# EDGAR Filing Document

**Accession Number:** 0000836622
**File Stem:** 0001133228-26-008656
**Filing Date:** 2026-6
**Character Count:** 282400
**Document Hash:** c88fe495255715da95c380bdcf3c3b8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008656.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001133228-26-008656

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05635
- **FILM NUMBER:** 261053506

**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'? 2026-04-2074200177800_PutnamDiversifiedIncomeTrust_ClassA_TSRSemiAnnual

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, New York 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: **March 31, 2026**

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) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class A | $48 | 0.96% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7153img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSA-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class C [PDVCX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class C | $86 | 1.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7154img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSC-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class M [PDVMX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class M | $61 | 1.21% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7155img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSM-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R [PDVRX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R | $61 | 1.21% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7156img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSR-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class R6 [PDVGX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class R6 | $31 | 0.62% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7157img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSR6-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

---

| | |
|:---|:---|
| **Putnam Diversified Income Trust**  | ![image](img2199_202405220716489.jpg) |
| Class Y [PDVYX] | ![image](img2199_202405220716489.jpg) |
| Semi-Annual Shareholder Report \| March 31, 2026  | ![image](img2199_202405220716489.jpg) |
| ![image](img2195_202408190904545.jpg) | ![image](img2195_202408190904545.jpg) |

---

This semi-annual shareholder report contains important information about Putnam Diversified Income Trust for the period October 1, 2025, to March 31, 2026.

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.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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><sup>,</sup><sup>†</sup>  |
| Class Y | $36 | 0.71% |

---

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

† Annualized.

**KEY FUND STATISTICS** (as of March 31, 2026)

---

| | |
|:---|:---|
| **Total Net Assets** | $919774961 |
| **Total Number of Portfolio Holdings (excludes derivatives, except purchased options, if any)** | 780 |
| **Portfolio Turnover Rate** | 211% |

---

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2026)

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

![image](ts7158img003.jpg)

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

---

| | |
|:---|:---|
| ![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 |

---

Putnam Diversified Income Trust PAGE 1 38926-STSY-0526

29.312.38.48.27.96.44.63.21.71.716.3 ------

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

ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### Semi-Annual
\|

March

31,

2026

#### If

#### you

#### need

#### assistance

#### accessing

#### this

#### content,

#### please

#### reach

#### out

#### to

#### your

#### sales

#### representative

#### or

#### send

#### an

#### email

#### to

#### accessibility@franklintempleton.com

#### .

#### Table

#### of

#### Contents
franklintempleton.com

Financial

Statements

and

Other

Important

Information—Semiannual

Financial

Highlights

and

Schedule

of

Investments

#### 2
Financial

Statements

#### 44
Notes

to

Financial

Statements

#### 49
Changes

In

and

Disagreements

with

Accountants

#### 66
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

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### A

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$5.05

$5.60

$5.28

$5.59

$6.41

$6.45

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.10 0.27 0.30 0.30 0.29 0.25 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.03 0.41 (0.23)

(0.87)

(0.06)

Total

from

investment

operations

........

0.06 0.30 0.71 0.07 (0.58)

0.19 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.85)

(0.39)

(0.38)

(0.24)

(0.20)

Net

realized

gains

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

—

—

—

—

—

(0.03)

Total

distributions

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

(0.13)

(0.85)

(0.39)

(0.38)

(0.24)

(0.23)

Net

asset

value,

end

of

period

..........

$4.98

$5.05

$5.60

$5.28

$5.59

$6.41

Total

return

c

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

1.16%

6.28%

13.93%

1.17%

(9.29)%

2.83%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.96%

f

0.98%

f

1.03%

f

1.04%

1.01%

0.97%

Net

investment

income

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

4.04%

5.35%

5.55%

5.42%

4.78%

3.80%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$462,936

$492,310

$528,025

$545,289

$617,526

$817,914

Portfolio

turnover

rate

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

211%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### C

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.90

$5.45

$5.15

$5.46

$6.27

$6.31

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.08 0.23 0.25 0.25 0.23 0.20 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.03 0.40 (0.22)

(0.85)

(0.06)

Total

from

investment

operations

........

0.03 0.26 0.65 0.03 (0.62)

0.14 Less

distributions

from:

Net

investment

income

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

(0.11)

(0.81)

(0.35)

(0.34)

(0.19)

(0.16)

Net

realized

gains

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

—

—

—

—

—

(0.02)

Total

distributions

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

(0.11)

(0.81)

(0.35)

(0.34)

(0.19)

(0.18)

Net

asset

value,

end

of

period

..........

$4.82

$4.90

$5.45

$5.15

$5.46

$6.27

Total

return

c

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

0.61%

5.68%

13.04%

0.45%

(10.04)%

2.13%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.71%

f

1.72%

f

1.78%

f

1.79%

1.76%

1.72%

Net

investment

income

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

3.29%

4.61%

4.79%

4.66%

3.97%

3.05%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$25,147

$33,200

$54,963

$70,547

$114,682

$218,082

Portfolio

turnover

rate

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

211%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### M

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.87

$5.43

$5.13

$5.45

$6.25

$6.30

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.25 0.28 0.28 0.26 0.23 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.03 0.40 (0.23)

(0.83)

(0.06)

Total

from

investment

operations

........

0.05 0.28 0.68 0.05 (0.57)

0.17 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.84)

(0.38)

(0.37)

(0.23)

(0.19)

Net

realized

gains

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

—

—

—

—

—

(0.03)

Total

distributions

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

(0.12)

(0.84)

(0.38)

(0.37)

(0.23)

(0.22)

Net

asset

value,

end

of

period

..........

$4.80

$4.87

$5.43

$5.13

$5.45

$6.25

Total

return

c

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

1.09%

6.04%

13.69%

0.79%

(9.39)%

2.53%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.21%

f

1.23%

f

1.28%

f

1.29%

1.26%

1.22%

Net

investment

income

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

3.79%

5.11%

5.31%

5.11%

4.48%

3.51%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$40,930

$43,305

$50,461

$52,473

$59,808

$78,270

Portfolio

turnover

rate

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

211%

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,

and

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.93

$5.48

$5.18

$5.49

$6.31

$6.35

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.09 0.26 0.29 0.28 0.27 0.23 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.03 0.39 (0.22)

(0.86)

(0.05)

Total

from

investment

operations

........

0.05 0.29 0.68 0.06 (0.59)

0.18 Less

distributions

from:

Net

investment

income

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

(0.12)

(0.84)

(0.38)

(0.37)

(0.23)

(0.19)

Net

realized

gains

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

—

—

—

—

—

(0.03)

Total

distributions

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

(0.12)

(0.84)

(0.38)

(0.37)

(0.23)

(0.22)

Net

asset

value,

end

of

period

..........

$4.86

$4.93

$5.48

$5.18

$5.49

$6.31

Total

return

c

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

1.07%

6.19%

13.55%

0.97%

(9.62)%

2.67%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

1.21%

f

1.09%

f

1.28%

f

1.29%

1.26%

1.22%

Net

investment

income

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

3.79%

5.25%

5.37%

5.16%

4.56%

3.56%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$1,754

$1,728

$1,181

$1,642

$1,860

$2,120

Portfolio

turnover

rate

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

211%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Financial

Highlights

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### R6

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.95

$5.50

$5.20

$5.52

$6.33

$6.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.29 0.32 0.32 0.31 0.27 Net

realized

and

unrealized

gains

(losses)

(0.04)

0.03 0.39 (0.23)

(0.86)

(0.07)

Total

from

investment

operations

........

0.07 0.32 0.71 0.09 (0.55)

0.20 Less

distributions

from:

Net

investment

income

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

(0.14)

(0.87)

(0.41)

(0.41)

(0.26)

(0.22)

Net

realized

gains

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

—

—

—

—

—

(0.03)

Total

distributions

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

(0.14)

(0.87)

(0.41)

(0.41)

(0.26)

(0.25)

Net

asset

value,

end

of

period

..........

$4.88

$4.95

$5.50

$5.20

$5.52

$6.33

Total

return

c

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

1.36%

6.83%

14.26%

1.44%

(8.88)%

3.07%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.62%

f

0.62%

f

0.66%

f

0.67%

0.66%

0.63%

Net

investment

income

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

4.38%

5.71%

5.92%

5.88%

5.23%

4.16%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$21,772

$22,546

$27,421

$37,045

$25,839

$24,944

Portfolio

turnover

rate

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

211%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

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.

Semiannual

Report

a

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Class

#### Y

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

period)

Net

asset

value,

beginning

of

period

.....

$4.98

$5.53

$5.22

$5.53

$6.34

$6.38

Income

from

investment

operations

a

:

Net

investment

income

b

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

0.11 0.28 0.31 0.32 0.30 0.27 Net

realized

and

unrealized

gains

(losses)

(0.05)

0.03 0.40 (0.24)

(0.86)

(0.07)

Total

from

investment

operations

........

0.06 0.31 0.71 0.08 (0.56)

0.20 Less

distributions

from:

Net

investment

income

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

(0.13)

(0.86)

(0.40)

(0.39)

(0.25)

(0.21)

Net

realized

gains

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

—

—

—

—

—

(0.03)

Total

distributions

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

(0.13)

(0.86)

(0.40)

(0.39)

(0.25)

(0.24)

Net

asset

value,

end

of

period

..........

$4.91

$4.98

$5.53

$5.22

$5.53

$6.34

Total

return

c

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

1.31%

6.64%

14.15%

1.41%

(9.04)%

3.08%

#### Ratios

#### to

#### average

#### net

#### assets

#### d
Expenses

e

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

0.71%

f

0.73%

f

0.78%

f

0.79%

0.76%

0.72%

Net

investment

income

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

4.29%

5.60%

5.80%

5.77%

5.06%

4.10%

#### Supplemental

#### data
Net

assets

,

end

of

period

(000's)

........

$367,235

$434,513

$469,863

$529,882

$767,605

$1,324,278

Portfolio

turnover

rate

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

211%

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

is

not

annualized

for

periods

less

than

one

year.

d

Ratios

are

annualized

for

periods

less

than

one

year.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited),

March

31,

2026

franklintempleton.com

Semiannual

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

#### 1.9%

#### Capital

#### Markets

#### 1.9%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

691,880

$

17,297,000

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 17,210,592

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

#### 17,297,000

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 3.6%

#### Aerospace

#### &

#### Defense

#### 0.1%
b

AeroVironment,

Inc.

,

Senior

Note

,

.45

%

,

7/15/30

...........

United

States

418,000

410,058

c

BWX

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

11/01/30

United

States

178,000

184,764

594,822

#### Automobiles

#### 0.0%

#### †
Rivian

Automotive,

Inc.

,

Senior

Note

,

3.625 %

,

10/15/30

.......

United

States

287,000

275,577

#### Banks

#### 0.1%
Barclays

Bank

plc

,

Senior

Note

,

%

,

2/16/29

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

United

Kingdom

460,000

461,385

461,385

#### Biotechnology

#### 0.2%
b

,c

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

.05

%

,

9/15/28

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

United

States

405,000

376,149

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25 %

,

4/01/28

.........

Denmark

181,000

266,206

c

Bridgebio

Pharma,

Inc.

,

Senior

Note

,

144A,

0.75 %

,

2/01/33

....

United

States

88,000

87,402

c

Cytokinetics,

Inc.

,

Senior

Note

,

144A,

1.75 %

,

10/01/31

.......

United

States

134,000

171,101

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

%

,

8/15/28

.......

United

States

408,000

523,056

c

Ionis

Pharmaceuticals,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/01/30

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

United

States

193,000

201,564

1,625,478

#### Broadline

#### Retail

#### 0.1%
Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5 %

,

6/01/31

......

China

309,000

429,124

c

Etsy,

Inc.

,

Senior

Note

,

144A,

%

,

6/15/30

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

United

States

326,000

315,242

JD.com,

Inc.

,

Senior

Note

,

0.25 %

,

6/01/29

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

China

404,000

402,788

1,147,154

#### Capital

#### Markets

#### 0.3%
b

,c

Coinbase

Global,

Inc.

,

Senior

Note

,

144A,

.41

%

,

10/01/32

....

United

States

434,000

349,045

c

Euronext

NV

,

Senior

Note

,

Reg

S,

1.5 %

,

5/30/32

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

Netherlands

500,000

EUR

582,477

c

Galaxy

Digital

Holdings

LP

,

Senior

Note

,

144A,

0.5 %

,

5/01/31

..

United

States

424,000

302,826

c

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

9/01/28

.....

United

States

211,000

204,881

c

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625 %

,

8/15/30

.......

United

States

394,000

430,248

1,869,477

#### Communications

#### Equipment

#### 0.1%
c

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375 %

,

3/15/32

.

United

States

154,000

593,597

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

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

United

States

165,000

203,816

#### Consumer

#### Finance

#### 0.0%

#### †
c

SoFi

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/15/26

United

States

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

148,000

218,892

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Diversified

#### REITs

#### 0.1%
c

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875 %

,

11/15/29

...

United

States

399,000

$

423,391

#### Diversified

#### Telecommunication

#### Services

#### 0.0%

#### †
c

AST

SpaceMobile,

Inc.

,

Senior

Bond

,

144A,

%

,

1/15/36

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

United

States

103,000

109,051

Senior

Note

,

144A,

2.375 %

,

10/15/32

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

United

States

150,000

221,438

330,489

#### Electric

#### Utilities

#### 0.2%
c

Iberdrola

Finanzas

SA

,

IBE

,

Senior

Note

,

Reg

S,

1.5 %

,

3/27/30

.

Spain

300,000

EUR

401,597

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

%

,

3/01/27

United

States

410,000

569,388

PG&E

Corp.

,

Senior

Secured

Note

,

4.25 %

,

12/01/27

.........

United

States

240,000

248,694

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875 %

,

3/15/28

......

United

States

546,000

640,322

1,860,001

#### Electrical

#### Equipment

#### 0.2%
c

Bloom

Energy

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

11/15/30

..

United

States

583,000

622,236

c

Legrand

SA

,

Senior

Note

,

Reg

S,

1.5 %

,

6/23/33

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

France

400,000

EUR

501,085

c

Schneider

Electric

SE

,

Senior

Note

,

Reg

S,

1.625 %

,

6/28/31

...

United

States

500,000

EUR

603,269

1,726,590

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.2%
c

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75 %

,

9/01/30

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

United

States

249,000

270,414

Itron,

Inc.

,

Senior

Note

,

1.375 %

,

7/15/30

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

United

States

358,000

360,685

b

,c

Mirion

Technologies,

Inc.

,

Senior

Note

,

144A,

.89

%

,

10/01/31

.

United

States

238,000

226,695

c

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

0.5 %

,

2/01/31

........

United

States

411,000

420,453

1,278,247

#### Energy

#### Equipment

#### &

#### Services

#### 0.1%
c

Liberty

Energy,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

3/01/31

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

United

States

238,000

260,967

Senior

Note

,

144A,

Zero

Cpn.,

3/01/32

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

United

States

134,000

136,509

397,476

#### Entertainment

#### 0.1%
Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25 %

,

8/15/27

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

United

States

281,000

324,836

Live

Nation

Entertainment,

Inc.

,

Senior

Note

,

2.875 %

,

1/15/30

..

United

States

592,000

639,360

964,196

#### Financial

#### Services

#### 0.0%

#### †
Affirm

Holdings,

Inc.

,

Senior

Note

,

0.75 %

,

12/15/29

..........

United

States

339,000

318,079

Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

270,000

238,424

556,503

#### Food

#### Products

#### 0.1%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

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

United

States

338,000

366,561

#### Ground

#### Transportation

#### 0.1%
b

,c

Lyft,

Inc.

,

Senior

Note

,

144A,

.33

%

,

9/15/30

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

United

States

223,000

210,272

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875 %

,

12/01/28

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

United

States

299,000

360,071

b,c

Senior

Secured

Note

,

144A,

.02

%

,

5/15/28

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

United

States

264,000

258,390

828,733

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

#### Equipment

#### &

#### Supplies

#### 0.0%

#### †
c

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/29

...

United

States

211,000

$

226,087

#### Health

#### Care

#### REITs

#### 0.1%
c

Welltower

OP

LLC

,

Senior

Note

,

144A,

3.125 %

,

7/15/29

......

United

States

253,000

401,080

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.5%
c

Accor

SA

,

Senior

Note

,

Reg

S,

0.7 %

,

12/07/27

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

France

1,005,100

EUR

608,775

b

,c

DoorDash,

Inc.

,

Senior

Note

,

144A,

.23

%

,

5/15/30

..........

United

States

580,000

529,540

b

,c

MakeMyTrip

Ltd.

,

Senior

Note

,

144A,

.05

%

,

7/01/30

........

India

580,000

489,810

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.75 %

,

9/15/30

..........

United

States

376,000

349,766

c

Trip.com

Group

Ltd.

,

Senior

Note

,

Reg

S,

1.5 %

,

7/01/27

......

China

617,000

872,438

2,850,329

#### Household

#### Durables

#### 0.0%

#### †
Meritage

Homes

Corp.

,

Senior

Note

,

1.75 %

,

5/15/28

.........

United

States

312,000

302,016

#### IT

#### Services

#### 0.2%
Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375 %

,

9/01/27

.....

United

States

240,000

278,640

c

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

476,000

540,619

c

CoreWeave,

Inc.

,

Senior

Note

,

144A,

1.75 %

,

12/01/31

.......

United

States

422,000

424,047

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/27

...........

United

States

208,000

246,064

1,489,370

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

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

United

States

314,000

306,778

#### Machinery

#### 0.0%

#### †
c

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375 %

,

9/15/30

........

United

States

234,000

227,331

#### Multi-Utilities

#### 0.1%
CMS

Energy

Corp.

,

Senior

Note

,

3.375 %

,

5/01/28

...........

United

States

378,000

427,613

#### Office

#### REITs

#### 0.0%

#### †
c

Boston

Properties

LP

,

Senior

Note

,

144A,

%

,

10/01/30

.......

United

States

379,000

345,837

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
c

Centrus

Energy

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

8/15/32

..

United

States

223,000

236,993

c

Energy

Fuels,

Inc.

,

Senior

Note

,

144A,

0.75 %

,

11/01/31

......

United

States

166,000

194,801

431,794

#### Passenger

#### Airlines

#### 0.0%

#### †
c

International

Consolidated

Airlines

Group

SA

,

Senior

Note

,

Reg

S,

1.125 %

,

5/18/28

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

United

Kingdom

200,000

EUR

296,143

#### Pharmaceuticals

#### 0.1%
Jazz

Investments

I

Ltd.

,

Senior

Note

,

3.125 %

,

9/15/30

........

