Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38926-Q3PH

1

Schedule

of

Investments

(unaudited)

Putnam

Diversified

Income

Trust

2

Notes

to

Schedule

of

Investments

37

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited),

June

30,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.7%

Capital

Markets

1.7%

a

Franklin

Ultra

Short

Bond

ETF

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

United

States

691,880

$

17,324,675

Total

Management

Investment

Companies

(Cost

$17,210,592)

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

17,324,675

Principal

Amount

*

Convertible

Bonds

3.8%

Aerospace

&

Defense

0.0%

†

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

113,000

410,331

Automobiles

0.1%

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

440,000

448,525

Banks

0.0%

†

Barclays

Bank

plc

,

Senior

Note,

1%,

2/16/29

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

United

Kingdom

460,000

502,136

502,136

Biotechnology

0.2%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

1

%

,

9/15/27

.....

United

States

435,000

566,153

Ascendis

Pharma

A/S

,

Senior

Note

,

2.25

%

,

4/01/28

.........

Denmark

209,000

262,081

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25

%

,

5/15/27

United

States

439,000

414,875

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75

%

,

4/15/31

.....

United

States

387,000

355,960

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

446,000

508,886

Sarepta

Therapeutics,

Inc.

,

Senior

Note

,

1.25

%

,

9/15/27

......

United

States

103,000

74,418

2,182,373

Broadline

Retail

0.0%

†

Alibaba

Group

Holding

Ltd.

,

Senior

Note

,

0.5

%

,

6/01/31

......

China

403,000

515,366

Etsy,

Inc.

,

Senior

Note

,

0.25

%

,

6/15/28

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

United

States

341,000

293,516

JD.com,

Inc.

,

Senior

Note

,

0.25

%

,

6/01/29

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

China

551,000

576,071

1,384,953

Capital

Markets

0.1%

Coinbase

Global,

Inc.

,

Senior

Note

,

0.25

%

,

4/01/30

..........

United

States

375,000

491,437

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

211,000

204,459

695,896

Communications

Equipment

0.1%

Lumentum

Holdings,

Inc.

,

Senior

Note

,

0.5

%

,

6/15/28

........

United

States

664,000

688,568

Construction

&

Engineering

0.0%

†

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

218,000

286,288

Consumer

Finance

0.0%

†

b

SoFi

Technologies,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/15/26

United

States

304

334

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

207,000

323,127

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

533,000

561,729

Diversified

Telecommunication

Services

0.1%

b

Cellnex

Telecom

SA

,

Senior

Note

,

Reg

S,

0.5

%

,

7/05/28

......

Spain

600,000

EUR

750,596

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Electric

Utilities

0.3%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

410,000

$

467,195

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

584,000

580,963

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

591,000

639,789

1,687,947

Electronic

Equipment,

Instruments

&

Components

0.1%

Itron,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

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

United

States

486,000

580,284

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

2.25

%

,

8/01/29

.......

United

States

253,000

343,827

924,111

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

281,000

374,152

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

259,000

398,472

b

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

555,000

604,950

Sea

Ltd.

,

Senior

Note

,

2.375

%

,

12/01/25

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

Singapore

250,000

445,321

1,822,895

Financial

Services

0.1%

Block,

Inc.

,

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

242,000

216,892

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

455,000

408,590

b,c

Nexi

SpA

,

Senior

Note

,

Reg

S,

3.67%

,

2/24/28

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

Italy

400,000

EUR

428,166

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

430,000

462,250

1,515,898

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

508,000

581,152

Ground

Transportation

0.1%

c

Uber

Technologies,

Inc.

,

2028,

Senior

Note,

0.875%,

12/01/28

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

United

States

501,000

717,181

b

Senior

Secured

Note,

144A,

Zero

Cpn.,

5/15/28

..........

United

States

264,000

281,028

998,209

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

392,000

369,656

Haemonetics

Corp.

,

Senior

Note

,

2.5

%

,

6/01/29

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

United

States

192,000

191,473

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875

%

,

3/15/30

...

United

States

545,000

568,980

Lantheus

Holdings,

Inc.

,

Senior

Note

,

2.625

%

,

12/15/27

......

