and

ten-year

periods

ended

December

31,

2024,

respectively.

The

Trustees

further

noted

that

the

funds,

in

the

aggregate,

outperformed

their

benchmarks

on

a

gross

basis

for

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

each

of

the

three-year,

five-year

and

ten-year

periods.

The

Trustees

also

considered

the

Morningstar

Inc.

ratings

assigned

to

the

funds

and

that

funds

were

rated

four

or

five

stars

at

the

end

of

2024,

which

represented

an

increase

of

seven

funds

year-over-year.

The

Trustees

also

considered

that

funds

were

five-star

rated

at

the

end

of

2024,

which

was

also

a

year-

over-year

increase

of

seven

funds.

The

Board

noted,

however,

the

disappointing

investment

performance

of

some

funds

for

periods

ended

December

31,

2024

and

considered

information

provided

by

the

Advisor

regarding

the

factors

contributing

to

the

underperformance

and,

where

relevant,

actions

being

taken

to

improve

the

performance

of

these

particular

funds.

The

Trustees

indicated

their

intention

to

continue

to

monitor

the

performance

of

those

funds.

For

purposes

of

the

Trustees'

evaluation

of

the

funds'

investment

performance,

the

Trustees

generally

focus

on

a

competitive

industry

ranking

of

each

fund's

total

net

return

over

a

one-year,

three-year

and

five-year

period.

For

a

number

of

funds

with

relatively

unique

investment

mandates

for

which

the

Advisor

informed

the

Trustees

that

meaningful

competitive

performance

rankings

are

not

considered

to

be

available,

the

Trustees

evaluated

performance

based

on

their

total

gross

and

net

returns

and

comparisons

of

those

returns

to

the

returns

of

selected

investment

benchmarks.

In

the

case

of

your

fund,

the

Trustees

considered

that

its

class

A

share

cumulative

total

return

performance

at

net

asset

value

was

in

the

following

quartiles

of

its

Lipper

peer

group

(Lipper

Alternative

Credit

Focus

Funds)

for

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024

(the

first

quartile

representing

the

best-performing

funds

and

the

fourth

quartile

the

worst-performing

funds):

Over

the

one-year,

three-year

and

five-year

periods

ended

December

31,

2024,

there

were

85,

and

funds,

respectively,

in

your

fund's

Lipper

peer

group.

(When

considering

performance

information,

shareholders

should

be

mindful

that

past

performance

is

not

a

guarantee

of

future

results.)

The

Trustees

expressed

concern

about

your

fund's

significant

underperformance

relative

to

its

benchmark

for

the

five-year

period

ended

December

31,

2024. The

Trustees

noted

and

considered

the

Advisor's

observations

concerning

the

performance

of

your

fund.

In

the

Advisor's

view,

your

fund's

fourth

quartile

performance

over

the

five-year

period

was

driven

by

significant

underperformance

in

both

the

commercial

mortgage-backed

sector

as

well

as

the

prepayment

sensitive

residential

mortgage-

backed

sector.

The

Trustees

considered

that

the

pandemic

and

the

ensuing

policy

response

dramatically

changed

the

fundamental

picture

for

commercial

and

residential

real

estate.

The

Trustees

considered

that,

over

the

course

of

the

past

few

years,

the

Advisor

had

been

migrating

the

strategy

to

be

more

aligned

with

peers

in

the

multi-sector

universe,

and

that

your

fund

generally

now

operates

using

a

structural

duration

between

two

and

four

years,

as

opposed

to

a

neutral

position,

and

has

rebalanced

down

the

securitized

sector

as

a

driver

of

active

risk.

The

Trustees

also

considered

the

Advisor's

belief

that

these

changes

can

reduce

fund

return

volatility

and

provide

a

more

consistently

competitive

risk-adjusted

return.

The

Trustees

noted

your

fund's

above

and

near

median

results

over

the

one-year

and

three-year

periods.

The

Trustees

noted

that

the

Advisor

had

made

internal

promotions

and

other

portfolio

management

assignment

changes

in

2024

to

strengthen

its

investment

teams

providing

services

to

the

funds.

In

addition,

the

Trustees

noted

that

in

September

of

2024,

three

individuals

were

added

as

portfolio

managers,

and

that

the

Advisor

remained

confident

in

the

portfolio

managers'

stewardship

of

the

funds.

As

a

general

matter,

the

Trustees

believe

that

cooperative

efforts

between

the

Trustees

and

the

Advisor

represent

the

most

effective

way

to

address

investment

performance

concerns

that

may

arise

from

time

to

time.

The

Trustees

noted

that

investors

in

the

Putnam

funds

have,

in

effect,

placed

their

trust

in

the

Putnam

organization,

under

the

oversight

of

the

funds'

Trustees,

to

make

appropriate

decisions

regarding

the

management

of

the

funds.