United

States

345,000

489,382

c

Zoetis,

Inc.

,

Senior

Note

,

144A,

0.25 %

,

6/15/29

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

United

States

334,000

332,330

821,712

#### Professional

#### Services

#### 0.0%

#### †
Parsons

Corp.

,

Senior

Note

,

2.625 %

,

3/01/29

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

United

States

165,000

162,773

c

Planet

Labs

PBC

,

Senior

Note

,

144A,

0.5 %

,

10/15/30

........

United

States

125,000

314,844

477,617

#### Real

#### Estate

#### Management

#### &

#### Development

#### 0.0%

#### †
c

Compass,

Inc.

,

Senior

Note

,

144A,

0.25 %

,

4/15/31

..........

United

States

326,000

273,677

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Real

#### Estate

#### Management

#### &

#### Development
(continued)

c

LEG

Properties

BV

,

Senior

Note

,

Reg

S,

%

,

9/04/30

........

Germany

300,000

EUR

$

335,622

609,299

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
b

,c

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

.6

%

,

2/15/30

..

United

States

301,000

294,152

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

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

United

States

318,000

526,131

c

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

281,000

433,143

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5 %

,

3/01/29

........

United

States

225,000

220,500

c

STMicroelectronics

NV

,

B

,

Senior

Note

,

Reg

S,

Zero

Cpn.,

8/04/27

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

Singapore

400,000

407,420

1,881,346

#### Software

#### 0.3%
Box,

Inc.

,

Senior

Note

,

1.5 %

,

9/15/29

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

United

States

356,000

327,164

c

Cipher

Digital,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/31

...

United

States

310,000

346,327

b

,c

Cleanspark,

Inc.

,

Senior

Note

,

144A,

.89

%

,

2/15/32

.........

United

States

384,000

259,584

c

Core

Scientific,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/31

....

United

States

184,000

201,710

c

CyberArk

Software

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.

United

States

300,000

308,790

b

Datadog,

Inc.

,

Senior

Note

,

.83

%

,

12/01/29

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

United

States

317,000

307,569

Guidewire

Software,

Inc.

,

Senior

Note

,

1.25 %

,

11/01/29

.......

United

States

450,000

449,156

b

,c

IREN

Ltd.

,

Senior

Note

,

144A,

.12

%

,

7/01/31

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

Australia

329,000

240,845

b

MARA

Holdings,

Inc.

,

Senior

Note

,

.11

%

,

3/01/30

..........

United

States

317,000

281,179

c

Nebius

Group

NV

,

Senior

Note

,

144A,

%

,

9/15/30

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

Netherlands

139,000

149,599

Senior

Note

,

144A,

1.25 %

,

3/15/31

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

Netherlands

632,000

609,058

Senior

Note

,

144A,

2.75 %

,

9/15/32

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

Netherlands

122,000

127,673

Nutanix,

Inc.

,

Senior

Note

,

0.5 %

,

12/15/29

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

United

States

266,000

240,598

b

,c

Rubrik,

Inc.

,

Senior

Note

,

144A,

.53

%

,

6/15/30

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

United

States

234,000

202,234

b

Strategy,

Inc.

,

Senior

Note

,

.12

%

,

12/01/29

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

United

States

226,000

188,145

c

Terawulf,

Inc.

,

Senior

Note

,

144A,

%

,

9/01/31

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

United

States

199,000

276,411

b

Senior

Note

,

144A,

.516

%

,

5/01/32

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

United

States

318,000

329,262

Workiva,

Inc.

,

Senior

Note

,

1.25 %

,

8/15/28

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

United

States

271,000

254,401

5,099,705

#### Specialty

#### Retail

#### 0.0%

#### †
Burlington

Stores,

Inc.

,

1.25 %

,

12/15/27

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

United

States

187,000

309,485

Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

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

United

States

64,000

86,631

396,116

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.0%

#### †
c

Lenovo

Group

Ltd.

,

Senior

Note

,

Reg

S,

2.5 %

,

8/26/29

.......

China

234,000

284,953

Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

49,000

232,797

517,750

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $

#### 31,841,179

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

#### 32,830,620

#### Corporate

#### Bonds

#### 32.6%

#### Aerospace

#### &

#### Defense

#### 1.3%
ATI,

Inc.

,

Senior

Note

,

4.875 %

,

10/01/29

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

United

States

2,395,000

2,364,888

Senior

Note

,

7.25 %

,

8/15/30

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

United

States

455,000

472,132

Boeing

Co.

(The)

,

Senior

Bond

,

2.95 %

,

2/01/30

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

United

States

85,000

80,019

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

#### Aerospace

#### &

#### Defense
(continued)

Boeing

Co.

(The),

(continued)

Senior

Note

,

2.7 %

,

2/01/27

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

United

States

1,060,000

$

1,045,402

Senior

Note

,

6.298 %

,

5/01/29

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

United

States

2,255,000

2,368,015

c

Honeywell

Aerospace,

Inc.

,

Senior

Note

,

144A,

4.3 %

,

3/16/31

..

United

States

1,140,000

1,128,051

Spirit

AeroSystems,

Inc.

,

Senior

Bond

,

4.6 %

,

6/15/28

........

United

States

2,415,000

2,417,374

c

TransDigm,

Inc.

,

Senior

Secured

Note

,

144A,

6.875 %

,

12/15/30

...........

United

States

625,000

640,808

Senior

Secured

Note

,

144A,

6.625 %

,

3/01/32

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

United

States

405,000

413,554

Senior

Secured

Note

,

144A,

6.25 %

,

1/31/34

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

United

States

135,000

136,600

Senior

Sub.

Note

,

144A,

6.75 %

,

1/31/34

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

United

States

460,000

466,373

11,533,216

#### Automobile

#### Components

#### 0.1%
c

Forvia

SE

,

Senior

Note

,

144A,

6.75 %

,

9/15/33

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

France

400,000

390,782

#### Automobiles

#### 0.5%
c

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55 %

,

9/26/29

..

United

States

2,510,000

2,500,078

c

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625 %

,

11/24/27

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

Germany

1,380,000

1,315,520

3,815,598

#### Banks

#### 2.4%
c

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

1,185,000

1,240,487

Bank

of

America

Corp.

,

Senior

Note

,

6.204%

to

11/09/27,

FRN

thereafter

,

11/10/28

..

United

States

2,870,000

2,949,188

L

,

Sub.

Bond

,

4.183 %

,

11/25/27

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

United

States

1,275,000

1,271,031

c

Banque

Federative

du

Credit

Mutuel

SA

,

Senior

Preferred

Note

,

144A,

4.541 %

,

1/15/31

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

France

750,000

739,962

c

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

1,205,000

1,237,958

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

2,415,000

2,388,121

c

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565 %

,

8/26/30

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

Canada

1,015,000

1,011,085

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

6,055,000

6,113,261

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264 %

,

12/11/26

..

Canada

985,000

991,783

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

2,725,000

2,787,901

20,730,777

#### Biotechnology

#### 0.2%
AbbVie,

Inc.

,

Senior

Note

,

4.125 %

,

3/15/31

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

United

States

780,000

768,852

c

Genmab

A/S

/

Genmab

Finance

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

12/15/32

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

Denmark

960,000

984,919

1,753,771

#### Broadline

#### Retail

#### 0.3%
Amazon.com,

Inc.

,

Senior

Note

,

4.1 %

,

11/20/30

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

United

States

585,000

578,387

Senior

Note

,

4.25 %

,

3/13/31

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

United

States

850,000

843,927

c

Wayfair

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

11/15/32

....

United

States

985,000

993,266

2,415,580

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Building

#### Products

#### 0.6%
c

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

5.875 %

,

1/31/31

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

United

States

80,000

$

79,391

Senior

Secured

Note

,

144A,

6.125 %

,

7/31/32

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

United

States

340,000

339,192

c

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

1,175,000

1,126,094

c

Quikrete

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.375 %

,

3/01/32

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

United

States

420,000

426,196

c

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

2,600,000

2,683,135

c

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5 %

,

8/15/32

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

United

States

775,000

776,087

Senior

Note

,

144A,

6.25 %

,

8/01/33

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

United

States

575,000

569,086

5,999,181

#### Capital

#### Markets

#### 1.4%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

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

United

States

3,025,000

3,066,616

c

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

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

United

States

100,000

107,212

c

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

2,355,000

2,390,980

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

....

United

States

4,240,000

4,287,844

Senior

Note

,

4.493%

to

1/15/31,

FRN

thereafter

,

1/16/32

....

United

States

560,000

550,746

Senior

Note

,

4.708%

to

3/11/31,

FRN

thereafter

,

3/12/32

....

United

States

780,000

774,917

c

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

535,000

541,060

c

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

1,058,000

1,081,042

12,800,417

#### Chemicals

#### 0.3%
c

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

275,000

277,152

c

,d

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45 %

,

11/15/29

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

Mexico

800,000

486,921

Celanese

US

Holdings

LLC

,

Senior

Bond

,

7.379 %

,

7/15/32

....

United

States

38,000

39,698

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

670,000

431,989

c

Rain

Carbon,

Inc.

,

Senior

Secured

Note

,

144A,

12.25 %

,

9/01/29

United

States

1,265,000

1,303,075

c

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625 %

,

9/30/33

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

United

States

530,000

523,127

3,061,962

#### Commercial

#### Services

#### &

#### Supplies

#### 1.1%
c

,d

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875 %

,

2/05/33

.....

Brazil

790,000

121,463

c

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

1,226,000

1,219,445

c

Neptune

Bidco

US,

Inc.

,

Senior

Secured

Note

,

144A,

9.29 %

,

4/15/29

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

United

States

160,000

160,576

Senior

Secured

Note

,

144A,

9.5 %

,

2/15/33

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

United

States

350,000

340,021

c

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

1,630,000

1,651,213

c

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25 %

,

2/15/29

...

Sweden

3,240,000

EUR

3,739,585

c

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

435,000

452,617

c

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

2,150,000

2,179,565

9,864,485

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

$

1,251,989

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
c

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

320,000

328,132

#### Construction

#### Materials

#### 0.1%
c

,e

Cemex

SAB

de

CV

,

Sub.

Bond

,

144A,

7.2%

to

6/09/30,

FRN

thereafter

,

Perpetual

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

Mexico

505,000

511,944

511,944

#### Consumer

#### Finance

#### 1.4%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.125 %

,

2/28/29

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

Ireland

340,000

335,560

Senior

Note

,

4.625 %

,

9/10/29

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

Ireland

1,805,000

1,801,994

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

735,000

721,873

c

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

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

United

States

1,375,000

1,440,312

c

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

2,803,000

2,860,372

Ford

Motor

Credit

Co.

LLC

,

Senior

Note

,

5.8 %

,

3/05/27

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

United

States

650,000

653,740

Senior

Note

,

4.125 %

,

8/17/27

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

United

States

940,000

928,111

c

Gabx

Leasing

LLC

,

Senior

Note

,

144A,

4.625 %

,

4/15/31

......

United

States

905,000

892,427

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.2 %

,

10/27/28

United

States

290,000

287,082

c

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

2,685,000

2,819,167

12,740,638

#### Containers

#### &

#### Packaging

#### 0.2%
AptarGroup,

Inc.

,

Senior

Note

,

4.75 %

,

3/30/31

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

United

States

550,000

545,374

c

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

1,120,000

1,061,014

1,606,388

#### Diversified

#### REITs

#### 0.3%
VICI

Properties

LP

,

Senior

Note

,

4.95 %

,

2/15/30

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

United

States

2,520,000

2,516,934

#### Diversified

#### Telecommunication

#### Services

#### 1.0%
c

APLD

ComputeCo

LLC

,

Senior

Secured

Note

,

144A,

9.25 %

,

12/15/30

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

United

States

1,410,000

1,453,995

AT&T,

Inc.

,

Senior

Note

,

4.1 %

,

2/15/28

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

United

States

3,000,000

2,986,213

c

Black

Pearl

Compute

LLC

,

Senior

Secured

Note

,

144A,

6.125 %

,

2/15/31

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

United

States

370,000

377,047

c

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

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

United

States

3,023,000

2,735,700

c

Cipher

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.125 %

,

11/15/30

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

United

States

365,000

378,607

c

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

11/29/31

.......

Nigeria

1,030,000

1,057,560

c

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75 %

,

10/15/30

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

United

States

685,000

724,261

9,713,383

#### Electric

#### Utilities

#### 2.1%
c

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875 %

,

2/15/39

Mexico

1,110,300

1,163,082

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

%

,

12/01/28

....

United

States

1,185,000

1,235,502

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Electric

#### Utilities
(continued)

c

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375 %

,

9/30/30

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

Italy

1,015,000

$

997,290

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

1,225,000

1,245,281

c

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25 %

,

11/01/34

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

United

States

2,560,000

2,582,495

Senior

Bond

,

144A,

%

,

1/15/36

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

United

States

955,000

946,885

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1 %

,

1/15/29

......

United

States

1,200,000

1,242,113

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

2,815,000

2,779,312

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

1,775,000

1,829,201

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875 %

,

7/15/29

United

States

2,700,000

2,579,812

c

Vistra

Operations

Co.

LLC

,

Senior

Note

,

144A,

4.375 %

,

5/01/29

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

United

States

1,560,000

1,523,852

Senior

Note

,

144A,

6.875 %

,

4/15/32

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

United

States

1,285,000

1,330,665

Senior

Secured

Note

,

144A,

4.7 %

,

1/31/31

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

United

States

615,000

605,446

20,060,936

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Amphenol

Corp.

,

Senior

Note

,

3.9 %

,

11/15/28

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

United

States

640,000

635,384

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
c

Kodiak

Gas

Services

LLC

,

Senior

Bond

,

144A,

6.75 %

,

10/01/35

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

United

States

435,000

442,246

Senior

Note

,

144A,

6.5 %

,

10/01/33

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

United

States

485,000

490,573

c

Nabors

Industries,

Inc.

,

Senior

Note

,

144A,

8.875 %

,

8/15/31

...

United

States

165,000

171,998

c

Transocean

International

Ltd.

,

Senior

Secured

Note

,

144A,

8.75 %

,

2/15/30

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

United

States

1,235,500

1,288,766

c

Weatherford

International

Ltd.

,

Senior

Note

,

144A,

6.75 %

,

10/15/33

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

United

States

460,000

470,313

2,863,896

#### Entertainment

#### 0.3%
c

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

2,100,000

2,165,419

c

,f

OAK-Eagle

Acquireco,

Inc.

,

Senior

Note

,

144A,

8.75 %

,

7/01/34

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

United

States

370,000

387,592

Senior

Secured

Note

,

144A,

7.25 %

,

7/01/33

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

United

States

320,000

331,758

2,884,769

#### Financial

#### Services

#### 0.3%
c

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5 %

,

10/01/30

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

United

States

315,000

300,632

c

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

1,930,000

2,083,854

c

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

8/01/32

United

States

295,000

295,255

c

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

1,100,000

1,113,193

c

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

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

United

States

270,000

EUR

294,995

4,087,929

#### Food

#### Products

#### 0.2%
c

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

1,095,000

1,120,302

c

Industrial

F&B

Investments

III,

Inc.

,

Senior

Secured

Note

,

144A,

7.75 %

,

2/11/33

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

United

States

260,000

262,926

JBS

NV

/

JBS

USA

Foods

Group

Holdings,

Inc.

/

JBS

USA

Food

Co.

Holdings

,

Senior

Note

,

%

,

2/02/29

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

United

States

815,000

782,276

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

#### Food

#### Products
(continued)

McCormick

&

Co.,

Inc.

,

Senior

Note

,

4.15 %

,

2/15/29

.........

United

States

335,000

$

331,813

2,497,317

#### Ground

#### Transportation

#### 0.3%
c

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

%

,

5/01/28

........

United

Kingdom

1,295,000

1,277,665

c

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

2/06/28

......

South

Africa

1,720,000

1,781,526

c

Watco

Cos.

LLC

/

Watco

Finance

Corp.

,

Senior

Note

,

144A,

7.125 %

,

8/01/32

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

United

States

250,000

256,999

3,316,190

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.15 %

,

12/15/28

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

United

States

475,000

471,987

Senior

Note

,

4.8 %

,

8/14/29

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

United

States

1,245,000

1,256,528

c

Medline

Borrower

LP

,

Senior

Secured

Note

,

144A,

3.875 %

,

4/01/29

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

United

States

2,335,000

2,260,097

3,988,612

#### Health

#### Care

#### Providers

#### &

#### Services

#### 1.0%
CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

...

United

States

980,000

1,010,643

Senior

Bond

,

1.875 %

,

2/28/31

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

United

States

355,000

310,050

c

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

9/01/32

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

United

States

960,000

984,290

Senior

Note

,

144A,

6.75 %

,

7/15/33

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

United

States

135,000

137,446

Icon

Investments

Six

DAC

,

Senior

Secured

Note

,

5.849 %

,

5/08/29

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

United

States

419,000

427,297

c

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

3,020,000

2,928,453

Tenet

Healthcare

Corp.

,

c

Senior

Note

,

144A,

%

,

11/15/33

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

United

States

495,000

501,255

Senior

Secured

Note

,

6.75 %

,

5/15/31

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

United

States

2,650,000

2,710,229

9,009,663

#### Health

#### Care

#### REITs

#### 0.1%
c

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

1,315,000

1,334,202

#### Health

#### Care

#### Technology

#### 0.1%
c

IQVIA,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

6/01/32

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

United

States

1,300,000

1,321,763

#### Hotel

#### &

#### Resort

#### REITs

#### 0.3%
c

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5 %

,

4/01/32

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

United

States

1,225,000

1,248,080

Senior

Note

,

144A,

6.5 %

,

6/15/33

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

United

States

405,000

412,690

c

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

985,000

995,692

2,656,462

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.9%
c

1011778

BC

ULC

/

New

Red

Finance,

Inc.

,

Secured

Bond

,

144A,

%

,

10/15/30

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

Canada

1,555,000

1,462,400

Airbnb,

Inc.

,

Senior

Note

,

4.65 %

,

3/16/31

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

United

States

405,000

404,257

c

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

1,300,000

1,237,170

c

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

2/15/30

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

United

States

1,684,000

1,705,614

c

Carnival

Corp.

,

Senior

Note

,

144A,

5.125 %

,

5/01/29

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

United

States

1,075,000

1,067,697

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

c

Carnival

Corp.,

(continued)

Senior

Note

,

144A,

5.75 %

,

3/15/30

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

United

States

545,000

$

549,620

c

Carnival

plc

,

Senior

Note

,

144A,

4.125 %

,

7/15/31

...........