United

States

260,000

330,915

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

277,000

346,879

1,807,903

Health

Care

Providers

&

Services

0.0%

†

b

Hims

&

Hers

Health,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

United

States

253,000

265,903

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

230,000

375,015

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

253,000

335,984

710,999

Hotels,

Restaurants

&

Leisure

0.6%

b

Accor

SA

,

Senior

Note

,

Reg

S,

0.7

%

,

12/07/27

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

France

1,005,100

EUR

654,028

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

(continued)

Carnival

Corp.

,

Senior

Note

,

5.75

%

,

12/01/27

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

United

States

202,000

$

444,804

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

669,000

726,437

c

DraftKings

Holdings,

Inc.

,

Senior

Note

,

3.99%

,

3/15/28

.......

United

States

336,000

302,232

b

MakeMyTrip

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

7/01/30

......

India

580,000

619,582

b,c

Meituan

Dianping

,

Senior

Note

,

Reg

S,

1.02%

,

4/27/28

.......

China

600,000

583,050

c

Shake

Shack,

Inc.

,

Senior

Note

,

2.984%

,

3/01/28

...........

United

States

368,000

394,910

b

Trip.com

Group

Ltd.

,

Senior

Note

,

Reg

S,

1.5

%

,

7/01/27

......

China

617,000

674,494

4,399,537

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

371,000

361,066

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

250,000

227,875

Industrial

REITs

0.0%

†

b

Rexford

Industrial

Realty

LP

,

Senior

Note

,

144A,

4.125

%

,

3/15/29

United

States

267,000

261,527

IT

Services

0.3%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

342,000

332,509

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

541,000

585,091

Okta,

Inc.

,

Senior

Note

,

0.375

%

,

6/15/26

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

United

States

199,000

190,841

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/27

......

United

States

589,000

896,458

Spotify

USA,

Inc.

,

Senior

Note

,

Zero

Cpn.,

3/15/26

..........

United

States

407,000

617,582

2,622,481

Life

Sciences

Tools

&

Services

0.0%

†

b,c

QIAGEN

NV

,

Senior

Note

,

Reg

S,

0.98%

,

12/17/27

..........

United

States

200,000

195,244

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

230,000

228,965

424,209

Multi-Utilities

0.1%

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

406,000

432,593

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625

%

,

4/15/29

.......

United

States

243,000

254,239

Passenger

Airlines

0.1%

b

International

Consolidated

Airlines

Group

SA

,

Senior

Note

,

Reg

S,

1.125

%

,

5/18/28

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

United

Kingdom

400,000

EUR

620,862

Pharmaceuticals

0.0%

†

b

Jazz

Investments

I

Ltd.

,

Senior

Note

,

144A,

3.125

%

,

9/15/30

...

United

States

345,000

367,425

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

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

United

States

220,000

234,960

Real

Estate

Management

&

Development

0.0%

†

b

LEG

Properties

BV

,

Senior

Note

,

Reg

S,

1

%

,

9/04/30

........

Germany

300,000

EUR

361,029

Semiconductors

&

Semiconductor

Equipment

0.2%

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

340,000

335,580

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

357,000

353,608

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

546,000

506,661

b

SK

Hynix,

Inc.

,

Senior

Note

,

Reg

S,

1.75

%

,

4/11/30

..........

South

Korea

400,000

1,061,400

b,c

STMicroelectronics

NV

,

B

,

Senior

Note

,

Reg

S,

0.26%

,

8/04/27

.

Singapore

400,000

397,796

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Semiconductors

&

Semiconductor

Equipment

(continued)

d

Wolfspeed,

Inc.

,

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

434,000

$

111,755

2,766,800

Software

0.6%

Bentley

Systems,

Inc.

,

Senior

Note

,

0.375

%

,

7/01/27

.........

United

States

290,000

274,195

b

Box,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

9/15/29

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

United

States

419,000

432,618

b

Core

Scientific,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/31

....

United

States

184,000

200,790

b

CyberArk

Software

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.

United

States

300,000

309,000

b,c

Datadog,

Inc.

,

Senior

Note

,

144A,

0.92%

,

12/01/29

..........

United

States

646,000

620,483

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

628,000

741,982

b,c

MARA

Holdings,

Inc.

,

Senior

Note

,

144A,

2.57%

,

6/01/31

.....