The

Trustees

also

considered

that

the

Advisor

has

made

One-year

period

Three-year

period

Five-year

period

3rd

2nd

4th

Putnam

Diversified

Income

Trust

franklintempleton.com

Annual

Report

changes

in

light

of

subpar

investment

performance

when

warranted.

Based

on

the

Advisor's

willingness

to

take

appropriate

measures

to

address

fund

performance

issues,

the

Trustees

concluded

that

it

continued

to

be

advisable

to

seek

change

within

Putnam

Management

to

address

performance

shortcomings.

In

the

Trustees'

view,

the

alternative

of

engaging

a

new

investment

adviser

for

an

underperforming

fund,

with

all

the

attendant

risks

and

disruptions,

would

not

likely

provide

any

greater

assurance

of

improved

investment

performance.

*Brokerage* 

*and* 

*soft-dollar* 

*allocations;* 

*distribution* 

*and* 

*investor* 

*servicing*

The

Trustees

considered

various

potential

benefits

that

the

Advisor

may

receive

in

connection

with

the

services

it

provides

under

the

management

contract

with

your

fund.

These

include

benefits

related

to

brokerage

allocation

and

the

use

of

soft

dollars,

whereby

a

portion

of

the

commissions

paid

by

a

fund

for

brokerage

may

be

used

to

acquire

research

services

that

are

expected

to

be

useful

to

the

Advisor

in

managing

the

assets

of

the

fund

and

of

other

clients.

Subject

to

policies

approved

by

the

Trustees,

soft

dollars

generated

by

these

means

may

be

used

to

acquire

brokerage

and

research

services

(including

proprietary

executing

broker

research,

third-party

research

and

market

data)

that

enhance

the

Advisor's

investment

capabilities

and

supplement

the

Advisor's

internal

research

efforts.

The

Trustees

indicated

their

continued

intent

to

monitor

regulatory

and

industry

developments

in

this

area

with

the

assistance

of

their

Contract

Committee.

In

addition,

with

the

assistance

of

their

Contract

Committee,

the

Trustees

indicated

their

continued

intent

to

monitor

the

allocation

of

the

funds'

brokerage

in

order

to

ensure

that

the

principle

of

seeking

best

price

and

execution

remains

paramount

in

the

portfolio

trading

process.

The

Advisor

may

also

receive

benefits

from

payments

that

funds

make

to

the

Advisor

for

distribution

services

and

investor

services.

In

conjunction

with

the

review

of

your

fund's

management

and

sub-advisory

contracts,

the

Trustees

reviewed

your

fund's

investor

servicing

agreement

with

PSERV

and

its

distributor's

contract

and

distribution

plans

with

Franklin

Distributors,

LLC

("Franklin

Distributors"),

both

of

which

are

affiliates

of

the

Advisor.

The

Trustees

concluded

that

the

fees

payable

by

the

mutual

funds

to

PSERV

and

Franklin

Distributors

for

such

services

were

fair

and

reasonable

in

relation

to

the

nature

and

quality

of

such

services,

the

fees

paid

by

competitive

funds

and

the

costs

incurred

by

PSERV

and

Franklin

Distributors

in

providing

such

services.

Furthermore,

the

Trustees

were

of

the

view

that

the

investor

services

provided

by

PSERV

were

required

for

the

operation

of

the

mutual

funds,

and

that

they

were

of

a

quality

at

least

equal

to

those

provided

by

other

providers.

38926-AFSOI

11/25©

2025

Franklin

Templeton.

All

rights

reserved.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based
 on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities
 Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](pdit-efp18863_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdit-efp18863_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](pdit-efp18863_ex99906cert.htm)

Exhibit 99.906CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust** | **Putnam Diversified Income Trust** |
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | November 28, 2025 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | November 28, 2025 |

---

## Ex-99.Code

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jonathan S. Horwitz, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Diversified Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jonathan S. Horwitz | /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz | Jonathan S. Horwitz |
| Principal Executive Officer | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Jeffrey White, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Diversified Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | November 28, 2025 |
| /s/ Jeffrey White | /s/ Jeffrey White |
| Jeffrey White | Jeffrey White |
| Principal Financial Officer | Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jonathan S. Horwitz,** Principal Executive Officer, and **Jeffrey White,** Principal Financial Officer of **Putnam Diversified Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **September 30, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Diversified Income Trust | Putnam Diversified Income Trust |
| /s/ Jonathan S. Horwitz | /s/ Jeffrey White |
| Jonathan S. Horwitz | Jeffrey White |
| Date: November 28, 2025 | Date: November 28, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.