United

States

745,000

EUR

839,701

c

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

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

United

States

1,015,000

1,011,219

c

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25 %

,

9/15/33

..........

United

States

1,040,000

1,009,875

c

Rivers

Enterprise

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.25 %

,

10/15/30

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

United

States

370,000

369,283

c

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note

,

144A,

5.625 %

,

9/30/31

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

United

States

495,000

500,001

Senior

Note

,

144A,

6.25 %

,

3/15/32

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

United

States

642,000

656,491

Senior

Note

,

144A,

%

,

2/01/33

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

United

States

1,403,000

1,417,363

c

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625 %

,

12/01/31

...

United

States

1,650,000

1,542,238

c

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125 %

,

7/15/31

......

United

States

1,285,000

1,356,292

c

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

United

States

2,080,000

2,181,494

17,310,715

#### Household

#### Durables

#### 0.5%
c

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

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

United

States

2,811,000

2,791,467

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8 %

,

11/01/29

.....

United

States

1,320,000

1,285,058

c

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

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

United

States

1,145,000

1,109,819

5,186,344

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.6%
c

AES

Andes

SA

,

Senior

Note

,

144A,

6.25 %

,

3/14/32

..........

Chile

2,280,000

2,341,426

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

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

United

States

1,215,000

1,242,642

Senior

Note

,

4.4 %

,

1/15/31

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

United

States

410,000

404,824

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25 %

,

10/01/30

........

United

States

490,000

483,877

4,472,769

#### Insurance

#### 0.9%
c

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

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

United

States

1,175,000

1,181,262

c

Asurion

LLC

/

Asurion

Co-Issuer,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

12/31/32

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

United

States

780,000

809,865

c

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583 %

,

1/09/29

.

United

States

1,220,000

1,231,657

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4 %

,

1/13/28

.......

United

States

1,200,000

1,221,967

c

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

1,340,000

1,331,931

c

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

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

Canada

1,155,000

1,174,956

c

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9 %

,

6/13/28

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

United

States

1,230,000

1,245,832

c

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

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

United

States

1,765,000

1,806,522

10,003,992

#### Interactive

#### Media

#### &

#### Services

#### 0.3%
Alphabet,

Inc.

,

Senior

Note

,

4.1 %

,

11/15/30

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

United

States

1,300,000

1,291,545

Senior

Note

,

4.1 %

,

2/15/31

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

United

States

1,050,000

1,042,932

2,334,477

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

#### IT

#### Services

#### 0.1%
c

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

1,320,000

$

1,152,412

#### Leisure

#### Products

#### 0.2%
c

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

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

United

States

1,550,000

1,499,518

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

697,000

697,167

#### Machinery

#### 0.2%
c

ESAB

Corp.

,

Senior

Note

,

144A,

5.625 %

,

4/01/31

...........

United

States

805,000

812,656

c

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

670,000

674,987

1,487,643

#### Media

#### 0.9%
c

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

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

United

States

1,680,000

1,759,309

c

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note

,

144A,

5.75 %

,

8/01/28

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

United

States

934,000

924,210

Senior

Secured

Note

,

144A,

7.375 %

,

9/01/31

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

United

States

900,000

919,356

c

Nexstar

Media,

Inc.

,

f

Senior

Note

,

144A,

7.25 %

,

4/15/34

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

United

States

805,000

808,250

Senior

Secured

Note

,

144A,

6.5 %

,

9/15/33

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

United

States

750,000

756,168

c

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Secured

Note

,

144A,

7.375 %

,

2/15/31

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

United

States

445,000

464,259

c

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

1,350,000

1,373,625

7,005,177

#### Metals

#### &

#### Mining

#### 0.5%
c

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

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

United

States

573,000

555,124

Senior

Note

,

144A,

7.625 %

,

1/15/34

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

United

States

245,000

239,590

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

1,536,000

1,421,769

c

Constellium

SE

,

Senior

Note

,

Reg

S,

3.125 %

,

7/15/29

........

United

States

980,000

EUR

1,096,790

c

Novelis

Corp.

,

Senior

Note

,

144A,

6.875 %

,

1/30/30

..........

United

States

1,098,000

1,108,377

4,421,650

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

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

United

States

1,110,000

1,127,737

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.2%
c

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6 %

,

6/13/28

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

Norway

1,225,000

1,249,977

c

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

1,425,000

1,432,959

c

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

860,000

899,792

Energy

Transfer

LP

,

Senior

Bond

,

5.25 %

,

4/15/29

...........

United

States

2,455,000

2,500,971

c

Hess

Midstream

Operations

LP

,

Senior

Note

,

144A,

5.875 %

,

3/01/28

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

United

States

360,000

362,522

Senior

Note

,

144A,

4.25 %

,

2/15/30

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

United

States

1,560,000

1,499,827

Senior

Note

,

144A,

5.5 %

,

10/15/30

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

United

States

538,000

534,003

c

Hilcorp

Energy

I

LP

/

Hilcorp

Finance

Co.

,

Senior

Bond

,

144A,

6.875 %

,

5/15/34

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

United

States

1,915,000

1,874,728

c

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

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

Kazakhstan

2,740,000

2,773,639

Kinder

Morgan,

Inc.

,

Senior

Note

,

%

,

2/01/29

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

United

States

1,605,000

1,629,459

c

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

2,710,000

2,721,555

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels
(continued)

c

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

2,110,000

$

2,117,015

c

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

1,030,000

571,650

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026 %

,

10/01/29

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

Canada

1,250,000

1,258,415

c

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

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

United

States

988,000

993,090

Senior

Note

,

144A,

5.625 %

,

7/15/34

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

United

States

180,000

177,371

Targa

Resources

Corp.

,

Senior

Note

,

6.15 %

,

3/01/29

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

United

States

1,190,000

1,240,006

Senior

Note

,

4.35 %

,

4/15/31

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

United

States

450,000

440,668

c

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

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

United

States

1,264,000

1,236,846

c

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

2,610,000

2,715,693

c

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond

,

144A,

7.75 %

,

5/01/35

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

United

States

170,000

190,638

Senior

Secured

Bond

,

144A,

6.75 %

,

1/15/36

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

United

States

515,000

545,798

Senior

Secured

Note

,

144A,

7.5 %

,

5/01/33

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

United

States

170,000

186,964

Senior

Secured

Note

,

144A,

6.5 %

,

1/15/34

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

United

States

250,000

260,770

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

340,000

342,858

29,757,214

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
c

Magnera

Corp.

,

Senior

Secured

Note

,

144A,

4.75 %

,

11/15/29

..

United

States

1,100,000

994,208

#### Passenger

#### Airlines

#### 0.2%
c

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

1,085,000

1,120,778

c

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

1,315,000

1,291,039

2,411,817

#### Personal

#### Care

#### Products

#### 0.1%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/29

.......

United

States

1,315,000

1,279,831

#### Pharmaceuticals

#### 1.3%
Novartis

Capital

Corp.

,

Senior

Note

,

4.1 %

,

11/05/30

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

United

States

1,890,000

1,869,532

Senior

Note

,

4.4 %

,

3/18/31

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

United

States

1,560,000

1,560,009

Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

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

United

States

2,870,000

3,036,639

Royalty

Pharma

plc

,

Senior

Note

,

4.45 %

,

3/25/31

...........

United

States

1,395,000

1,378,237

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375 %

,

5/09/30

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

Israel

930,000

EUR

1,078,455

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125 %

,

9/15/31

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

Israel

1,873,000

2,096,205

11,019,077

#### Professional

#### Services

#### 0.1%
c

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

990,000

1,008,430

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.3%
c

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9 %

,

1/25/30

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

United

States

1,315,000

1,361,570

c

Qnity

Electronics,

Inc.

,

Senior

Note

,

144A,

6.25 %

,

8/15/33

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

United

States

190,000

192,353

Senior

Secured

Note

,

144A,

5.75 %

,

8/15/32

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

United

States

480,000

481,172

2,035,095

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

#### Software

#### 0.6%
c

Cloud

Software

Group,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

3/31/29

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

United

States

500,000

$

488,278

Oracle

Corp.

,

Senior

Note

,

4.55 %

,

2/04/29

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

United

States

1,940,000

1,915,865

Senior

Note

,

4.45 %

,

9/26/30

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

United

States

540,000

520,525

Senior

Note

,

4.95 %

,

2/04/31

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

United

States

1,075,000

1,052,189

Salesforce,

Inc.

,

Senior

Note

,

4.5 %

,

3/15/28

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

United

States

1,135,000

1,135,684

5,112,541

#### Specialized

#### REITs

#### 0.3%
American

Tower

Corp.

,

Senior

Note

,

2.75 %

,

1/15/27

.........

United

States

3,045,000

3,007,034

#### Specialty

#### Retail

#### 0.2%
c

Dick's

Sporting

Goods,

Inc.

,

Senior

Note

,

144A,

%

,

10/01/29

..

United

States

2,305,000

2,243,766

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.3%
c

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875 %

,

7/15/30

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

United

States

830,000

844,201

Senior

Note

,

144A,

9.625 %

,

12/01/32

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

United

States

1,436,000

1,597,239

2,441,440

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.4%
c

Beach

Acquisition

Bidco

LLC

,

g

Senior

Note

,

144A,

PIK,

%

,

7/15/33

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

United

States

1,148,912

1,198,370

Senior

Secured

Note

,

144A,

5.25 %

,

7/15/32

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

United

States

560,000

EUR

622,377

c

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125 %

,

8/15/31

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

United

States

1,695,000

1,526,853

3,347,600

#### Tobacco

#### 0.4%
BAT

Capital

Corp.

,

Senior

Bond

,

4.906 %

,

4/02/30

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

United

Kingdom

295,000

298,265

Senior

Note

,

6.343 %

,

8/02/30

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

United

Kingdom

830,000

886,248

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

..

United

States

2,435,000

2,485,180

3,669,693

#### Trading

#### Companies

#### &

#### Distributors

#### 0.8%
Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

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

United

States

3,475,000

3,548,720

c

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

1,245,000

1,265,378

c

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

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

United

States

965,000

997,985

Secured

Note

,

144A,

8.625 %

,

5/15/32

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

United

States

215,000

224,677

c

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625 %

,

6/15/29

......

United

States

375,000

381,378

c

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

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

United

States

1,315,000

1,342,439

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

%

,

7/15/30

..

United

States

533,000

506,667

c

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/33

.

United

States

265,000

270,200

8,537,444

#### Wireless

#### Telecommunication

#### Services

#### 1.2%
T-Mobile

USA,

Inc.

,

Senior

Note

,

2.05 %

,

2/15/28

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

United

States

1,360,000

1,305,003

Senior

Note

,

3.375 %

,

4/15/29

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

United

States

6,100,000

5,913,014

c

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25 %

,

1/31/31

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

United

Kingdom

1,490,000

EUR

1,522,740

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services
(continued)

c

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

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

United

Kingdom

1,336,000

$

1,403,586

10,144,343

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $

#### 296,996,462

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

#### 299,401,434
h

#### Senior

#### Floating

#### Rate

#### Interests

#### 5.1%
i

#### Aerospace

#### &

#### Defense

#### 0.1%
TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

2/28/31

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

United

States

1,083,928

1,085,294

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

N

,

6.16 %

,

(3-month

SOFR

+

2.5 %),

2/14/33

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

United

States

115,116

115,303

1,200,597

a

a

a

a

a

a

#### Air

#### Freight

#### &

#### Logistics

#### 0.1%
i

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.7 %

,

(3-month

SOFR

+

%),

3/18/30

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

United

States

579,201

579,222

#### Automobile

#### Components

#### 0.0%

#### †
i

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan

,

6.423 %

,

(1-month

SOFR

+

2.75 %),

1/28/32

.........

United

States

340,791

340,366

i

#### Biotechnology

#### 0.1%
f

BioMarin

Pharmaceutical,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.174 %

,

(12-month

SOFR

+

1.75 %),

1/28/33

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

United

States

418,394

417,873

Genmab

A/S,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.733 %

,

(3-month

SOFR

+

%),

12/13/32

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

Denmark

191,404

192,346

610,219

a

a

a

a

a

a

#### Broadline

#### Retail

#### 0.1%
i

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

9/29/32

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

Netherlands

603,527

599,094

i

#### Building

#### Products

#### 0.2%
Advanced

Drainage

Systems,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.241 %

,

(12-month

SOFR

+

1.75 %),

2/11/33

........

United

States

117,333

118,030

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan

,

6.122 %

,

(6-month

SOFR

+

2.25 %),

8/04/31

.

United

States

1,046,468

1,045,924

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

3/19/29

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

United

States

1,280,533

1,280,898

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan

,

6.668 %

,

(1-month

SOFR

+

%),

3/30/29

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

United

States

147,266

147,389

2,592,241

a

a

a

a

a

a

i

#### Chemicals

#### 0.1%
Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan

,

7.417 %

,

(3-month

SOFR

+

3.75 %),

4/06/29

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

United

States

1,289,922

1,244,511

f

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

CME

Term

Loan

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

2/18/30

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

Luxembourg

420,000

368,287

1,612,798

a

a

a

a

a

a

i

#### Commercial

#### Services

#### &

#### Supplies

#### 0.4%
Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.168 %

,

(1-month

SOFR

+

1.5 %),

10/11/32

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

United

States

656,498

661,996

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B

,

6.423 %

,

(1-month

SOFR

+

2.75 %),

10/23/28

..

United

States

1,039,444

1,041,066

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

i

#### Commercial

#### Services

#### &

#### Supplies
(continued)

Garda

World

Security

Corp.,

First

Lien,

Fifteenth

Additional

CME

Term

Loan

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

2/01/29

.....

Canada

1,099,433

$

1,093,936

PG

Polaris

BidCo

SARL,

First

Lien,

Second

Amendment

Refinancing

CME

Term

Loan

,

5.95 %

,

(3-month

SOFR

+

2.25 %),

3/26/31

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

Luxembourg

548,087

548,920

3,345,918

a

a

a

a

a

a

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
i

Boots

Group

Finco

LP,

First

Lien,

Closing

Date

Dollar

CME

Term

Loan

,

6.924 %

,

(3-month

SOFR

+

3.25 %),

8/30/32

.........

United

Kingdom

117,002

117,563

i

#### Containers

#### &

#### Packaging

#### 0.1%
f

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

4/01/32

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

United

States

248,033

232,314

Graham

Packaging

Co.,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

1/26/33

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

United

States

171,274

169,811

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.668 %

,

(1-month

SOFR

+

%),

9/30/32

.........

United

States

651,187

645,759

1,047,884

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
i

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan

,

7.672 %

,

(3-month

SOFR

+

%),

11/30/30

...........

United

States

196,323

191,275

#### Electrical

#### Equipment

#### 0.1%
i

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.161 %

,

(3-month

SOFR

+

2.5 %),

10/01/32

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

United

States

384,784

385,686

i

#### Entertainment

#### 0.0%

#### †
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3

,

6.418 %

,

(1-month

SOFR

+

2.75 %),

3/01/28

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

France

497,481

499,193

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1

,

6.537 %

,

(1-month

SOFR

+

2.75 %),

3/13/28

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

United

States

232,552

219,398

718,591

a

a

a

a

a

a

#### Financial

#### Services

#### 0.0%

#### †
i

First

Eagle

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

8/16/32

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

United

States

272,650

269,242

#### Food

#### Products

#### 0.1%
i

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6

,

5.877 %

,

(6-month

SOFR

+

2.25 %),

9/30/32

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

United

States

1,316,700

1,293,750

#### Ground

#### Transportation

#### 0.1%
i

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.422 %

,

(3-month

SOFR

+

1.75 %),

4/10/31

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

United

States

812,625

809,663

i

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.3%
Bausch

+

Lomb

Corp.,

First

Lien,

2025-2

Refinancing

CME

Term

Loan

,

7.418 %

,

(1-month

SOFR

+

3.75 %),

1/15/31

.........

United

States

1,306,510

1,311,004

f

Hologic,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

5.755 %

,

(12-month

SOFR

+

2.25 %),

1/14/33

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

United

States

1,300,000

1,286,110

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan

,

5.418 %

,

(1-month

SOFR

+

1.75 %),

10/23/28

........

United

States

219,265

219,841

2,816,955

a

a

a

a

a

a

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

i

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.2%
Paradigm

Parent

LLC,

First

Lien,

Initial

CME

Term

Loan

,

8.172 %

,

(3-month

SOFR

+

4.5 %),

4/16/32

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

United

States

538,647

$

447,077

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5

,

6.168 %

,

(1-month

SOFR

+

2.5 %),

2/21/31

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

United

States

1,269,197

1,271,183

1,718,260

a

a

a

a

a

a

i

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.6%
Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

5.918 %

,

(1-month

SOFR

+

2.25 %),

2/06/31

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

United

States

1,318,100

1,283,500

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

1/29/29

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

United

States

496,956

488,260

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

5.422 %

,

(3-month

SOFR

+

1.75 %),

12/02/30

......

Ireland

645,150

639,666

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B

,

8.437 %

,

(3-month

SOFR

+

4.75 %),

11/01/29

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

Canada

235,000

231,965

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

CME

Term

Loan,

B

,

6.176 %

,

(1-month

SOFR

+

2.5 %),

12/16/30

.......

United

States

1,541,061

1,539,135

4,182,526

a

a

a

a

a

a

#### Household

#### Durables

#### 0.1%
i

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1

,

6.7 %

,

(3-month

SOFR

+

%),

1/16/32

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

Netherlands

1,202,616

1,198,984

#### Insurance

#### 0.2%
i

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B

,

6.422 %

,

(3-month

SOFR

+

2.75 %),

5/06/31

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

United

States

1,320,000

1,304,741

#### IT

#### Services

#### 0.1%
i

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3

,

6.2 %

,

(3-month

SOFR

+

2.5 %),

2/03/31

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

United

States

532,073

525,008

i

#### Machinery

#### 0.3%
Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan

,

6.161 %

,

(3-month

SOFR

+

2.5 %),

3/15/30

..........

United

States

1,695,889

1,696,949

Columbus

McKinnon

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

7.2 %

,

(3-month

SOFR

+

3.5 %),

2/03/33

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

United

States

170,066

169,640

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1

,

6.377 %

,

(6-month

SOFR

+

2.75 %),

4/30/30

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

Germany

808,230

810,868

2,677,457

a

a

a

a

a

a

i

#### Media

#### 0.3%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.787 %

,

(1-month

SOFR

+

%),

8/23/28

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

United

States

460,000

461,840

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B

,

9.178 %

,

(3-month

SOFR

+

5.25 %),

8/02/29

.......