United

States

185,000

159,193

b,c

MicroStrategy,

Inc.

,

Senior

Note,

144A,

1.2%,

12/01/29

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

United

States

686,000

650,671

Senior

Note,

144A,

0.407%,

3/01/30

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

United

States

387,000

455,254

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

512,000

581,476

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

245,000

284,567

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

363,000

447,942

Vertex,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/29

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

United

States

252,000

302,530

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

271,000

251,691

5,712,392

Specialty

Retail

0.0%

†

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

187,000

242,072

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

308,000

351,736

593,808

Technology

Hardware,

Storage

&

Peripherals

0.1%

b

Lenovo

Group

Ltd.

,

Senior

Note

,

Reg

S,

2.5

%

,

8/26/29

.......

China

234,000

291,739

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

425,000

765,159

1,056,898

Total

Convertible

Bonds

(Cost

$36,416,321)

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

39,247,574

Corporate

Bonds

27.6%

Aerospace

&

Defense

0.9%

ATI,

Inc.

,

Senior

Note,

4.875%,

10/01/29

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

United

States

2,395,000

2,347,773

Senior

Note,

7.25%,

8/15/30

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

United

States

455,000

477,178

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

85,000

78,837

Senior

Note,

2.7%,

2/01/27

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

United

States

1,060,000

1,030,632

Senior

Note,

6.298%,

5/01/29

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

United

States

245,000

259,082

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

2,755,000

2,872,459

b

Spirit

AeroSystems,

Inc.

,

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

672,000

741,956

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

608,000

645,855

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

625,000

648,939

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

405,000

419,841

9,522,552

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.

United

States

205,000

209,816

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobiles

0.3%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55

%

,

9/26/29

..

United

States

2,510,000

$

2,488,243

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

1,380,000

1,285,152

3,773,395

Banks

1.6%

b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

1,185,000

1,254,326

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

2,870,000

2,987,422

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

1,275,000

1,270,150

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

1,205,000

1,252,737

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

6,055,000

6,188,209

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

985,000

998,810

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

2,725,000

2,814,118

16,765,772

Building

Products

0.6%

b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75

%

,

5/15/35

..

United

States

345,000

355,648

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

80,000

80,748

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

340,000

345,858

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

1,225,000

1,257,197

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

815,000

841,447

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

420,000

432,157

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

2,600,000

2,727,990

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

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

United

States

775,000

794,595

6,835,640

Capital

Markets

1.2%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

3,025,000

3,122,209

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

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

United

States

100,000

110,567

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

2,355,000

2,422,897

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

4,240,000

4,314,979

b,e

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

535,000

540,812

UBS

AG

,

Senior

Note

,

7.5

%

,

2/15/28

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

Switzerland

585,000

631,224

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

1,058,000

1,086,822

12,229,510

Chemicals

0.3%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

275,000

277,743

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

800,000

589,720

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.629

%

,

7/15/32

....

United

States

38,000

39,865

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Chemicals

(continued)

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

670,000

$

687,335

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

1,300,000

1,233,850

2,828,513

Commercial

Services

&

Supplies

1.2%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

1,215,000

1,270,382

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

790,000

748,578

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

1,226,000

1,222,243

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

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

United

States

1,235,000

1,238,045

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

1,630,000

1,631,231

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

3,240,000

EUR

3,840,483

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

260,000

281,774

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

2,150,000

2,237,329

12,470,065

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

1,235,000

1,255,605

Construction

&

Engineering

0.1%

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

320,000

332,302

b

Webuild

SpA

,

Senior

Note

,

Reg

S,

7

%

,

9/27/28

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

Italy

670,000

EUR

858,868

1,191,170

Construction

Materials

0.0%

†

b,f

Cemex

SAB

de

CV

,

Sub.

Bond

,

144A,

7.2%

to

9/09/30,

FRN

thereafter

,

Perpetual

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

Mexico

270,000

273,105

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

1,805,000

1,806,092

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

1,375,000

1,463,939

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

2,803,000

2,904,029

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

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

United

States

650,000

655,369

Senior

Note,

4.125%,

8/17/27

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

United

States

940,000

919,108

7,748,537

Containers

&

Packaging

0.2%

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

1,120,000

1,150,121

b

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

1,240,000

1,240,000

2,390,121

Distributors

0.2%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

1,610,000

1,694,540

Diversified

REITs

0.2%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

2,520,000

2,535,847

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Diversified

Telecommunication

Services

0.8%

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

3,000,000

$

2,988,141

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

3,023,000

2,869,286

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

11/29/31

.......