United

States

1,534,079

1,540,353

2,002,193

a

a

a

a

a

a

i

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.4%
CQP

Holdco

LP,

First

Lien,

CME

Term

Loan,

B

,

5.423 %

,

(1-month

SOFR

+

1.75 %),

12/31/32

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

United

States

1,589,286

1,583,580

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B

,

7.268 %

,

(1-month

SOFR

+

3.5 %),

11/19/29

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

United

States

1,313,213

1,316,496

2,900,076

a

a

a

a

a

a

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

h

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

i

#### Passenger

#### Airlines

#### 0.3%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan

,

6.418 %

,

(3-month

SOFR

+

2.75 %),

5/28/32

.....

United

States

114,138

$

113,296

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan

,

5.918 %

,

(3-month

SOFR

+

2.25 %),

4/20/28

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

United

States

2,229,476

2,212,755

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan

,

6.45 %

,

(3-month

SOFR

+

2.75 %),

2/14/31

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

Canada

1,058,400

1,030,998

3,357,049

a

a

a

a

a

a

i

#### Pharmaceuticals

#### 0.1%
Endo

Finance

Holdings

LP,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

7.418 %

,

(1-month

SOFR

+

3.75 %),

4/23/31

.....

United

States

957,726

954,135

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan

,

6.181 %

,

(1-month

SOFR

+

2.5 %),

12/04/31

.....

United

States

318,400

316,066

1,270,201

a

a

a

a

a

a

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.0%

#### †
i

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan

,

6.608 %

,

(12-month

SOFR

+

3.1 %),

2/01/29

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

United

States

264,188

263,032

i

#### Software

#### 0.5%
EverCommerce

Solutions,

Inc.,

First

Lien,

CME

Term

Loan

,

5.923 %

,

(1-month

SOFR

+

2.25 %),

7/07/31

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

United

States

318,333

310,639

Ping

Identity

Holding

Corp.,

First

Lien,

Initial

CME

Term

Loan

,

6.422 %

,

(1-month

SOFR

+

2.75 %),

11/15/32

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

United

States

75,829

74,976

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan

,

6.7 %

,

(3-month

SOFR

+

%),

8/31/28

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

United

States

1,366,416

1,324,857

f

Tuple

US

Bidco

LLC,

First

Lien,

USD

CME

Term

Loan,

B1

,

7.385 %

,

(6-month

SOFR

+

3.75 %),

1/14/33

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

United

States

655,742

637,709

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.167 %

,

(3-month

SOFR

+

2.5 %),

2/10/31

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

United

States

1,295,341

1,239,563

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

5.673 %

,

(1-month

SOFR

+

%),

10/22/29

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

United

States

576,556

575,835

4,163,579

a

a

a

a

a

a

#### Specialty

#### Retail

#### 0.2%
i

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

10/19/29

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

United

States

1,905,694

1,837,336

#### Trading

#### Companies

#### &

#### Distributors

#### 0.0%

#### †
i

DXP

Enterprises,

Inc.,

First

Lien,

Initial

CME

Term

Loan

,

6.918 %

,

(1-month

SOFR

+

3.25 %),

10/11/30

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

United

States

328,350

330,607

#### Water

#### Utilities

#### 0.0%

#### †
i

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan

,

6.421 %

,

(1-month

SOFR

+

2.75 %),

10/01/32

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

United

States

262,530

263,842

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $

#### 46,865,533

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

#### 46,525,955

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 9.3%
c

Angola

Government

Bond

,

Senior

Bond

,

144A,

8.75 %

,

4/14/32

.

Angola

2,220,000

2,158,546

c

Argentina

Provincia

de

Cordoba

,

Senior

Note

,

144A,

8.6 %

,

2/03/35

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

Argentina

540,000

516,375

c

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6 %

,

2/02/31

Armenia

1,830,000

1,629,581

c

Benin

Government

Bond

,

Senior

Bond

,

Reg

S,

4.95 %

,

1/22/35

.

Benin

2,190,000

EUR

2,232,478

Brazil

Government

Bond

,

Senior

Bond

,

3.875 %

,

6/12/30

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

Brazil

4,440,000

4,241,976

Senior

Bond

,

%

,

10/20/33

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

Brazil

1,080,000

1,085,724

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

c

Bulgaria

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

3/05/37

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

Bulgaria

750,000

$

725,289

Senior

Note

,

Reg

S,

3.625 %

,

9/05/32

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

Bulgaria

970,000

EUR

1,123,418

c

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95 %

,

7/07/32

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

Cameroon

1,080,000

EUR

1,079,700

Chile

Government

Bond

,

Senior

Note

,

4.85 %

,

1/22/29

........

Chile

2,020,000

2,046,765

Colombia

Government

Bond

,

Senior

Bond

,

%

,

11/14/35

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

Colombia

2,300,000

2,412,792

Senior

Note

,

7.375 %

,

4/25/30

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

Colombia

250,000

259,782

Senior

Note

,

4.5 %

,

11/26/30

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

Colombia

1,170,000

EUR

1,310,111

c

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

2/19/31

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

Costa

Rica

1,530,000

1,567,439

c

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

7/19/28

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

Dominican

Republic

2,080,000

2,099,344

Senior

Bond

,

Reg

S,

4.875 %

,

9/23/32

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

Dominican

Republic

2,050,000

1,893,995

c

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

2,010,000

2,023,065

Ecopetrol

SA

,

Senior

Bond

,

4.625 %

,

11/02/31

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

Colombia

1,160,000

1,031,652

c

Egypt

Government

Bond

,

Senior

Bond

,

Reg

S,

7.6 %

,

3/01/29

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

Egypt

1,750,000

1,795,766

Senior

Note

,

144A,

8.625 %

,

2/04/30

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

Egypt

1,450,000

1,501,049

c

El

Salvador

Government

Bond

,

Senior

Bond

,

144A,

7.65 %

,

6/15/35

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

El

Salvador

1,040,000

1,019,543

Senior

Bond

,

Reg

S,

8.625 %

,

2/28/29

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

El

Salvador

1,000,000

1,043,990

Senior

Note

,

Reg

S,

0.25 %

,

4/17/30

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

El

Salvador

600,000

23,100

c

,e

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

1,280,000

1,482,619

c

Gabon

Government

Bond

,

Senior

Bond

,

Reg

S,

6.625 %

,

2/06/31

Gabon

1,590,000

1,331,843

c

Ghana

Government

Bond

,

Senior

Bond

,

144A,

%

,

7/03/35

....

Ghana

1,053,360

901,073

c

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6 %

,

6/13/36

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

Guatemala

2,910,000

3,062,775

Senior

Note

,

144A,

7.05 %

,

10/04/32

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

Guatemala

1,020,000

1,095,608

c

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

2,250,000

2,258,095

c

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35 %

,

1/08/27

Indonesia

600,000

600,812

c

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8 %

,

1/15/28

....

Iraq

1,917,500

1,867,848

c

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5 %

,

12/06/28

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

Turkiye

1,720,000

1,841,500

c

Ivory

Coast

Government

Bond

,

Senior

Bond

,

144A,

6.125 %

,

6/15/33

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

Ivory

Coast

580,000

547,834

Senior

Bond

,

Reg

S,

4.875 %

,

1/30/32

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

Ivory

Coast

2,770,000

EUR

2,991,942

c

Jordan

Government

Bond

,

Senior

Bond

,

Reg

S,

5.85 %

,

7/07/30

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

Jordan

700,000

690,354

Senior

Note

,

Reg

S,

7.5 %

,

1/13/29

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

Jordan

470,000

483,265

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

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

Mexico

850,000

752,378

Senior

Note

,

5.85 %

,

7/02/32

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

Mexico

203,174

204,159

c

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875 %

,

4/01/32

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

Montenegro

850,000

EUR

976,469

c

Nigeria

Government

Bond

,

Senior

Bond

,

144A,

8.631 %

,

1/13/36

Nigeria

2,050,000

2,137,395

c

North

Macedonia

Government

Bond

,

Senior

Note

,

144A,

4.75 %

,

1/21/34

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

North

Macedonia

650,000

EUR

714,113

c

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849 %

,

6/28/33

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

Paraguay

3,790,000

3,518,068

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

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

Peru

2,540,000

2,320,544

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

Petroleos

Mexicanos

,

Senior

Note

,

6.84 %

,

1/23/30

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

Mexico

590,000

$

591,671

Senior

Note

,

6.7 %

,

2/16/32

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

Mexico

421,000

412,374

c

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

2,200,000

2,127,416

c

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625 %

,

2/22/36

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

Romania

2,680,000

EUR

2,984,134

Senior

Note

,

144A,

%

,

2/27/27

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

Romania

2,600,000

2,551,503

c

Serbia

Government

Bond

,

Senior

Bond

,

144A,

6.5 %

,

9/26/33

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

Serbia

700,000

731,283

Senior

Bond

,

Reg

S,

6.5 %

,

9/26/33

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

Serbia

260,000

271,619

Senior

Note

,

144A,

6.25 %

,

5/26/28

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

Serbia

930,000

949,753

Senior

Note

,

Reg

S,

6.25 %

,

5/26/28

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

Serbia

370,000

377,859

South

Africa

Government

Bond

,

Senior

Bond

,

5.875 %

,

4/20/32

.

South

Africa

2,110,000

2,103,837

c

Suriname

Government

Bond

,

Senior

Bond

,

144A,

8.5 %

,

11/06/35

Suriname

2,010,000

2,074,029

Turkiye

Government

Bond

,

Senior

Note

,

9.125 %

,

7/13/30

.....

Turkiye

3,300,000

3,604,773

c

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9 %

,

2/28/32

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

Uzbekistan

1,640,000

1,714,277

c

Uzbekneftegaz

JSC

,

Senior

Note

,

144A,

8.75 %

,

5/07/30

......

Uzbekistan

300,000

317,049

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 85,095,370

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

#### 85,411,751

#### Asset-Backed

#### Securities

#### 1.8%

#### Financial

#### Services

#### 1.8%
c

,i

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.118 %

,

(3-month

SOFR

+

4.45 %),

10/25/37

.

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

Jersey

2,238,000

2,242,621

i

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2B

,

FRN

,

3.973 %

,

(1-month

SOFR

+

0.294 %),

3/25/37

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

United

States

763,025

670,197

2007-AMC3

,

A2D

,

FRN

,

4.143 %

,

(1-month

SOFR

+

0.464 %),

3/25/37

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

United

States

4,439,241

3,899,048

c

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18 %

,

9/27/55

.

...

United

States

265,000

257,577

c

FIGRE

Trust

,

2025-FL1

,

A1

,

144A,

5.265 %

,

7/25/55

.

.........

United

States

167,841

167,808

i

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.153 %

,

(1-month

SOFR

+

0.474 %),

5/25/36

.

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

United

States

9,105,507

1,839,111

c

Lendbuzz

Securitization

Trust

,

2026-1A

,

C

,

144A,

5.74 %

,

9/15/31

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

United

States

122,768

123,221

2026-1A

,

D

,

144A,

6.86 %

,

2/15/33

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

United

States

185,517

187,109

c

MAST

Ltd.

,

2026-1A

,

A

,

144A,

5.134 %

,

2/15/51

.

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

United

States

993,054

978,209

c

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

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

United

States

1,355,000

1,140,031

c

PK

Alift

Loan

Funding

LP

,

2025-2

,

A

,

144A,

4.75 %

,

3/15/43

.

..

United

States

235,871

235,052

c

PRET

LLC

,

2026-NPL3

,

A1

,

144A,

4.968 %

,

2/25/56

.

.........

United

States

2,530,717

2,511,868

c

Sabey

Data

Center

Issuer

LLC

,

2026-1

,

A2

,

144A,

5.482 %

,

1/20/51

.

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

United

States

477,000

474,150

c

SF

ABS

Issuer

LLC

,

2025-1A

,

A2

,

144A,

5.377 %

,

11/25/55

.

....

United

States

623,000

610,903

c

Stack

Infrastructure

Issuer

LLC

,

2026-1A

,

A2

,

144A,

%

,

3/27/56

.

United

States

550,000

530,348

c

,d

Tricolor

Auto

Securitization

Trust

,

2024-1A

,

A

,

144A,

6.61 %

,

10/15/27

.

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

United

States

720,135

715,382

c

VCAT

LLC

,

2026-NPL1

,

A1

,

144A,

5.101 %

,

1/25/56

.

.........

United

States

398,024

396,096

16,978,731

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $

#### 19,278,855

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

#### 16,978,731

#### Commercial

#### Mortgage-Backed

#### Securities

#### 8.8%

#### Financial

#### Services

#### 8.8%
j

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.192 %

,

9/15/48

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

United

States

253,066

250,614

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

BANK

,

c

2018-BN11

,

D

,

144A,

%

,

3/15/61

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

United

States

675,000

$

571,438

j,k

2024-BNK48

,

XA

,

IO,

FRN

,

1.144 %

,

10/15/57

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

United

States

25,857,559

1,995,710

j

,k

BANK5

Trust

,

2024-5YR10

,

XA

,

IO,

FRN

,

1.188 %

,

10/15/57

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

United

States

40,067,174

1,444,939

2024-5YR12

,

XA

,

IO,

FRN

,

0.497 %

,

12/15/57

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

United

States

8,671,015

144,301

2024-5YR7

,

XA

,

IO,

FRN

,

1.334 %

,

6/15/57

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

United

States

28,637,112

1,057,949

Barclays

Commercial

Mortgage

Trust

,

2019-C5

,

C

,

3.71 %

,

11/15/52

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

United

States

641,000

583,175

c

2019-C5

,

D

,

144A,

2.5 %

,

11/15/52

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

United

States

442,000

352,491

c,j

2019-C5

,

F

,

144A,

FRN

,

2.552 %

,

11/15/52

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

United

States

648,000

406,710

c,j,k

2019-C5

,

XF

,

IO,

144A,

FRN

,

1.25 %

,

11/15/52

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

United

States

1,341,000

51,137

BBCMS

Mortgage

Trust

,

j,k

2022-C14

,

XA

,

IO,

FRN

,

0.682 %

,

2/15/55

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

United

States

28,518,144

853,771

j,k

2024-5C29

,

XA

,

IO,

FRN

,

1.598 %

,

9/15/57

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

United

States

43,934,991

2,091,802

j,k

2024-5C31

,

XA

,

IO,

FRN

,

1.061 %

,

12/15/57

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

United

States

10,297,197

355,129

j,k

2024-C26

,

XA

,

IO,

FRN

,

1.013 %

,

5/15/57

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

United

States

12,415,583

844,210

c

2026-5C40

,

E

,

144A,

4.25 %

,

2/15/59

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

United

States

1,000,000

695,057

c,j,k

2026-5C40

,

XE

,

IO,

144A,

FRN

,

2.126 %

,

2/15/59

..........

United

States

1,000,000

88,970

Benchmark

Mortgage

Trust

,

c

2018-B1

,

D

,

144A,

2.75 %

,

1/15/51

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

United

States

2,603,000

1,023,983

j

2018-B6

,

B

,

FRN

,

4.586 %

,

10/10/51

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

United

States

950,000

903,211

j,k

2024-V10

,

XA

,

IO,

FRN

,

1.305 %

,

9/15/57

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

United

States

37,201,039

1,449,799

j,k

2024-V11

,

XA

,

IO,

FRN

,

0.56 %

,

11/15/57

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

United

States

14,683,345

273,260

2026-V21

,

AS

,

5.506 %

,

3/15/31

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

United

States

1,955,000

1,979,615

j,k

2026-V21

,

XA

,

IO,

FRN

,

1.648 %

,

11/15/30

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

United

States

9,755,000

615,152

j

,k

BMO

Mortgage

Trust

,

2024-5C6

,

XA

,

IO,

FRN

,

1.353 %

,

9/15/57

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

United

States

34,239,889

1,331,487

2024-5C8

,

XA

,

IO,

FRN

,

1.02 %

,

12/15/57

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

United

States

12,606,369

432,072

c

,j

BWAY

Mortgage

Trust

,

2022-26BW

,

E

,

144A,

FRN

,

4.866 %

,

2/10/44

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

United

States

452,000

251,893

c

,i

BX

Commercial

Mortgage

Trust

,

2026-CSMO

,

B

,

144A,

FRN

,

5.373 %

,

(1-month

SOFR

+

1.7 %),

2/15/43

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

United

States

378,000

378,685

c

,j

BX

Trust

,

2025-ARIA

,

C

,

144A,

FRN

,

5.517 %

,

12/13/42

.......

United

States

1,786,000

1,782,563

j

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

2,660,000

2,439,983

CFCRE

Commercial

Mortgage

Trust

,

c,j

2011-C2

,

E

,

144A,

FRN

,

5.249 %

,

12/15/47

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

United

States

1,124,000

1,063,489

2016-C7

,

A3

,

3.839 %

,

12/10/54

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

United

States

2,149,000

2,136,409

Citigroup

Commercial

Mortgage

Trust

,

c,j

2015-GC27

,

D

,

144A,

FRN

,

4.379 %

,

2/10/48

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

United

States

1,950,061

1,909,079

j

2015-GC33

,

C

,

FRN

,

4.336 %

,

9/10/58

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

United

States

1,197,000

1,043,485

2015-GC33

,

D

,

3.172 %

,

9/10/58

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

United

States

549,000

337,635

COMM

Mortgage

Trust

,

2012-CR4

,

AM

,

3.251 %

,

10/15/45

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

United

States

1,667,000

1,618,537

c

2012-LC4

,

E

,

144A,

4.25 %

,

12/10/44

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

United

States

10,009,000

1,181,577

2013-CR12

,

AM

,

4.3 %

,

10/10/46

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

United

States

758,073

727,166

c,j

2013-CR13

,

D

,

144A,

FRN

,

6.702 %

,

11/10/46

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

United

States

1,257,960

712,307

c,j

2013-CR6

,

C

,

144A,

FRN

,

3.777 %

,

3/10/46

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

United

States

255,000

248,386

c,j

2013-CR7

,

D

,

144A,

FRN

,

4.152 %

,

3/10/46

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

United

States

136,808

134,149

j

2014-CR14

,

C

,

FRN

,

3.133 %

,

2/10/47

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

United

States

643,000

630,520

j

2014-CR16

,

C

,

FRN

,

4.724 %

,

4/10/47

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

United

States

389,000

373,774

c,j

2014-CR17

,

D

,

144A,

FRN

,

4.535 %

,

5/10/47

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

United

States

1,232,000

1,045,380

j

2014-UBS5

,

AM

,

FRN

,

4.193 %

,

9/10/47

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

United

States

819,054

808,716

j

2015-CR22

,

B

,

FRN

,

3.926 %

,

3/10/48

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

United

States

238,120

228,849

j

2015-CR27

,

C

,

FRN

,

4.392 %

,

10/10/48

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

United

States

12,718

12,191

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

2015-DC1

,

AM

,

3.724 %

,

2/10/48

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

United

States

410,064

$

403,884

j

2015-DC1

,

B

,

FRN

,

4.035 %

,

2/10/48

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

United

States

2,646,000

2,538,044

c

,j

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.294 %

,

8/10/44

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

United

States

229,153

224,134

j

GS

Mortgage

Securities

Trust

,

c

2013-GC13

,

AS

,

144A,

FRN

,

3.856 %

,

7/10/46

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

United

States

503,992

500,328

c

2013-GC13

,

B

,

144A,

FRN

,

3.856 %

,

7/10/46

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

United

States

386,000

378,757

2014-GC24

,

B

,

FRN

,

4.297 %

,

9/10/47

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

United

States

971,788

941,046

c

2014-GC24

,

D

,

144A,

FRN

,

4.318 %

,

9/10/47

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

United

States

1,280,000

889,587

k

2019-GC42

,

XA

,

IO,

FRN

,

0.816 %

,

9/10/52

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

United

States

24,192,602

560,709

c

,j

IRV

Trust

,

2025-200P

,

C

,

144A,

FRN

,

5.73 %

,

3/14/47

........

United

States

1,344,000

1,334,630

j

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-

LC11

,

D

,

FRN

,

3.607 %

,

4/15/46

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

United

States

51,045

j

JPMBB

Commercial

Mortgage

Securities

Trust

,

2013-C12

,

D

,

FRN

,

3.859 %

,

7/15/45

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

United

States

965,000

918,605

c

2014-C18

,

D

,

144A,

FRN

,

4.474 %

,

2/15/47

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

United

States

1,461,000

1,338,501

2014-C23

,

B

,

FRN

,

4.537 %

,

9/15/47

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

United

States

216,703

214,393

2014-C23

,

C

,

FRN

,

4.537 %

,

9/15/47

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

United

States

1,184,839

1,150,834

c

2014-C23

,

D

,

144A,

FRN

,

4.037 %

,

9/15/47

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

United

States

150,000

137,593

2014-C25

,

B

,

FRN

,

4.347 %

,

11/15/47

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

United

States

858,000

801,561

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5

,

A4

,

3.414 %

,

3/15/50

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

United

States

700,587

694,482

j

2018-C8

,

C

,

FRN

,

4.755 %

,

6/15/51

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

United

States

1,046,000

961,332

c

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

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

United

States

2,853,000

2,827,041

c

,j

MAD

Commercial

Mortgage

Trust

,

2025-11MD

,

D

,

144A,

FRN

,

5.935 %

,

10/15/42

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

United

States

1,800,000

1,830,825

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

j

2013-C10

,

B

,

FRN

,

3.951 %

,

7/15/46

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

United

States

776,486

738,193

j

2013-C10

,

C

,

FRN

,

3.951 %

,

7/15/46

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

United

States

549,000

508,298

c,j

2013-C10

,

F

,

144A,

FRN

,

3.951 %

,

7/15/46

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

United

States

254,000

38,955

c,j

2013-C12

,

D

,

144A,

FRN

,

4.601 %

,

10/15/46

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

United

States

258,000

246,845

c,j

2013-C9

,

D

,

144A,

FRN

,

3.792 %

,

5/15/46

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

United

States

265,000

242,393

j

2015-C22

,

B

,

FRN

,

3.883 %

,

4/15/48

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

United

States

413,000

384,029

j

2015-C22

,

C

,

FRN

,

3.97 %

,

4/15/48

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

United

States

3,282,000

2,868,847

c

2015-C26

,

D

,

144A,

3.06 %

,

10/15/48

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

United

States

316,733

304,400

j

Morgan

Stanley

Capital

I

Trust

,

2016-UB11

,

C

,

FRN

,

3.691 %

,

8/15/49

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

United

States

1,611,000

1,590,826

2018-H3

,

C

,

FRN

,

4.858 %

,

7/15/51

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

United

States

1,592,437

1,525,740

k

2021-L7

,

XA

,

IO,

FRN

,

1.06 %

,

10/15/54

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

United

States

5,942,949

213,160

j

,k

Real

Estate

Asset

Liquidity

Trust

,

2024-RONA

,

X

,

IO,

FRN

,

1.051 %

,

12/12/41

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

Canada

47,673,213

CAD

928,379

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055 %

,

10/10/48

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

United

States

2,390,000

2,379,357

c

,d

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

4,414,162

524

c

VCAT

LLC

,

2026-NPL2

,

A1

,

144A,

5.062 %

,

2/25/56

..........

United

States

5,059,950

5,040,957

c

,j

VEGAS

,

2024-GCS

,

D

,

144A,

FRN

,

6.217 %

,

7/10/36

.........

United

States

900,000

897,131

Wells

Fargo

Commercial

Mortgage

Trust

,

c,j

2013-LC12

,

D

,

144A,

FRN

,

3.744 %

,

7/15/46

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

United

States

2,548,111

1,745,431

c

2014-LC16

,

D

,

144A,

3.938 %

,

8/15/50

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

United

States

3,052,879

369,372

2015-C31

,

D

,

3.852 %

,

11/15/48

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

United

States

653,000

592,480

c

2016-C33

,

D

,

144A,

3.123 %

,

3/15/59

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

United

States

260,273

254,579

j,k

2019-C52

,

XA

,

IO,

FRN

,

1.563 %

,

8/15/52

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

United

States

3,719,700

150,800

c

2019-C53

,

D

,

144A,

2.5 %

,

10/15/52

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

United

States

395,000

317,314

j,k

2024-5C1

,

XA

,

IO,

FRN

,

1.025 %

,

7/15/57

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

United

States

14,202,618

398,819

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

j

WFRBS

Commercial

Mortgage

Trust

,

c

2013-C15

,

D

,

144A,

FRN

,

4.152 %

,

8/15/46

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

United

States

1,307,513

$

921,797

2014-C21

,

C

,

FRN

,

4.234 %

,

8/15/47

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

United

States

128,000

122,204

2014-C23

,

B

,

FRN

,

4.315 %

,

10/15/57

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

United

States

564,000

547,241

80,835,495

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 88,912,415

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

#### 80,835,495

#### Mortgage-Backed

#### Securities

#### 69.2%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 65.4%
l

Uniform

Mortgage-Backed

Securities

,

2.5 %

,

TBA,

4/25/56

.....

United

States

9,000,000

7,568,438

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

4/25/56

......

United

States

6,000,000

5,270,952

l

Uniform

Mortgage-Backed

Securities

,

3.5 %

,

TBA,

4/25/56

.....

United

States

7,000,000

6,418,149

l

Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

4/25/56

.....

United

States

185,000,000

177,798,047

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

4/25/56

......

United

States

175,000,000

172,038,318

l

Uniform

Mortgage-Backed

Securities

,

5.5 %

,

TBA,

4/25/56

.....

United

States

206,500,000

207,537,148

l

Uniform

Mortgage-Backed

Securities

,

%

,

TBA,

4/25/56

......

United

States

17,000,000

17,331,232

l

Uniform

Mortgage-Backed

Securities

,

6.5 %

,

TBA,

4/25/56

.....

United

States

7,000,000

7,242,620

601,204,904

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 3.8%
l

GNMA

II,

Single-family,

Year

,

%,

4/15/56

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

United

States

3,000,000

2,971,610

l

GNMA

II,

Single-family,

Year

,

5.5 %,

4/15/56

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

United

States

32,000,000

32,208,800

GNMA

II,

Single-family,

Year

,

6.5 %,

11/20/38

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

United

States

57,489

61,422

35,241,832

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 638,654,364

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

#### 636,446,736

#### Residential

#### Mortgage-Backed

#### Securities

#### 7.0%

#### Financial

#### Services

#### 7.0%
c

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472 %

,

9/25/68

.

United

States

1,866,838

1,883,257

Alternative

Loan

Trust

,

i

2005-38

,

A3

,

FRN

,

4.493 %

,

(1-month

SOFR

+

0.814 %),

9/25/35

United

States

319,829

299,939

i

2005-59

,

1A1

,

FRN

,

4.45 %

,

(1-month

SOFR

+

0.774 %),

11/20/35

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

United

States

349,103

336,174

i

2005-65CB

,

2A1

,

FRN

,

4.218 %

,

(1-month

SOFR

+

0.539 %),

12/25/35

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

United

States

264,740

157,767

i

2006-OA10

,

1A1

,

FRN

,

4.819 %

,

(12-month

average

of

1-year

CMT

+

0.96 %),

8/25/46

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

United

States

1,746,338

1,624,493

i

2006-OA10

,

3A1

,

FRN

,

4.173 %

,

(1-month

SOFR

+

0.494 %),

8/25/46

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

United

States

2,765,533

2,665,644

i

2006-OA10

,

4A1

,

FRN

,

4.173 %

,

(1-month

SOFR

+

0.494 %),

8/25/46

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

United

States

6,071,125

5,417,287

j

2006-OA7

,

1A1

,

FRN

,

3.036 %

,

6/25/46

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

United

States

1,614,891

1,513,937

i

2006-OA7

,

1A2

,

FRN

,

4.799 %

,

(12-month

average

of

1-year

CMT

+

0.94 %),

6/25/46

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

United

States

163,414

162,752

i

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

3.983 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

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

United

States

2,528,263

1,534,876

j

Bear

Stearns

ALT-A

Trust

,

2005-8

,

21A1

,

FRN

,

4.902 %

,

10/25/35

United

States

30,872

25,730

i

Bear

Stearns

Mortgage

Funding

Trust

,

2006-AR2

,

2A1

,

FRN

,

4.253 %

,

(1-month

SOFR

+

0.574 %),

9/25/46

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

United

States

3,052,792

2,955,047

c

,i

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

3.973 %

,

(1-month

SOFR

+

0.294 %),

11/25/47

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

United

States

1,482,477

1,312,187

j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

c

2017-3

,

M2

,

144A,

FRN

,

4.75 %

,

7/25/56

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

United

States

435,828

431,540

c

2019-2

,

M

,

144A,

FRN

,

4.75 %

,

8/25/58

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

United

States

215,186

210,007

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust,

(continued)

2019-3

,

M

,

FRN

,

4.75 %

,

10/25/58

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

United

States

1,174,210

$

1,158,899

c

,i

FHLMC

STACR

REMIC

Trust

,

2020-DNA3

,

B2

,

144A,

FRN

,

13.126 %

,

(30-day

SOFR

Average

+

9.464 %),

6/25/50

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

United

States

239,000

307,524

2020-DNA4

,

B2

,

144A,

FRN

,

13.776 %

,

(30-day

SOFR

Average

+

10.114 %),

8/25/50

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

United

States

448,000

592,459

2020-DNA5

,

B2

,

144A,

FRN

,

15.162 %

,

(30-day

SOFR

Average

+

11.5 %),

10/25/50

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

United

States

256,000

352,115

2020-HQA2

,

B2

,

144A,

FRN

,

11.376 %

,

(30-day

SOFR

Average

+

7.714 %),

3/25/50

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

United

States

500,000

600,629

2020-HQA3

,

B2

,

144A,

FRN

,

13.776 %

,

(30-day

SOFR

Average

+

10.114 %),

7/25/50

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

United

States

3,318,000

4,366,913

2022-HQA1

,

B2

,

144A,

FRN

,

14.662 %

,

(30-day

SOFR

Average

+

%),

3/25/42

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

United

States

4,969,000

5,365,197

c

,i

FHLMC

STACR

Trust

,

2018-DNA3

,

B2

,

144A,

FRN

,

11.526 %

,

(30-day

SOFR

Average

+

7.864 %),

9/25/48

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

United

States

408,000

464,690

2018-HQA2

,

B2

,

144A,

FRN

,

14.776 %

,

(30-day

SOFR

Average

+

11.114 %),

10/25/48

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

United

States

2,017,000

2,452,210

2019-DNA1

,

B2

,

144A,

FRN

,

14.526 %

,

(30-day

SOFR

Average

+

10.864 %),

1/25/49

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

United

States

111,000

136,174

2019-FTR1

,

B2

,

144A,

FRN

,

12.126 %

,

(30-day

SOFR

Average

+

8.464 %),

1/25/48

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

United

States

1,340,000

1,583,109

2019-FTR3

,

B2

,

144A,

FRN

,

8.576 %

,

(30-day

SOFR

Average

+

4.914 %),

9/25/47

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

United

States

468,000

508,086

2019-HQA1

,

B2

,

144A,

FRN

,

16.026 %

,

(30-day

SOFR

Average

+

12.364 %),

2/25/49

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

United

States

841,000

997,776

j

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

4.919 %

,

11/25/36

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

United

States

3,774,272

2,552,129

k

FNMA

,

1998-T2

,

A4

,

IO,

6.5 %

,

10/25/36

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

United

States

j

2002-W8

,

,

IO,

FRN

,

0.286 %

,

6/25/42

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

United

States

2,642,030

8,598

i

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C03

,

1B

,

FRN

,

15.526 %

,

(30-day

SOFR

Average

+

11.864 %),

10/25/28

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

United

States

7,628,082

7,682,285

2016-C04

,

1B

,

FRN

,

14.026 %

,

(30-day

SOFR

Average

+

10.364 %),

1/25/29

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

United

States

147,249

151,136

2016-C05

,

2B

,

FRN

,

14.526 %

,

(30-day

SOFR

Average

+

10.864 %),

1/25/29

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

United

States

437,382

449,772

2016-C06

,

1B

,

FRN

,

13.026 %

,

(30-day

SOFR

Average

+

9.364 %),

4/25/29

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

United

States

412,773

428,547

c

2019-R04

,

2B1

,

144A,

FRN

,

9.026 %

,

(30-day

SOFR

Average

+

5.364 %),

6/25/39

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

United

States

368,021

371,161

c

2020-R02

,

2B1

,

144A,

FRN

,

6.776 %

,

(30-day

SOFR

Average

+

3.114 %),

1/25/40

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

United

States

126,000

127,643

c

2020-SBT1

,

1B1

,

144A,

FRN

,

10.526 %

,

(30-day

SOFR

Average

+

6.864 %),

2/25/40

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

United

States

1,645,000

1,715,622

c

2020-SBT1

,

1M2

,

144A,

FRN

,

7.426 %

,

(30-day

SOFR

Average

+

3.764 %),

2/25/40

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

United

States

239,000

244,482

c

2021-R01

,

1B2

,

144A,

FRN

,

9.662 %

,

(30-day

SOFR

Average

+

%),

10/25/41

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

United

States

185,000

188,863

c

2022-R02

,

2B1

,

144A,

FRN

,

8.162 %

,

(30-day

SOFR

Average

+

4.5 %),

1/25/42

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

United

States

1,471,000

1,509,553

c

2022-R02

,

2M2

,

144A,

FRN

,

6.662 %

,

(30-day

SOFR

Average

+

%),

1/25/42

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

United

States

193,033

195,132

c

2026-R01

,

2M2

,

144A,

FRN

,

5.012 %

,

(30-day

SOFR

Average

+

1.35 %),

1/25/46

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

United

States

191,000

191,300

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

i

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.103 %

,

(1-month

SOFR

+

0.424 %),

5/25/37

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

United

States

3,438,908

$

1,906,714

i

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.311 %

,

(1-month

SOFR

+

0.634 %),

5/19/35

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

United

States

10,367,291

2,696,200

c

,i

Home

Re

Ltd.

,

2026-1

,

B1

,

144A,

FRN

,

7.862 %

,

(30-day

SOFR

Average

+

4.2 %),

1/25/36

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

United

States

171,000

172,748

2026-1

,

M1C

,

144A,

FRN

,

6.262 %

,

(30-day

SOFR

Average

+

2.6 %),

1/25/36

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

United

States

150,000

150,445

2026-1

,

M2

,

144A,

FRN

,

6.862 %

,

(30-day

SOFR

Average

+

3.2 %),

1/25/36

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

United

States

190,000

191,852

c

,i

J.P.

Morgan

Mortgage

Trust

,

2025-2

,

A11

,

144A,

FRN

,

4.912 %

,

(30-day

SOFR

Average

+

1.25 %),

7/25/55

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

United

States

767,642

769,597

MFA

Trust

,

2024-NPL1

,

A1

,

6.33 %

,

9/25/54

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

United

States

478,479

479,428

c

2025-NQM3

,

A1

,

144A,

5.261 %

,

8/25/70

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

United

States

209,609

209,535

c

,i

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.264 %

,

(1-month

SOFR

+

0.344 %),

2/26/37

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

United

States

93,613

89,715

c

,i

OBX

Trust

,

2025-NQM14

,

A1F

,

144A,

FRN

,

4.862 %

,

(30-day

SOFR

Average

+

1.2 %),

7/25/65

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

United

States

178,751

178,856

c

PRET

LLC

,

2026-NPL1

,

A1

,

144A,

5.18 %

,

1/25/56

..........

United

States

638,326

633,634

c

PRPM

LLC

,

2026-1

,

A1

,

144A,

5.185 %

,

2/25/31

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

United

States

1,337,383

1,324,284

c

,j

Towd

Point

Mortgage

Trust

,

2018-5

,

M1

,

144A,

FRN

,

3.25 %

,

7/25/58

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

United

States

240,000

205,577

2019-2

,

A2

,

144A,

FRN

,

3.75 %

,

12/25/58

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

United

States

256,000

232,021

c

,j

TVC

Mortgage

Trust

,

2026-RRTL1

,

M1

,

144A,

FRN

,

6.34 %

,

2/25/41

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

United

States

269,000

267,303

i

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

4.773 %

,

(1-month

SOFR

+

1.094 %),

10/25/45

..