Nigeria

750,000

759,223

b

Level

3

Financing,

Inc.

,

Senior

Secured

Note

,

144A,

10.75

%

,

12/15/30

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

United

States

875,000

994,219

7,610,869

Electric

Utilities

1.9%

b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875

%

,

2/15/39

Mexico

1,090,000

1,123,840

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

1,185,000

1,251,701

b

Energo-Pro

A/S

,

Senior

Note

,

144A,

11

%

,

11/02/28

..........

Czech

Republic

1,000,000

1,072,860

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

1,225,000

1,257,119

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25

%

,

11/01/34

.......

United

States

2,560,000

2,609,851

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

1,200,000

1,243,702

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

2,815,000

2,683,448

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

1,775,000

1,848,512

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

2,700,000

2,564,637

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

1,560,000

1,521,465

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

1,285,000

1,344,280

18,521,415

Energy

Equipment

&

Services

0.2%

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

1,130,000

1,166,791

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

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

United

States

643,125

644,600

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

411,667

418,462

2,229,853

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

2,100,000

2,180,443

Financial

Services

1.4%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

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

Austria

1,935,000

2,038,257

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

1,930,000

2,141,699

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

2,685,000

2,841,627

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

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

United

States

2,970,000

3,018,684

b

Petronas

Capital

Ltd.

,

Senior

Bond,

Reg

S,

2.48%,

1/28/32

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

Malaysia

1,980,000

1,726,518

Senior

Note,

144A,

4.95%,

1/03/31

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

Malaysia

1,030,000

1,051,529

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

1,100,000

1,126,896

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

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

United

States

270,000

EUR

329,800

14,275,010

Food

Products

0.2%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

1,095,000

1,142,427

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Food

Products

(continued)

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

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

United

States

815,000

$

774,794

Senior

Note,

5.5%,

1/15/30

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

United

States

399,000

408,668

2,325,889

Ground

Transportation

0.2%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

1,295,000

1,275,937

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

1,120,000

1,159,931

2,435,868

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

1,245,000

1,263,609

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

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

United

States

980,000

1,013,232

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

960,000

995,333

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

135,000

139,485

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

3,020,000

2,900,376

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75

%

,

5/15/31

..

United

States

2,650,000

2,743,357

7,791,783

Health

Care

REITs

0.1%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

1,315,000

1,377,280

Hotel

&

Resort

REITs

0.3%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

1,225,000

1,260,675

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

405,000

416,895

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

985,000

1,004,815

2,682,385

Hotels,

Restaurants

&

Leisure

1.4%

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

1,300,000

1,246,793

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

1,684,000

1,744,973

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

545,000

554,573

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

495,000

498,333

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

642,000

660,300

Senior

Note,

144A,

6%,

2/01/33

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

United

States

1,403,000

1,430,923

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

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

United

States

1,650,000

1,696,713

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

1,650,000

1,546,642

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

1,285,000

1,384,749

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

2,080,000

2,219,539

12,983,538

Household

Durables

0.6%

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

291,000

283,819

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Household

Durables

(continued)

Newell

Brands,

Inc.,

(continued)

Senior

Note,

6.625%,

5/15/32

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

United

States

87,000

$

83,212

b

Senior

Note,

144A,

8.5%,

6/01/28

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

United

States

430,000

452,666

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

2,811,000

2,802,976

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

1,320,000

1,281,656

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

1,145,000

1,109,769

6,014,098

Independent

Power

and

Renewable

Electricity

Producers

0.3%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

1,170,000

1,194,583

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

1,215,000

1,257,541

b

FIEMEX

Energia

-

Banco

Actinver

SA

Institucion

de

Banca

Multiple

,

Senior

Secured

Bond

,

144A,

7.25

%

,

1/31/41

......

Mexico

765,573

777,746

3,229,870

Insurance

0.8%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

1,175,000

1,214,579

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

1,220,000

1,254,585

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

1,200,000

1,257,502

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

1,340,000

1,337,853

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

1,155,000

1,225,060

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

1,230,000

1,255,923

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

1,765,000

1,827,156

9,372,658

Interactive

Media

&

Services

0.2%

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

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

United

States

1,888,000

1,938,506

IT

Services

0.4%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

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

United

States

1,320,000

1,301,466

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

2,675,000

2,545,286

3,846,752

Leisure

Products

0.1%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

1,550,000

1,486,758

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

697,000

698,011

Machinery

0.1%

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

1,160,000

1,163,127

Media

0.8%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

1,680,000

1,735,699

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

934,000

940,271

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

900,000

939,511

b

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

...........

United

States

880,000

842,618

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Media

(continued)

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note,

144A,

5%,

8/15/27

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

United

States

1,485,000

$

1,478,509

Senior

Secured

Note,

144A,

7.375%,

2/15/31

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

United

States

445,000

471,466

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

1,350,000

1,364,967

7,773,041

Metals

&

Mining

0.7%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

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

Luxembourg

1,035,000

1,147,504

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

7

%

,

3/15/32

........

United

States

573,000

540,861

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

1,536,000

1,416,032

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

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

United

States

980,000

EUR

1,113,353

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

1,785,000

1,815,898

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

1,098,000

1,135,942

7,169,590

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

1,110,000

1,130,525

Oil,

Gas

&

Consumable

Fuels

2.5%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

1,225,000

1,258,918

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

1,425,000

1,435,015

b,e

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

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

United

States

860,000

861,126

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

2,455,000

2,514,998

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

360,000

365,591

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

1,560,000

1,501,146

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

538,000

540,752

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond,

Reg

S,

5.375%,

4/24/30

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

Kazakhstan

1,350,000

1,362,380

Senior

Bond,

Reg

S,

6.375%,

10/24/48

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

Kazakhstan

980,000

907,690

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

1,605,000

1,630,536

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

2,710,000

2,734,688

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

2,661,000

2,715,332

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

415,000

419,464

b,e

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

1,030,000

1,023,562

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

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

Canada

1,250,000

1,254,441

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

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

United

States

988,000

1,005,116

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

1,190,000

1,251,831

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

1,264,000

1,225,795

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

2,610,000

2,712,705

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

170,000

184,160

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

170,000

182,158

27,087,404

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

640,000

566,170

Passenger

Airlines

0.4%

b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

1,200,000

EUR

1,587,649

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Passenger

Airlines

(continued)

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

1,085,000

$

1,130,685

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

765,000

743,087

3,461,421

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

1,315,000

1,271,978

Pharmaceuticals

0.6%

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

2,870,000

3,082,024

Teva

Pharmaceutical

Finance

Netherlands

II

BV

,

Senior

Note

,

4.375

%

,

5/09/30

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

Israel

930,000

EUR

1,118,799

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

1,873,000

2,123,252

6,324,075

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

990,000

1,022,866

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

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

United

States

1,515,000

1,505,127

Software

0.1%

b

Cloud

Software

Group,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

3/31/29

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

United

States

500,000

504,979

Specialized

REITs

0.3%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

3,045,000

2,973,670

Specialty

Retail

0.4%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

3,175,000

3,297,307

b,g

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

9

%

,

12/01/28

..

United

States

1,075,000

1,103,728

4,401,035

Technology

Hardware,

Storage

&

Peripherals

0.3%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note

,

144A,

5.875

%

,

7/15/30

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

United

States

830,000

844,466

Seagate

HDD

Cayman

,

Senior

Bond

,

9.625

%

,

12/01/32

......

United

States

1,436,000

1,619,914

2,464,380

Textiles,

Apparel

&

Luxury

Goods

0.6%

b,e

Beach

Acquisition

Bidco

LLC

,

g

Senior

Note,

144A,

PIK,

10%,

7/15/33

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

United

States

1,090,000

1,132,526

Senior

Secured

Note,

144A,

5.25%,

7/15/32

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

United

States

560,000

EUR

665,193

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

1,695,000

1,528,172

Levi

Strauss

&

Co.

,

Senior

Note

,

3.375

%

,

3/15/27

...........

United

States

1,004,000

EUR

1,184,399

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

675,000

685,264

5,195,554

Tobacco

0.2%

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

2,435,000

2,506,174

Trading

Companies

&

Distributors

1.3%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

3,475,000

3,595,653

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25

%

,

8/11/25

...........