United

States

56,005

54,283

64,794,839

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 64,955,100

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

#### 64,794,839

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 9.1%

#### Financial

#### Services

#### 9.1%
k

FHLMC

,

i

,

S1

,

IO,

FRN

,

2.163 %

,

Strip

,

(-

x

30-day

SOFR

Average

+

5.836 %),

8/15/43

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

United

States

5,172,716

530,956

i

,

S2

,

IO,

FRN

,

2.163 %

,

Strip

,

(-

x

30-day

SOFR

Average

+

5.836 %),

3/15/44

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

United

States

2,789,531

278,503

4000

,

PI

,

IO,

4.5 %

,

1/15/42

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

United

States

1,940,088

248,381

4020

,

IA

,

IO,

%

,

3/15/27

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

United

States

42,742

4077

,

IK

,

IO,

%

,

7/15/42

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

United

States

1,855,004

384,885

4105

,

HI

,

IO,

3.5 %

,

7/15/41

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

United

States

706,656

31,045

i

4265

,

SD

,

IO,

FRN

,

2.313 %

,

(-

x

30-day

SOFR

Average

+

5.986 %),

1/15/35

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

United

States

10,559,242

657,125

4484

,

TI

,

IO,

3.5 %

,

11/15/44

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

United

States

403,910

16,712

i

4839

,

WS

,

IO,

FRN

,

2.313 %

,

(-

x

30-day

SOFR

Average

+

5.986 %),

8/15/56

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

United

States

1,500,624

203,696

i

4945

,

SL

,

IO,

FRN

,

2.274 %

,

(-

x

30-day

SOFR

Average

+

5.936 %),

1/25/50

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

United

States

1,652,812

193,696

4984

,

IL

,

IO,

4.5 %

,

6/25/50

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

United

States

1,694,332

391,146

i

5002

,

SJ

,

IO,

FRN

,

2.324 %

,

(-

x

30-day

SOFR

Average

+

5.986 %),

7/25/50

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

United

States

23,635,145

2,757,231

i

5011

,

SA

,

IO,

FRN

,

2.474 %

,

(-

x

30-day

SOFR

Average

+

6.136 %),

9/25/50

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

United

States

2,684,061

335,780

5024

,

HI

,

IO,

4.5 %

,

10/25/50

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

United

States

19,094,375

4,496,097

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

FHLMC,

(continued)

5093

,

YI

,

IO,

4.5 %

,

12/25/50

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

United

States

1,995,710

$

470,623

5349

,

IB

,

IO,

%

,

12/15/46

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

United

States

3,680,644

769,804

c

,i

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1

,

M2

,

144A,

FRN

,

7.412 %

,

(30-day

SOFR

Average

+

3.75 %),

1/25/51

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

United

States

1,820,000

1,891,539

2021-MN3

,

M2

,

144A,

FRN

,

7.662 %

,

(30-day

SOFR

Average

+

%),

11/25/51

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

United

States

4,501,000

4,666,305

k

FNMA

,

i

2010-35

,

SG

,

IO,

FRN

,

2.624 %

,

(-

x

30-day

SOFR

Average

+

6.286 %),

4/25/40

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

United

States

2,543,204

275,278

i

2011-101

,

SA

,

IO,

FRN

,

2.124 %

,

(-

x

30-day

SOFR

Average

+

5.786 %),

10/25/41

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

United

States

5,116,908

481,299

2012-127

,

BI

,

IO,

4.5 %

,

11/25/42

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

United

States

2,010,862

406,287

2012-151

,

IN

,

IO,

%

,

1/25/43

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

United

States

4,096,302

834,373

2015-30

,

IO,

5.5 %

,

5/25/45

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

United

States

526,625

68,020

i

2015-42

,

LS

,

IO,

FRN

,

2.424 %

,

(-

x

30-day

SOFR

Average

+

6.086 %),

6/25/45

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

United

States

892,209

65,853

2015-58

,

KI

,

IO,

%

,

3/25/37

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

United

States

7,602,598

1,193,933

2015-69

,

IO,

%

,

9/25/45

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

United

States

5,884,940

1,166,578

2016-3

,

NI

,

IO,

%

,

2/25/46

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

United

States

4,267,268

587,471

i

2018-38

,

SA

,

IO,

FRN

,

2.424 %

,

(-

x

30-day

SOFR

Average

+

6.086 %),

6/25/48

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

United

States

17,613,510

2,048,854

2018-58

,

AI

,

IO,

4.5 %

,

8/25/48

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

United

States

10,399,843

1,377,368

i

2019-34

,

SL

,

IO,

FRN

,

2.274 %

,

(-

x

30-day

SOFR

Average

+

5.936 %),

7/25/49

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

United

States

8,925,506

973,923

i

2019-43

,

JS

,

IO,

FRN

,

2.274 %

,

(-

x

30-day

SOFR

Average

+

5.936 %),

8/25/49

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

United

States

737,739

72,400

i

2019-47

,

SA

,

IO,

FRN

,

2.274 %

,

(-

x

30-day

SOFR

Average

+

5.936 %),

8/25/49

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

United

States

7,727,817

900,717

2020-76

,

BI

,

IO,

4.5 %

,

11/25/50

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

United

States

2,133,054

485,564

2023-49

,

IA

,

IO,

%

,

8/25/46

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

United

States

10,370,644

1,318,577

2023-49

,

IB

,

IO,

3.5 %

,

3/25/47

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

United

States

13,359,740

2,045,292

,

,

IO,

5.5 %

,

8/25/36

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

United

States

355,367

56,725

,

,

IO,

%

,

Strip

,

6/25/35

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

United

States

333,221

43,959

,

,

IO,

5.5 %

,

11/25/39

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

United

States

8,319

1,643

,

,

IO,

%

,

10/25/40

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

United

States

29,194

4,929

c

,i

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01

,

M10

,

144A,

FRN

,

7.026 %

,

(30-day

SOFR

Average

+

3.364 %),

10/25/49

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

United

States

348,407

354,079

2020-01

,

M10

,

144A,

FRN

,

7.526 %

,

(30-day

SOFR

Average

+

3.864 %),

3/25/50

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

United

States

455,386

463,187

k

GNMA

,

2010-20

,

BI

,

IO,

4.5 %

,

2/16/40

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

United

States

5,318,926

897,374

i

2010-20

,

SC

,

IO,

FRN

,

2.36 %

,

(-

x

1-month

SOFR

+

6.036 %),

2/20/40

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

United

States

2,192,946

221,080

2012-128

,

IA

,

IO,

3.5 %

,

10/20/42

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

United

States

7,570,293

1,205,989

2012-140

,

IC

,

IO,

3.5 %

,

11/20/42

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

United

States

11,191,214

1,787,288

2012-146

,

IO,

%

,

12/20/42

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

United

States

2,406,033

498,323

i

2013-152

,

SJ

,

IO,

FRN

,

2.36 %

,

(-

x

1-month

SOFR

+

6.036 %),

5/20/41

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

United

States

8,798,404

958,876

2013-34

,

IH

,

IO,

4.5 %

,

3/20/43

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

United

States

3,923,506

719,084

i

2014-119

,

SA

,

IO,

FRN

,

1.81 %

,

(-

x

1-month

SOFR

+

5.486 %),

8/20/44

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

United

States

6,032,120

560,043

2014-132

,

IO,

%

,

9/20/44

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

United

States

3,397,343

671,656

2014-4

,

BI

,

IO,

%

,

1/20/44

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

United

States

4,099,086

778,189

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

GNMA,

(continued)

i

2014-4

,

SG

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

1/20/44

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

United

States

7,080,753

$

684,363

i

2014-46

,

SA

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

3/20/44

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

United

States

4,402,890

437,666

2014-71

,

PI

,

IO,

4.5 %

,

12/20/39

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

United

States

2,447,277

223,460

2015-105

,

LI

,

IO,

%

,

10/20/39

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

United

States

4,301,985

901,183

2015-167

,

MI

,

IO,

%

,

6/20/45

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

United

States

8,258,235

1,526,249

2015-52

,

KI

,

IO,

3.5 %

,

11/20/40

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

United

States

2,276,768

67,816

2015-64

,

YI

,

IO,

%

,

11/20/44

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

United

States

4,733,085

678,357

2015-79

,

GI

,

IO,

%

,

10/20/39

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

United

States

3,912,480

786,351

j

2015-H10

,

BI

,

IO,

FRN

,

2.734 %

,

4/20/65

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

United

States

6,413,954

300,231

j

2015-H12

,

AI

,

IO,

FRN

,

1.89 %

,

5/20/65

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

United

States

8,425,128

256,848

j

2015-H23

,

BI

,

IO,

FRN

,

1.803 %

,

9/20/65

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

United

States

9,210,253

245,444

2016-126

,

PI

,

IO,

%

,

2/20/46

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

United

States

4,832,918

1,001,665

2016-17

,

IA

,

IO,

4.5 %

,

3/20/45

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

United

States

5,487,656

1,033,755

j

2016-H22

,

AI

,

IO,

FRN

,

2.735 %

,

10/20/66

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

United

States

6,193,589

325,659

j

2016-H23

,

NI

,

IO,

FRN

,

2.729 %

,

10/20/66

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

United

States

16,370,251

806,808

j

2016-H24

,

JI

,

IO,

FRN

,

2.701 %

,

11/20/66

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

United

States

4,164,855

266,971

j

2016-H27

,

EI

,

IO,

FRN

,

2.112 %

,

12/20/66

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

United

States

6,242,026

254,912

2017-104

,

MI

,

IO,

5.5 %

,

7/16/47

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

United

States

5,912,509

1,294,569

2017-179

,

WI

,

IO,

%

,

12/20/47

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

United

States

2,949,154

674,810

2017-26

,

MI

,

IO,

%

,

11/20/39

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

United

States

653,788

120,079

2017-42

,

IC

,

IO,

4.5 %

,

8/20/41

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

United

States

9,034,952

1,739,527

j

2017-H02

,

BI

,

IO,

FRN

,

2.293 %

,

1/20/67

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

United

States

4,339,090

165,177

j

2017-H06

,

BI

,

IO,

FRN

,

2.405 %

,

2/20/67

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

United

States

9,699,846

345,416

j

2017-H06

,

MI

,

IO,

FRN

,

2.232 %

,

2/20/67

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

United

States

8,703,699

341,437

j

2017-H08

,

NI

,

IO,

FRN

,

1.92 %

,

3/20/67

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

United

States

11,206,397

407,114

j

2017-H09

,

IO,

FRN

,

1.86 %

,

4/20/67

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

United

States

11,468,892

334,192

j

2017-H10

,

MI

,

IO,

FRN

,

1.785 %

,

4/20/67

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

United

States

20,074,192

550,687

j

2017-H11

,

DI

,

IO,

FRN

,

2.06 %

,

5/20/67

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

United

States

6,798,513

321,753

j

2017-H12

,

QI

,

IO,

FRN

,

2.263 %

,

5/20/67

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

United

States

10,103,172

390,003

j

2017-H16

,

IO,

FRN

,

2.277 %

,

8/20/67

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

United

States

11,436,151

686,924

j

2017-H16

,

JI

,

IO,

FRN

,

2.276 %

,

8/20/67

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

United

States

12,104,407

497,600

2018-127

,

IC

,

IO,

%

,

10/20/44

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

United

States

1,078,263

209,523

i

2018-139

,

SA

,

IO,

FRN

,

2.36 %

,

(-

x

1-month

SOFR

+

6.036 %),

10/20/48

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

United

States

939,507

116,547

i

2018-164

,

AS

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

12/20/48

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

United

States

15,883,637

1,841,199

2018-94

,

AI

,

IO,

4.5 %

,

7/20/48

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

United

States

1,061,849

218,056

j

2018-H02

,

EI

,

IO,

FRN

,

2.514 %

,

1/20/68

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

United

States

3,428,699

158,959

j

2018-H05

,

BI

,

IO,

FRN

,

1.736 %

,

2/20/68

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

United

States

24,853,778

1,035,682

j

2018-H15

,

EI

,

IO,

FRN

,

1.368 %

,

8/20/68

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

United

States

33,371,920

1,726,830

2019-119

,

IN

,

IO,

%

,

9/20/49

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

United

States

12,533,144

2,986,964

i

2019-125

,

SG

,

IO,

FRN

,

2.26 %

,

(-

x

1-month

SOFR

+

5.936 %),

10/20/49

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

United

States

6,517,940

736,643

i

2019-6

,

SM

,

IO,

FRN

,

2.26 %

,

(-

x

1-month

SOFR

+

5.936 %),

1/20/49

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

United

States

10,017,090

988,408

i

2019-83

,

SY

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

7/20/49

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

United

States

1,092,021

128,075

i

2019-96

,

SY

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

8/20/49

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

United

States

1,048,514

125,702

2020-13

,

AI

,

IO,

%

,

3/20/46

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

United

States

7,828,570

1,016,924

2020-175

,

NI

,

IO,

%

,

11/20/50

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

United

States

22,144,161

3,701,029

i

2020-63

,

PS

,

IO,

FRN

,

2.31 %

,

(-

x

1-month

SOFR

+

5.986 %),

4/20/50

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

United

States

2,014,097

251,696

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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)

i

2020-97

,

QS

,

IO,

FRN

,

2.36 %

,

(-

x

1-month

SOFR

+

6.036 %),

7/20/50

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

United

States

1,927,513

$

258,290

j

2020-H12

,

IH

,

IO,

FRN

,

2.104 %

,

7/20/70

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

United

States

36,239,428

2,341,284

i

2021-77

,

SM

,

IO,

FRN

,

2.51 %

,

(-

x

1-month

SOFR

+

6.186 %),

5/20/51

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

United

States

24,808,793

3,308,382

i

2021-98

,

SK

,

IO,

FRN

,

2.51 %

,

(-

x

1-month

SOFR

+

6.186 %),

6/20/51

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

United

States

4,592,412

614,413

j

2024-32

,

IO,

FRN

,

0.7 %

,

6/16/63

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

United

States

27,819,709

1,425,204

i

2025-120

,

SD

,

IO,

FRN

,

2.21 %

,

(-

x

1-month

SOFR

+

5.886 %),

10/20/49

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

United

States

13,218,027

1,446,905

84,151,773

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $

#### 85,003,920

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

#### 84,151,773

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $

#### 1,374,813,790

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

#### 1,364,674,334

#### a

#### Short

#### Term

#### Investments

#### 18.1%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers

#### 5.7%
b

,c

Agree

LP

,

144A,

.14

%

,

4/01/26

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

United

States

2,675,000

2,674,693

b

Alimentation

Couche-Tard,

Inc.

,

.03

%

,

4/02/26

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

Canada

2,715,000

2,714,393

b

,c

AutoNation,

Inc.

,

144A,

.14

%

,

4/01/26

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

United

States

2,825,000

2,824,675

b

,c

AvalonBay

Communities,

Inc.

,

144A,

.96

%

,

4/02/26

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

United

States

2,805,000

2,804,384

144A,

.99

%

,

4/07/26

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

United

States

3,490,000

3,487,292

6,291,676

b

,c

Conagra

Brands,

Inc.

,

144A,

.14

%

,

4/01/26

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

United

States

4,690,000

4,689,461

b

,c

Enel

Finance

America

LLC

,

144A,

.1

%

,

6/26/26

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

Italy

2,225,000

2,203,180

b

,c

Energy

Transfer

LP

,

144A,

.99

%

,

4/01/26

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

United

States

3,445,000

3,444,618

b

,c

Extra

Space

Storage

LP

,

144A,

.96

%

,

4/07/26

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

United

States

1,800,000

1,798,614

144A,

.03

%

,

4/16/26

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

United

States

1,665,000

1,662,023

144A,

.06

%

,

4/21/26

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

United

States

1,790,000

1,785,774

5,246,411

b

,c

Intercontinental

Exchange,

Inc.

,

144A,

.01

%

,

4/02/26

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

United

States

1,915,000

1,914,573

144A,

.93

%

,

4/07/26

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

United

States

1,425,000

1,423,912

3,338,485

b

,c

Owens

Corning

,

144A,

.01

%

,

4/02/26

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

United

States

2,610,000

2,609,419

b

Penske

Truck

Leasing

Co.

LP

,

.09

%

,

4/09/26

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

United

States

3,580,000

3,576,347

.09

%

,

4/10/26

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

United

States

2,680,000

2,676,957

.11

%

,

4/13/26

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

United

States

2,000,000

1,997,035

8,250,339

b

,c

Phillips

,

144A,

.03

%

,

4/10/26

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

United

States

1,355,000

1,353,486

b

Ryder

System,

Inc.

,

.96

%

,

4/07/26

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

United

States

1,805,000

1,803,610

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Commercial

#### Papers
(continued)

b

,c

Targa

Resources

Corp.

,

144A,

.94

%

,

4/01/26

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

United

States

5,320,000

$

5,319,418

#### Total

#### Commercial

#### Papers

#### (Cost

#### $

#### 52,770,864

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

#### 52,763,864
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.6%
b

,m

U.S.

Treasury

Bills

,

3.47 %,

4/23/26

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

United

States

400,000

399,114

3.58 %,

7/16/26

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

United

States

5,000,000

4,947,317

5,346,431

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $

#### 5,347,212

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

#### 5,346,431

#### Shares

#### Management

#### Investment

#### Companies

#### 11.8%
a,n

Putnam

Short

Term

Investment

Fund

,

Class

P

,

3.821 %

.......

United

States

108,486,393

108,486,393

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $

#### 108,486,393

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

#### 108,486,393

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $

#### 166,604,469

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

#### 166,596,688

#### a

#### Total

#### Investments

#### (Cost

#### $

#### 1,541,418,259

####)
166.5 #### %
..............................

#### $1,531,271,022

#### TBA

#### Sale

#### Commitments

#### (55.5 ####)

#### %
.............................................

#### (#### 510,890,507

####)

#### Other

#### Assets,

#### less

#### Liabilities

#### (11.0 ####)

#### %
........................................

#### (100,605,554)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $919,774,961

#### a

#### Principal

#### Amount

#### \*
o

#### TBA

#### Sale

#### Commitments

#### (55.5)%

#### Mortgage-Backed

#### Securities

#### (55.5)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (55.5)%
Uniform

Mortgage-Backed

Securities

,

4.5 %

,

TBA,

4/25/56

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

United

States

(123,000,000)

(117,953,164)

%

,

TBA,

4/25/56

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

United

States

(186,000,000)

(182,888,289)

5.5 %

,

TBA,

4/25/56

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

United

States

(209,000,000)

(210,049,054)

(510,890,507)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $

#### (#### 512,991,074

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

#### $(510,890,507)
\*

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

The

rate

shown

represents

the

yield

at

period

end.

c

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

March

31,

2026,

the

aggregate

value

of

these

securities

was

$382,205,671,

representing

41.6%

of

net

assets.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

7. e

Perpetual

security

with

no

stated

maturity

date.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

1(d).

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

See

Note

1(f)

regarding

senior

floating

rate

interests.

i

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

1(d).

m

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts

and

TBA

securities.

At

March

31,

2026,

the

aggregate

value

of

these

securi-

ties

pledged

amounted

to

$4,533,578,

representing

0.5%

of

net

assets.

n

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

o

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

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

At

March

31,

2026,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

March

31,

2026

,

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

$

7,338,087

6/08/26

$

106,707

U.S.

Treasury

Year

Ultra

Notes

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

Short

18,276,016

6/18/26

412,271

U.S.

Treasury

Year

Notes

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

Long

1,189,977

6/30/26

(17,368)

Total

Futures

Contracts

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

$501,610

\*

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

....

CITI

Sell

1,826,700

1,220,561

4/15/26

$

—

$

(39,559)

Australian

Dollar

....

GSCO

Buy

198,200

132,423

4/15/26

4,302

—

Australian

Dollar

....

HSBK

Sell

890,000

595,592

4/15/26

—

(18,359)

Australian

Dollar

....

MSCO

Buy

119,000

79,509

4/15/26

2,581

—

Australian

Dollar

....

MSCO

Sell

6,683,500

4,465,554

4/15/26

—

(144,954)

Australian

Dollar

....

SSBT

Sell

3,493,900

2,334,474

4/15/26

—

(75,739)

Australian

Dollar

....

UBSW

Sell

138,200

92,330

4/15/26

—

(3,005)

Australian

Dollar

....

WPAC

Sell

158,500

105,896

4/15/26

—

(3,442)

Canadian

Dollar

....

BOFA

Sell

23,500

16,962

4/15/26

—

Canadian

Dollar

....

BZWS

Sell

592,600

427,749

4/15/26

1,509

—

Canadian

Dollar

....

GSCO

Sell

65,800

47,495

4/15/26

—

Canadian

Dollar

....

HSBK

Sell

1,498,100

1,097,578

4/15/26

20,039

—

Canadian

Dollar

....

JPHQ

Sell

1,377,700

994,267

4/15/26

3,328

—

Canadian

Dollar

....

SSBT

Sell

6,699,100

4,834,550

4/15/26

16,087

—

Canadian

Dollar

....

TDOM

Buy

1,400

1,025

4/15/26

—

(17)

Canadian

Dollar

....

TDOM

Sell

996,100

718,739

4/15/26

2,274

—

Canadian

Dollar

....

UBSW

Sell

141,300

101,986

4/15/26

—

Canadian

Dollar

....

WPAC

Buy

60,600

43,740

4/15/26

—

(153)

New

Zealand

Dollar

.

HSBK

Sell

26,200

15,060

4/15/26

—

(2)

New

Zealand

Dollar

.

MSCO

Sell

4,865,400

2,796,783

4/15/26

—

(356)

New

Zealand

Dollar

.

UBSW

Sell

578,900

332,744

4/15/26

—

(68)

New

Zealand

Dollar

.

WPAC

Sell

2,261,200

1,299,688

4/15/26

—

(285)

Chinese

Yuan

......

CITI

Buy

741,100

108,035

5/20/26

—

(57)

Chinese

Yuan

......

WPAC

Buy

739,400

107,580

5/20/26

—

Hong

Kong

Dollar

...

GSCO

Buy

954,400

122,522

5/20/26

—

(475)

Hong

Kong

Dollar

...

HSBK

Buy

8,806,900

1,130,612

5/20/26

—

(4,397)

Hong

Kong

Dollar

...

HSBK

Sell

13,053,400

1,675,467

5/20/26

6,216

—

Hong

Kong

Dollar

...

SSBT

Buy

4,373,200

561,298

5/20/26

—

(2,059)

Hong

Kong

Dollar

...

TDOM

Buy

1,739,500

223,282

5/20/26

—

(837)

Japanese

Yen

......

BOFA

Buy

681,546,700

4,428,619

5/20/26

—

(115,843)

Japanese

Yen

......

GSCO

Buy

680,798,100

4,423,783

5/20/26

—

(115,745)

Japanese

Yen

......

HSBK

Buy

157,749,200

1,013,554

5/20/26

(15,721)

Japanese

Yen

......

JPHQ

Buy

85,555,900

555,914

5/20/26

—

(14,522)

Japanese

Yen

......

MSCO

Buy

376,595,300

2,447,405

5/20/26

—

(64,339)

Japanese

Yen

......

TDOM

Buy

24,413,500

158,663

5/20/26

—

(4,176)

New

Taiwan

Dollar

..

BZWS

Buy

8,061,500

255,547

5/20/26

—

(4,457)

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

March

31,

2026,

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

5,097,041

6/17/26

$

14,400

$

—

Euro

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

BOFA

Buy

45,300

52,235

6/17/26

—

Euro

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

CITI

Buy

138,300

159,469

6/17/26

948

—

Euro

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

HSBK

Sell

24,295,000

28,012,600

6/17/26

—

(167,570)

Euro

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

JPHQ

Buy

117,000

134,398

6/17/26

1,312

—

Euro

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

JPHQ

Sell

7,890,800

9,064,194

6/17/26

—

(88,475)

Euro

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

MSCO

Buy

456,300

526,059

6/17/26

3,211

—

Euro

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

SSBT

Buy

262,300

304,079

6/17/26

—

Euro

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

TDOM

Buy

19,200

22,210

6/17/26

—

Euro

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

UBSW

Buy

1,370,900

1,585,687

6/17/26

4,442

—

Norwegian

Krone

...

GSCO

Sell

13,656,300

1,403,589

6/17/26

—

(5,853)

Norwegian

Krone

...

MSCO

Sell

26,720,300

2,745,778

6/17/26

—

(11,974)

Swedish

Krona

.....

MSCO

Sell

30,629,900

3,284,984

6/17/26

36,858

—

Swiss

Franc

.......

UBSW

Buy

6,493,900

8,335,890

6/17/26

—

(145,845)

Total

Forward

Exchange

Contracts

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

$119,163

$(1,048,284)

Net

unrealized

appreciation

(depreciation)

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

$(929,121)

\*

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
(4.127%)/1-day

SOFR/Nov-60/(Purchased)

BNDP

11/18/30

/

4.127%

3,100,000

$

369,675

$

1,188

4.127%/1-day

SOFR/Nov-60/(Purchased)

BNDP

11/18/30

/

4.127%

3,100,000

369,675

(40,713)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

11,855,700

607,012

(440,974)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

11,855,700

579,744

(382,446)

(3.165%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.165%

EUR

173,832,000

(449,106)

(36,585)

(3.565%)/3-month

EURIBOR/Mar-28/(Written)

BOFA

3/19/27

/

3.565%

EUR

173,832,000

(298,062)

(27,318)

(2.765%)/3-month

EURIBOR/Mar-28/

(Purchased)

BOFA

3/19/27

/

2.765%

EUR

173,832,000

727,029

24,571

3.165%/1-day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

7,681,200

549,206

(225,058)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

6,129,800

222,512

(206,271)

(4.37%)/1-day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(13,689)

4.37%/1-day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(67,858)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

2,284,803

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

(824,536)

4.565%/6-month

AUD

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,979

(451,736)

(4.565%)/6-month

AUD

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,980

45,275

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

31,866,700

796,622

(35,705)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

31,866,700

632,511

(452,665)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

964,717

(777,267)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

At

March

31,

2026

,

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
(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

$

964,717

$

3,599,266

3.25%/1-day

SOFR/Sep-37/(Purchased)

MCM

9/09/27

/

3.25%

13,700,000

291,125

(126,424)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

5,225,500

240,634

(98,769)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

5,225,500

230,967

(60,185)

(4.2%)/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

6,340,000

282,130

555

4.2%/1-day

SOFR/Feb-39/(Purchased)

MCM

2/05/29

/

4.2%

6,340,000

282,130

23,779

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

6,440,900

513,451

222,607

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

9,202,400

960,704

287,163

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

6,695,700

242,384

(109,289)

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

(643,155)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

1,616,646

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

(349,472)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

526,982

#### Unrealized

#### appreciation

#### 8,632,835

#### Unrealized
(depreciation)

#### (5,370,115)

#### Total

#### $3,262,720
\*

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

#### Buy

#### Protection

#### c

#### Traded

#### Index
iTraxx

Europe

Main

....

(1.00)%

Quarterly

6/20/31

34,690,000

EUR

$

(725,353)

$

(511,727)

$

(213,626)

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

45,541,000

2,449,420

3,636,322

(1,186,902)

Non-

Investment

Grade

CDX.NA.HY.46

.

5.00%

Quarterly

6/20/31

26,540,000

1,217,301

1,217,301

—

Non-

Investment

Grade

CDX.NA.IG.46

..

1.00%

Quarterly

6/20/31

39,940,000

970,875

633,802

337,073

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$3,912,243

$4,975,698

$(1,063,455)

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection

#### c

#### Traded

#### Index
CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

5,680,000

3,129,737

2,318,565

811,172

CMBX.NA.BB.10

(5.00)%

Monthly

GSCO

11/17/59

131,000

72,182

59,000

13,182

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

160,000

88,162

9,104

79,058

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

#### Buy

#### Protection

#### c
(continued)

#### Traded

#### Index
(continued)

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

190,000

$

74,701

$

71,487

$

3,214

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

1,271,000

154,332

57,268

97,064

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

37,000

14,753

16,021

(1,268)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

922,000

252,176

277,119

(24,943)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

1,667,000

455,942

319,372

136,570

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

540,000

147,696

174,616

(26,920)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

3,588,000

437,737

447,504

(9,767)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

1,099,000

214,214

199,469

14,745

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

2,198,000

457,277

460,848

(3,571)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

JPHQ

12/16/72

3,060,000

636,607

592,747

43,860

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

7,284,000

458,907

1,700,195

(1,241,288)

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

2,246,000

404,215

433,871

(29,656)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

1,099,000

259,852

197,408

62,444

#### Contracts

#### to

#### Sell

#### Protection

#### c,d

#### Traded

#### Index
CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

2,048,000

(132,075)

(269,434)

137,359

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

591,000

(325,647)

(47,420)

(278,227)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

190,000

(74,702)

(80,708)

6,006

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

6,165,000

(748,585)

(1,071,933)

323,348

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

175,000

(21,249)

(30,380)

9,131

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

649,000

(78,804)

(73,125)

(5,679)

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

588,000

(71,398)

(104,672)

33,274

Non-

Investment

Grade

CMBX.NA.BB.8

.

5.00%

Monthly

MSCO

10/17/57

37,000

(14,753)

(16,251)

1,498

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

232,000

(42,514)

(52,737)

10,223

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

11,000

(2,016)

(2,259)

Investment

Grade

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

At

March

31,

2026

,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

(e).

#### 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
(continued)

#### Traded

#### Index
(continued)

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

143,000

$

(26,204)

$

(32,506)

$

6,302

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

7,284,000

(458,908)

(438,632)

(20,276)

Investment

Grade

Total

OTC

Swap

Contracts

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

$5,261,635

$5,114,537

$147,098

Total

Credit

Default

Swap

Contracts

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

$9,173,878

$

10,090,235

$(916,357)

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.3%

.....

Annual

3/18/28

322,134,000

$

2,129,391

$

(155,145)

$

2,284,536

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.32%

....

Annual

3/18/28

119,743,000

745,442

(134,874)

880,316

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.1%

.....

Quarterly

3/18/28

8,830,000

AUD

62,476

33,531

28,945

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.36%

....

Annual

3/18/28

22,022,000

EUR

215,717

(7,027)

222,744

Receive

Fixed

3.5%

...

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/28

66,462,000

(147,237)

(231,858)

84,621

Receive

Fixed

3.52%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/28

24,774,000

(45,432)

(79,483)

34,051

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/17/28

7,699,000

GBP

(47,154)

(48,695)

1,541

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

franklintempleton.com

Semiannual

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

Fixed

3.45%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/31

403,055,000

$

(3,256,817)

$

(230,004)

$

(3,026,813)

Receive

Fixed

3.47%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/31

63,684,000

(456,468)

57,501

(513,969)

Receive

Fixed

4.5%

...

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

3/18/31

1,000

AUD

(12)

(1)

(11)

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.66%

....

Annual

3/18/31

1,374,000

EUR

15,045

(6,649)

21,694

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.55%

....

Annual

6/17/31

20,680,000

78,192

100,838

(22,646)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.57%

....

Annual

6/17/31

33,465,000

96,270

188,339

(92,069)

Receive

Fixed

3.65%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/33

1,000

(5)

(6)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.75%

....

Annual

3/18/36

29,682,000

290,123

16,161

273,962

Receive

Fixed

3.01%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/18/36

3,459,000

EUR

(15,176)

107,649

(122,825)

Receive

Fixed

3.77%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/36

2,497,000

(20,250)

(7,782)

(12,468)

Receive

Fixed

4.8%

...

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

3/18/36

57,348,000

AUD

(782,444)

26,818

(809,262)

Receive

Fixed

0.65%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

6/17/36

4,365,000

CHF

44,601

40,346

4,255

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.3%

.....

Semi-Annual

6/17/36

8,617,000

CAD

(25,059)

(4,553)

(20,506)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.8%

.....

Annual

6/17/36

52,715,000

365,542

525,478

(159,936)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.82%

....

Annual

6/17/36

10,287,000

54,378

79,820

(25,442)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.4%

.....

Semi-Annual

6/17/36

13,349,000

NZD

(15,007)

12,088

(27,095)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

3%

......

Annual

6/17/36

5,780,000

SEK

$

5,802

$

4,874

$

928

Receive

Fixed

4.4%

...

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/17/36

493,000

GBP

(3,274)

(3,759)

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4.4%

.....

Annual

6/17/36

155,533,000

NOK

35,449

13,747

21,702

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.12%

....

Annual

3/18/56

7,425,000

17,807

21,186

(3,379)

Receive

Fixed

3.31%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/18/56

3,277,000

EUR

158,005

84,068

73,937

Receive

Fixed

4.1%

...

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/18/56

5,797,000

(33,873)

9,574

(43,447)

Receive

Fixed

5%

.....

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

3/18/56

6,620,000

AUD

(8,117)

19,413

(27,530)

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/56

2,596,000

(38,796)

5,340

(44,136)

Receive

Fixed

4.07%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/17/56

2,900,000

(33,452)

11,523

(44,975)

Total

Interest

Rate

Swap

Contracts

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

$(614,333)

$

448,465

$(1,062,798)

\*

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

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$1,415,721,274

Cost

-

Non-controlled

affiliates

(Note

g)

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

125,696,985

Value

-

Unaffiliated

issuers

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

$1,405,487,629

Value

-

Non-controlled

affiliates

(Note

g)

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

125,783,393

Cash

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

7,032,502

Receivables:

Investment

securities

sold

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

6,716,653

Receivable

for

sales

of

TBA

securities

(Note

d)

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

515,101,133

Capital

shares

sold

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

306,333

Dividends

and

interest

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

10,994,650

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

7,452,472

Variation

margin

on

centrally

cleared

swap

contracts

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

1,040,731

OTC

swap

contracts

(upfront

payments)

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

7,334,594

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

119,163

Unrealized

appreciation

on

forward

premium

swap

option

contracts

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

8,632,835

Unrealized

appreciation

on

OTC

swap

contracts

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

1,788,693

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

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

Prepaid

expenses

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

412,858

Other

assets

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

1,759

Total

assets

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

2,098,205,757

Liabilities:

Payables:

Investment

securities

purchased

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

7,277,355

Payable

for

purchases

of

TBA

securities

(Note

d)

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

641,336,914

Capital

shares

redeemed

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

543,949

Management

fees

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

407,636

Administrative

fees

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

4,907

Distribution

fees

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

139,598

Transfer

agent

fees

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

254,691

Trustees'

fees

and

expenses

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

513,536

Variation

margin

on

futures

contracts

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

50,746

Deposits

from

brokers

for:

OTC

derivative

contracts

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

6,234,969

TBA

transactions

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

380,000

OTC

swap

contracts

(upfront

receipts)

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

2,220,057

Unrealized

depreciation

on

OTC

swap

contracts

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

1,641,595

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

1,048,284

Unrealized

depreciation

on

forward

premium

swap

option

contracts

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

5,370,115

TBA

sale

commitments,

at

value

(proceeds

$512,991,074)

(Note

1d)

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

510,890,507

Unrealized

depreciation

on

unfunded

loan

commitments

(Note

8)

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

Accrued

expenses

and

other

liabilities

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

115,645

Total

liabilities

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

1,178,430,796

Net

assets,

at

value

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

$919,774,961

Net

assets

consist

of:

Paid-in

capital

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

$2,703,220,193

Total

distributable

earnings

(losses)

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

(1,783,445,232)

Net

assets,

at

value

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

$919,774,961

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

(continued)

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Diversified

#### Income

#### Trust

#### Class

#### A:
Net

assets,

at

value

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

$462,935,805

Shares

outstanding

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

92,918,874

Net

asset

value

per

share

a,b

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

$4.98

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.00%)

b

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

$5.19

#### Class

#### C:
Net

assets,

at

value

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

$25,146,824

Shares

outstanding

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

5,212,492

Net

asset

value

and

maximum

offering

price

per

share

a,b

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

$4.82

#### Class

#### M:
Net

assets,

at

value

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

$40,930,449

Shares

outstanding

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

8,528,570

Net

asset

value

per

share

a,b

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

$4.80

Maximum

offering

price

per

share

(net

asset

value

per

share

÷

96.75%)

b

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

$4.96

#### Class

#### R:
Net

assets,

at

value

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

$1,754,191

Shares

outstanding

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

360,778

Net

asset

value

and

maximum

offering

price

per

share

b

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

$4.86

#### Class

#### R6:
Net

assets,

at

value

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

$21,772,462

Shares

outstanding

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

4,464,513

Net

asset

value

and

maximum

offering

price

per

share

b

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

$4.88

#### Class

#### Y:
Net

assets,

at

value

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

$367,235,230

Shares

outstanding

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

74,815,681

Net

asset

value

and

maximum

offering

price

per

share

b

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

$4.91

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

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

g)

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

$2,627,183

Interest:

Unaffiliated

issuers:

Paydown

gain

(loss)

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

(4,856,303)

Paid

in

cash

a

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

26,812,533

Total

investment

income

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

24,583,413

Expenses:

Management

fees

(Note

a)

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

2,548,759

Administrative

fees

(Note

b)

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

9,329

Distribution

fees:

(Note

3c)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

601,486

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

145,300

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

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

105,912

Class

R

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

4,314

Transfer

agent

fees:

(Note

3e)

&nbsp;&nbsp;&nbsp;&nbsp;Class

A

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

339,742

&nbsp;&nbsp;&nbsp;&nbsp;Class

C

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

20,618

&nbsp;&nbsp;&nbsp;&nbsp;Class

M

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

29,909

&nbsp;&nbsp;&nbsp;&nbsp;Class

R

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

1,216

&nbsp;&nbsp;&nbsp;&nbsp;Class

R6

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

5,615

&nbsp;&nbsp;&nbsp;&nbsp;Class

Y

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

287,823

Custodian

fees

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

3,795

Reports

to

shareholders

fees

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

62,977

Registration

and

filing

fees

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

47,307

Professional

fees

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

116,161

Trustees'

fees

and

expenses

(Not

e

3f)

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

18,495

Interest

expense

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

3,017

Other

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

13,992

Total

expenses

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

4,365,767

Expense

reductions

(Note

4)

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

(21,392)

Expenses

waived/paid

by

affiliates

(Note

g

and

h)

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

(12,971)

Net

expenses

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

4,331,404

Net

investment

income

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

20,252,009

Putnam

Diversified

Income

Trust

Financial

Statements

Statement

of

Operations

(continued)

for

the

six

months

ended

March

31,

2026

(unaudited)

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Semiannual

Report

#### Putnam

#### Diversified

#### Income

#### Trust
Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

2,655,454

Foreign

currency

transactions

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

19,607

Forward

exchange

contracts

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

526,450

Forward

premium

swap

option

contracts

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

(500,685)

Futures

contracts

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

(359,338)

TBA

sale

commitments

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

234,237

Swap

contracts

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

2,282,444

Net

realized

gain

(loss)

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

4,858,169

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

(9,681,056)

Non-controlled

affiliates

(Note

g)

...........................................................