United

States

1,365,000

1,364,936

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

1,245,000

1,268,524

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

1,260,000

1,226,766

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Trading

Companies

&

Distributors

(continued)

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

1,180,000

$

1,248,062

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

6/15/29

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

United

States

375,000

385,072

Senior

Note,

144A,

7%,

6/15/30

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

United

States

205,000

214,221

Senior

Note,

144A,

7.25%,

6/15/33

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

United

States

1,985,000

2,081,176

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

1,315,000

1,358,003

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

533,000

508,979

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

265,000

274,087

13,525,479

Wireless

Telecommunication

Services

1.0%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

1,360,000

1,285,718

Senior

Note,

3.375%,

4/15/29

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

United

States

6,100,000

5,873,613

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

1,490,000

EUR

1,674,870

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

1,535,000

1,641,675

10,475,876

Total

Corporate

Bonds

(Cost

$276,274,390)

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

284,511,254

Senior

Floating

Rate

Interests

6.1%

Aerospace

&

Defense

0.1%

h

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.796%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

1,092,203

1,095,376

Automobile

Components

0.0%

†

h

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

7.077%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

342,504

343,254

h

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

1,054,376

1,054,001

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.577%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

1,290,333

1,291,514

2,345,515

a

a

a

a

a

a

Chemicals

0.1%

h

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.736%,

(3-month

EURIBOR

+

3.5%),

4/03/28

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

Netherlands

1,160,000

EUR

1,372,263

h

Commercial

Services

&

Supplies

0.2%

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

1,337,628

1,340,136

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

7.046%,

(3-month

SOFR

+

2.75%),

3/26/31

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

Luxembourg

550,844

553,048

1,893,184

a

a

a

a

a

a

Communications

Equipment

0.1%

e,h

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.577%,

(1-month

SOFR

+

5.25%),

12/18/29

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

United

States

1,005,000

1,018,713

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Distributors

0.0%

†

h

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

197,818

$

198,758

Electrical

Equipment

0.1%

h

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.574%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

1,339,875

1,341,717

h

Entertainment

0.0%

†

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

7.072%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

501,259

503,034

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.191%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

234,388

230,980

734,014

a

a

a

a

a

a

Food

Products

0.1%

e,h

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

10/25/27

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

United

States

1,236,892

1,242,817

Ground

Transportation

0.1%

h

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.046%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

818,813

815,505

h

Health

Care

Equipment

&

Supplies

0.4%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.679%,

(1-month

SOFR

+

3.25%),

5/10/27

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

United

States

1,950,642

1,949,648

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

764,331

765,924

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

1,202,302

1,205,037

3,920,609

a

a

a

a

a

a

h

Health

Care

Providers

&

Services

0.3%

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.827%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

1,278,861

1,284,526

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.827%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

1,314,029

1,315,875

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.577%,

(1-month

SOFR

+

2.25%),

10/22/29

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

United

States

589,380

592,330

3,192,731

a

a

a

a

a

a

h

Hotels,

Restaurants

&

Leisure

0.9%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.577%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

1,328,188

1,329,024

Carnival

Corp.,

First

Lien,

2025

Repricing

Advance

CME

Term

Loan,

6.312%,

(1-month

SOFR

+

2%),

10/18/28

...........

United

States

2,330,741

2,335,473

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.827%,

(1-month

SOFR

+

3.5%),

1/29/29

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

United

States

1,154,215

1,154,262

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.046%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

650,100

649,287

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

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

Canada

1,000,000

979,000

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.827%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

1,565,532

1,567,168

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

1,272,134

1,272,509

9,286,723

a

a

a

a

a

a

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Household

Durables

0.1%

h

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.546%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

1,211,750

$

1,208,975

Insurance

0.1%

h

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.072%,

(1-month

SOFR

+

2.75%),

9/19/31

.........

United

States

1,318,346

1,320,139

h

IT

Services

0.2%

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

7.299%,

(3-month

SOFR

+

3%),

2/03/31

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

United

States

537,441

538,562

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.827%,

(1-month

SOFR

+

3.5%),

6/27/31

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

United

States

1,007,462

1,011,240

1,549,802

a

a

a

a

a

a

h

Machinery

0.5%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.788%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

1,906,971

1,915,314

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.824%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

995,462

976,409

e

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

1,107,132

1,112,656

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

7.237%,

(3-month

SOFR

+

3%),

4/30/30

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

Germany

813,265

816,315

4,820,694

a

a

a

a

a

a

h

Media

0.7%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.441%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

920,000

914,577

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

9%,

(PRIME

+

1.5%),

4/15/27

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

United

States

1,559,427

1,521,284

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

2,423,170

2,408,849

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D,

7.439%,

(1-month

SOFR

+

3%),

12/01/28

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

United

States

1,374,945

1,334,790

6,179,500

a

a

a

a

a

a

Oil,

Gas

&

Consumable

Fuels

0.2%

h

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.299%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

2,198,800

2,201,636

Paper

&

Forest

Products

0.1%

h

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.583%,

(3-month

SOFR

+

4.25%),

11/04/31

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

United

States

557,200

548,146

h

Passenger

Airlines

0.2%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

2,246,324

2,234,912

e

American

Airlines,

Inc.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.58%,

(3-month

SOFR

+

3.25%),

5/28/32

..........

United

States

115,000

115,891

2,350,803

a

a

a

a

a

a

Pharmaceuticals

0.1%

h

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.327%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

962,575

963,177

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

h

Professional

Services

0.2%

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2,

6.572%,

(1-month

SOFR

+

2.25%),

1/18/29

......

United

States

1,328,188

$

1,328,686

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.549%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

1,069,200

1,070,670

2,399,356

a

a

a

a

a

a

h

Software

0.6%

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.796%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

1,658,664

1,662,338

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.316%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

1,305,154

1,270,215

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

1,376,873

1,379,338

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.311%,

(1-month

SOFR

+

3%),

2/10/31

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

United

States

1,301,850

1,308,236

5,620,127

a

a

a

a

a

a

h

Specialty

Retail

0.4%

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.177%,

(1-month

SOFR

+

3.75%),

2/11/28

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

United

States

1,197,989

1,188,255

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

2,927,762

2,916,241

4,104,496

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.1%

h

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

1,168,182

1,098,698

Total

Senior

Floating

Rate

Interests

(Cost

$63,041,197)