(69,188)

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

..............................

(282,586)

Unfunded

loan

commitments

(Note

8)

..........................................................

(304) Forward

exchange

contracts

.................................................................

(1,319,356)

Forward

premium

swap

option

contracts

........................................................

1,317,987

Futures

contracts

.........................................................................

671,548

TBA

sale

commitments

.....................................................................

1,879,200

Swap

contracts

...........................................................................

(5,055,576)

Net

change

in

unrealized

appreciation

(depreciation)

............................................

(12,539,331)

Net

realized

and

unrealized

gain

(loss)

............................................................

(7,681,162)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..........................................

$12,570,847

a

Includes

amortization

of

premium

and

accretion

of

discount.

Putnam

Diversified

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

Semiannual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Diversified

#### Income

#### Trust

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026
(unaudited)

#### Year

#### Ended

#### September

#### 30,

#### 2025
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

.................................................

$20,252,009

$56,763,195

Net

realized

gain

(loss)

.................................................

4,858,169

(5,358,619)

Net

change

in

unrealized

appreciation

(depreciation)

...........................

(12,539,331)

11,609,781

Net

increase

(decrease)

in

net

assets

resulting

from

operations

................

12,570,847

63,014,357

Distributions

to

shareholders:

Class

A

.............................................................

(12,253,539)

(79,814,073)

Class

C

.............................................................

(661,811)

(7,476,444)

Class

M

............................................................

(1,070,603)

(7,648,502)

Class

R

.............................................................

(42,827)

(197,480)

Class

R6

............................................................

(627,571)

(4,300,065)

Class

Y

.............................................................

(11,114,462)

(73,447,979)

Total

distributions

to

shareholders

..........................................

(25,770,813)

(172,884,543)

Capital

share

transactions:

(Note

2)

Class

A

.............................................................

(22,887,100)

14,255,563

Class

C

.............................................................

(7,678,459)

(16,281,227)

Class

M

............................................................

(1,755,002)

(2,009,234)

Class

R

.............................................................

51,429

652,224

Class

R6

............................................................

(448,472)

(1,954,413)

Class

Y

.............................................................

(61,909,124)

10,894,743

Total

capital

share

transactions

............................................

(94,626,728)

5,557,656

Net

increase

(decrease)

in

net

assets

...................................

(107,826,694)

(104,312,530)

Net

assets:

Beginning

of

period

.....................................................

1,027,601,655

1,131,914,185

End

of

period

..........................................................

$919,774,961

$1,027,601,655

Putnam

Diversified

Income

Trust

franklintempleton.com

Semiannual

Report

Notes

to

Financial

Statements

(unaudited)

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.

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

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

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

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,

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

or

at

the

broker 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

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

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

(unaudited)

franklintempleton.com

Semiannual

Report

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

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

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

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

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

March

31,

2026, 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).

The

Fund's

federal

and

state

income

and

federal

excise

tax

returns

for

the

prior

three

fiscal

years

are

subject

to

examination

by

the

Internal

Revenue

Service

and

state

departments

of

revenue.

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

separately

in

the

Statements

of

Operations.

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.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan.

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.

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.

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

f. #### Senior

#### Floating

#### Rate

#### Interests
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

2. #### Shares

#### of

#### Beneficial

#### Interest
At

March

31,

2026,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

Transactions

in

the

Fund's

shares

were

as

follows:

#### Six

#### Months

#### Ended

#### March

#### 31,

#### 2026

#### Year

#### Ended

#### September

#### 30,

#### 2025

#### Shares

#### Amount

#### Shares

#### Amount

#### Class

#### A

#### Shares:
Shares

sold

a

...................................

4,447,543

$22,500,067

10,415,042

$52,844,134

Shares

issued

in

reinvestment

of

distributions

..........

2,232,331

11,228,526

14,584,395

72,501,481

Shares

redeemed

...............................

(11,209,739)

(56,615,693)

(21,874,784)

(111,090,052)

Net

increase

(decrease)

..........................

(4,529,865)

$(22,887,100)

3,124,653

$14,255,563

#### Class

#### C

#### Shares:
Shares

sold

...................................

137,121

$669,686

469,074

$2,353,044

Shares

issued

in

reinvestment

of

distributions

..........

124,319

605,792

1,428,152

6,880,408

Shares

redeemed

a

..............................

(1,829,685)

(8,953,937)

(5,199,109)

(25,514,679)

Net

increase

(decrease)

..........................

(1,568,245)

$(7,678,459)

(3,301,883)

$(16,281,227)

#### Class

#### M

#### Shares:
Shares

redeemed

...............................

(360,830)

$(1,755,002)

(405,790)

$(2,009,234)

Net

increase

(decrease)

..........................

(360,830)

$(1,755,002)

(405,790)

$(2,009,234)

#### Class

#### R

#### Shares:
Shares

sold

...................................

13,903

$68,534

146,628

$710,585

Shares

issued

in

reinvestment

of

distributions

..........

8,694

42,687

40,004

194,072

Shares

redeemed

...............................

(12,094)

(59,792)

(51,764)

(252,433)

Net

increase

(decrease)

..........................

10,503

$51,429

134,868

$652,224

#### Class

#### R6

#### Shares:
Shares

sold

...................................

650,375

$3,222,863

1,569,594

$7,838,878

Shares

issued

in

reinvestment

of

distributions

..........

65,664

323,239

453,222

2,208,302

Shares

redeemed

...............................

(808,221)

(3,994,574)

(2,449,164)

(12,001,593)

Net

increase

(decrease)

..........................

(92,182)

$(448,472)

(426,348)

$(1,954,413)

#### Class

#### Y

#### Shares:
Shares

sold

...................................

6,819,399

$33,936,573

21,244,175

$107,447,691

Shares

issued

in

reinvestment

of

distributions

..........

2,037,734

10,097,947

13,543,025

66,372,117

Shares

redeemed

...............................

(21,305,817)

(105,943,644)

(32,494,689)

(162,925,065)

Net

increase

(decrease)

..........................

(12,448,684)

$(61,909,124)

2,292,511

$10,894,743

a

May

include

a

portion

of

Class

C

shares

that

were

automatically

converted

to

Class

A. Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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:

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

period

ended

March

31,

2026,

the

annualized

gross

effective

investment

management

fee

rate

was 0.518%

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.

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.

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.

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Putnam

Investment

Management,

LLC

(Putnam

Management)

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

#### 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.

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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.

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

period:

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

#### 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

..............................

$7,282

CDSC

retained

..............................................................................

$1,414

3. #### Transactions

#### with

#### Affiliates
(continued)

b. #### Administrative

#### Fees
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

period

ended

March

31,

2026,

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.

Total

expenses

waived

or

paid

are

not

subject

to

recapture

subsequent

to

the

Fund's

fiscal

year

end.

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into an

arrangement

with PSERV

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

fees.

During

the

period

ended

March

31,

2026,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Period

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Period

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Period

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Diversified

#### Income

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$17,366,188

$—

$—

$—

$(69,188)

$17,297,000

691,880

$368,634

Putnam

Short

Term

Investment

Fund,

Class

P,

3.821%

......

127,240,127

700,258,151

(719,011,885)

—

—

108,486,393

108,486,393

2,258,549

#### Total

#### Affiliated

#### Securities

#### ...
$144,606,315

$700,258,151

$(719,011,885)

$—

$(69,188)

$125,783,393

$2,627,183

3. #### Transactions

#### with

#### Affiliates
(continued)

f. #### Trustee

#### Fees
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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:

At

March

31,

2026,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation)

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

period

ended

March

31,

2026,

aggregated

$2,215,287,301 and

$2,914,751,518,

respectively.

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

March

31,

2026,

the

Fund

had 23.0% of

its

portfolio

invested

in

high

yield

securities,

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

March

31,

2026,

the

aggregate

value

of

these

securities was

$1,324,290, representing 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.

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

Cost

of

investments

..........................................................................

$1,188,947,109

Unrealized

appreciation

........................................................................

$44,502,745

Unrealized

depreciation

........................................................................

(201,674,585)

Net

unrealized

appreciation

(depreciation)

..........................................................

$(157,171,840)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

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

March

31,

2026,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

March

31,

2026,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Diversified

#### Income

#### Trust
First

Eagle

Holdings,

Inc.

$

46,667

Pinnacle

Buyer

LLC

74,182

$

120,849

#### 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

$

518,978

a

Variation

margin

on

futures

contracts

$

17,368

a

Variation

margin

on

centrally

cleared

swap

contracts

3,933,717

a

Variation

margin

on

centrally

cleared

swap

contracts

4,996,515

a

Unrealized

appreciation

on

forward

premium

swap

option

contracts

8,632,835

Unrealized

depreciation

on

forward

premium

swap

option

contracts

5,370,115

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

119,163

Unrealized

depreciation

on

OTC

forward

exchange

contracts

1,048,284

Credit

contracts

............

Variation

margin

on

centrally

cleared

swap

contracts

337,073

a

Variation

margin

on

centrally

cleared

swap

contracts

1,400,528

a

OTC

swap

contracts

(upfront

payments)

7,334,594

OTC

swap

contracts

(upfront

receipts)

2,220,057

Unrealized

appreciation

on

OTC

swap

contracts

1,788,693

Unrealized

depreciation

on

OTC

swap

contracts

1,641,595

Total

....................

$22,665,053

$16,694,462

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

period

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

(unaudited)

franklintempleton.com

Semiannual

Report

For

the

period

ended

March

31,

2026,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

period

ended

March

31,

2026,

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

March

31,

2026,

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

#### Period

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Period

#### 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

$(359,338)

Futures

contracts

$671,548

Swap

contracts

(257,234)

Swap

contracts

(2,837,261)

Forward

premium

swap

option

contracts

(500,685)

Forward

premium

swap

option

contracts

1,317,987

Foreign

exchange

contracts

.....

Forward

exchange

contracts

526,450

Forward

exchange

contracts

(1,319,356)

Credit

contracts

...............

Swap

contracts

2,539,678

Swap

contracts

(2,218,315)

Total

.......................

$1,948,871

$(4,385,397)

#### Putnam

#### Diversified

#### Income

#### Trust
Futures

contracts

............................................................................

$28,460,144

Swap

contracts

..............................................................................

$1,520,297,337

Forward

exchange

contracts

....................................................................

$105,655,143

Options

....................................................................................

885,454,092

#### 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

.............................

$

119,163

$

1,048,284

Forward

Premium

Swap

Option

Contracts

...................

8,632,835

5,370,115

Swap

Contracts

.......................................

9,123,287

3,861,652

Total

.............................................

$17,875,285

$10,280,051

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

(unaudited)

franklintempleton.com

Semiannual

Report

At

March

31,

2026,

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

...................

$

1,188

$

(1,188)

$

—

$

—

$

—

BOFA

....................

24,939

(24,939)

—

—

—

BZWS

...................

1,509

(1,509)

—

—

—

CITI

.....................

5,897,468

(2,748,420)

—

(3,149,048)

—

DBAB

...................

—

—

—

—

—

GSCO

...................

1,893,566

(168,050)

—

(1,580,000)

145,516

HSBK

...................

41,046

(41,046)

—

—

—

JPHQ

...................

6,570,591

(2,970,553)

(2,906,730)

(280,000)

413,308

MCM

....................

24,334

(24,334)

—

—

—

MLCO

...................

225,521

(225,521)

—

—

—

MSCO

...................

1,027,962

(401,972)

—

(625,990)

—

NATW

...................

—

—

—

—

—

SSBT

....................

16,254

(16,254)

—

—

—

TDOM

...................

2,334

(2,334)

—

—

—

UBSW

...................

2,148,423

(1,141,545)

(543,909)

(462,969)

—

WPAC

...................

(150) —

—

—

Total

...................

$17,875,285

$(7,767,815)

$(3,450,639)

$(6,098,007)

$558,824

$

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

At

March

31,

2026,

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
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

29,

2027. 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

#### b,c

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Diversified

#### Income

#### Trust

#### Counterparty
BNDP

...................

$

40,713

$

(1,188)

$

—

$

—

$

39,525

BOFA

....................

1,687,132

(24,939)

(1,379,313)

—

282,880

BZWS

...................

4,457

(1,509)

—

—

2,948

CITI

.....................

2,748,420

(2,748,420)

—

—

—

DBAB

...................

81,547

—

(43,536)

—

38,011

GSCO

...................

168,050

(168,050)

—

—

—

HSBK

...................

206,049

(41,046)

—

—

165,003

JPHQ

...................

2,970,553

(2,970,553)

—

—

—

MCM

....................

285,378

(24,334)

(261,044)

—

—

MLCO

...................

348,238

(225,521)

(121,704)

—

1,013

MSCO

...................

401,972

(401,972)

—

—

—

NATW

...................

109,289

—

(109,289)

—

—

SSBT

....................

77,798

(16,254)

(61,544)

—

—

TDOM

...................

5,030

(2,334)

—

—

2,696

UBSW

...................

1,141,545

(1,141,545)

—

—

—

WPAC

...................

3,880

(150) —

—

3,730

Total

...................

$10,280,051

$(7,767,815)

$(1,976,430)

$—

$535,806

a

At

March

31,

2026,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

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.

c

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

Report

Under

the

terms

of

the

Global

Credit

Facility,

the

Fund

may,

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

period

ended

March

31,

2026,

the Fund

did

not

use

the

Global

Credit

Facility.

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

March

31,

2026,

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:

a

Management

Investment

Companies

.........

$

17,297,000

$

—

$

—

$

17,297,000

Convertible

Bonds

.......................

—

32,830,620

—

32,830,620

Corporate

Bonds

........................

—

299,401,434

—

299,401,434

Senior

Floating

Rate

Interests

...............

—

46,525,955

—

46,525,955

Foreign

Government

and

Agency

Securities

....

—

85,411,751

—

85,411,751

Asset-Backed

Securities

...................

—

16,978,731

—

16,978,731

Commercial

Mortgage-Backed

Securities

......

—

80,835,495

—

80,835,495

Mortgage-Backed

Securities

................

—

636,446,736

—

636,446,736

Residential

Mortgage-Backed

Securities

.......

—

64,794,839

—

64,794,839

Agency

Commercial

Mortgage-Backed

Securities

—

84,151,773

—

84,151,773

Short

Term

Investments

...................

108,486,393

58,110,295

—

166,596,688

Total

Investments

in

Securities

...........

$125,783,393

$1,405,487,629

$—

$1,531,271,022

Other

Financial

Instruments:

Forward

Exchange

Contracts

...............

$—

$119,163

$—

$119,163

Forward

Premium

Swap

Option

Contracts

.....

—

8,632,835

—

8,632,835

Futures

Contracts

.......................

518,978

—

—

518,978

Swap

Contracts

.........................

—

6,059,483

—

6,059,483

Unfunded

Loan

Commitments

..............

—

—

Total

Other

Financial

Instruments

.........

$518,978

$14,811,840

$—

$15,330,818

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

...................

$

—

$

510,890,507

$

—

$

510,890,507

Forward

Exchange

Contracts

...............

—

1,048,284

—

1,048,284

Forward

Premium

Swap

Option

Contracts

......

—

5,370,115

—

5,370,115

10. #### Credit

#### Facility
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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. #### 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)

#### Liabilities:
(continued)

Other

Financial

Instruments:

(continued)

Futures

Contracts

........................

$17,368

$—

$—

$17,368

Swap

Contracts

.........................

—

8,038,638

—

8,038,638

Unfunded

Loan

Commitments

...............

—

—

Total

Other

Financial

Instruments

.........

$17,368

$525,347,836

$—

$525,365,204

a

For

detailed

categories,

see

the

accompanying

Schedule

of

Investments.

11. #### Fair

#### Value

#### Measurements
(continued)

Putnam

Diversified

Income

Trust

Notes

to

Financial

Statements

(unaudited)

franklintempleton.com

Semiannual

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

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CDX.NA.IG.

#### Series

#### number
CDX

North

America

Investment

Grade

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

.................

2.27%

1-day

SARON

.......................

(0.07)%

1-day

SOFR

........................

3.68%

1-day

SONIA

........................

3.73%

3-month

AUD

BBR

...................

4.31%

3-month

EURIBOR

...................

2.08%

3-month

STIBOR

....................

2.19%

6-month

AUD

BBR

...................

4.78%

6-month

EURIBOR

...................

2.48%

6-month

NIBOR

.....................

4.66%

Putnam

Diversified

Income

Trust

franklintempleton.com

Semiannual

Report

#### 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

Not

applicable.

38926-SFSOI

05/26©

2026

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 EQUITY 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 Registrants acknowledge the Staff's comment. In future filings on Form N-CSR,
 the certifications required by Rule 30a-2 and Item 19(a)(3) will include the designations "principal executive officer" and
 "principal financial officer" in the signature blocks, reflecting the capacity in which each signatory executes the certification,
 in conformity with the language of the Rule and Form N-CSR. The Registrants may also include each signatory's actual title with
 respect to the Funds alongside the required designation.

&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) Not applicable.

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-efp24645_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-efp24645_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**

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ Jonathan S. Horwitz |
|  | Jonathan S. Horwitz |
|  | Principal Executive Officer |
| Date: | May 29, 2026 |
| By: | /s/ Jeffrey White |
|  | Jeffrey White |
|  | Principal Financial Officer |
| Date: | May 29, 2026 |

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## 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: May 29, 2026 |
| /s/ Jonathan S. Horwitz |
| Jonathan S. Horwitz |
| 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: May 29, 2026 |
| /s/ Jeffrey White |
| Jeffrey White |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **March 31, 2026** (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;&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.

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| | |
|:---|:---|
| **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: May 29, 2026 | Date: May 29, 2026 |

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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.