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

63,166,728

Foreign

Government

and

Agency

Securities

10.7%

b

Angola

Government

Bond

,

Senior

Bond,

Reg

S,

8%,

11/26/29

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

Angola

500,000

454,715

Senior

Bond,

Reg

S,

8.75%,

4/14/32

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

Angola

1,090,000

964,049

Argentina

Government

Bond

,

Senior

Bond,

4.125%,

7/09/35

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

Argentina

1,800,000

1,215,393

Senior

Note,

0.75%,

7/09/30

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

Argentina

1,936,000

1,548,800

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

850,000

736,318

b

Bahrain

Government

Bond

,

Senior

Bond

,

Reg

S,

7.375

%

,

5/14/30

Bahrain

1,022,000

1,064,221

b

Benin

Government

Bond

,

Senior

Bond,

144A,

7.96%,

2/13/38

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

Benin

990,000

940,106

Senior

Bond,

144A,

8.375%,

1/23/41

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

Benin

500,000

481,216

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

422,000

EUR

453,848

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

400,000

EUR

403,476

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

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

Brazil

1,940,000

1,831,507

Senior

Bond,

6%,

10/20/33

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

Brazil

1,080,000

1,073,408

Senior

Bond,

8.25%,

1/20/34

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

Brazil

1,030,000

1,176,518

Senior

Bond,

6.125%,

3/15/34

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

Brazil

500,000

496,280

Senior

Bond,

5%,

1/27/45

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

Brazil

1,320,000

1,006,661

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

750,000

733,961

Senior

Bond,

Reg

S,

1.375%,

9/23/50

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

Bulgaria

740,000

EUR

521,753

Senior

Note,

Reg

S,

3.625%,

9/05/32

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

Bulgaria

405,000

EUR

495,097

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

1,210,000

EUR

1,119,036

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

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

Chile

400,000

$

413,040

Senior

Bond,

4.34%,

3/07/42

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

Chile

2,150,000

1,866,436

Senior

Note,

4.85%,

1/22/29

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

Chile

960,000

975,120

Colombia

Government

Bond

,

Senior

Bond,

3.125%,

4/15/31

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

Colombia

950,000

782,437

Senior

Bond,

7.5%,

2/02/34

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

Colombia

1,710,000

1,704,556

Senior

Bond,

8%,

11/14/35

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

Colombia

1,360,000

1,369,234

Senior

Bond,

7.375%,

9/18/37

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

Colombia

400,000

382,804

b

Comision

Federal

de

Electricidad

,

Senior

Bond

,

Reg

S,

3.875

%

,

7/26/33

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

Mexico

600,000

510,629

b

Costa

Rica

Government

Bond

,

Senior

Bond,

Reg

S,

6.125%,

2/19/31

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

Costa

Rica

1,250,000

1,288,113

Senior

Bond,

Reg

S,

7.158%,

3/12/45

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

Costa

Rica

1,050,000

1,086,876

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

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

Dominican

Republic

750,000

763,650

Senior

Bond,

Reg

S,

6%,

7/19/28

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

Dominican

Republic

1,490,000

1,516,075

Senior

Bond,

Reg

S,

4.5%,

1/30/30

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

Dominican

Republic

950,000

904,353

Senior

Bond,

Reg

S,

6.85%,

1/27/45

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

Dominican

Republic

700,000

694,225

Ecopetrol

SA

,

Senior

Bond,

6.875%,

4/29/30

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

Colombia

1,000,000

991,717

Senior

Bond,

8.875%,

1/13/33

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

Colombia

450,000

464,537

b

Ecuador

Government

Bond

,

Senior

Bond,

Reg

S,

5.5%,

7/31/35

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

Ecuador

802,170

584,172

Senior

Note,

Reg

S,

6.9%,

7/31/30

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

Ecuador

169,828

147,963

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

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

Egypt

1,750,000

1,765,474

Senior

Bond,

Reg

S,

7.053%,

1/15/32

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

Egypt

1,078,000

988,671

Senior

Bond,

Reg

S,

7.3%,

9/30/33

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

Egypt

1,100,000

978,536

Senior

Note,

144A,

8.625%,

2/04/30

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

Egypt

770,000

779,336

b

El

Salvador

Government

Bond

,

Senior

Bond,

Reg

S,

8.625%,

2/28/29

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

El

Salvador

597,000

623,119

Senior

Note,

Reg

S,

0.25%,

4/17/30

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

El

Salvador

600,000

13,491

b,f

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

1,280,000

1,446,944

b

Empresa

Nacional

del

Petroleo

,

Senior

Bond

,

144A,

5.95

%

,

7/30/34

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

Chile

695,000

704,022

b

Eskom

Holdings

SOC

Ltd.

,

Senior

Bond,

Reg

S,

6.35%,

8/10/28

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

South

Africa

230,000

232,731

Senior

Note,

Reg

S,

4.314%,

7/23/27

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

South

Africa

240,000

234,220

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

....

Gabon

1,590,000

1,269,499

b

Ghana

Government

Bond

,

Senior

Bond,

144A,

5%,

7/03/35

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

Ghana

333,360

260,186

Senior

Note,

144A,

7/03/26

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

Ghana

43,680

42,446

Senior

Note,

144A,

5%,

7/03/29

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

Ghana

240,440

225,996

Senior

Note,

144A,

1/03/30

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

Ghana

91,659

76,844

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

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

Guatemala

2,570,000

2,613,048

Senior

Note,

144A,

7.05%,

10/04/32

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

Guatemala

1,940,000

2,065,644

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

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

Jordan

470,000

483,225

b

Honduras

Government

Bond

,

Senior

Bond

,

Reg

S,

6.25

%

,

1/19/27

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

Honduras

230,000

230,431

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

2,090,000

2,109,577

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Indonesia

Government

Bond

,

b

Senior

Bond,

144A,

4.35%,

1/08/27

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

Indonesia

900,000

$

903,540

b

Senior

Bond,

Reg

S,

4.35%,

1/08/27

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

Indonesia

800,000

803,147

Senior

Bond,

3.55%,

3/31/32

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

Indonesia

765,000

713,848

b

Senior

Bond,

Reg

S,

7.75%,

1/17/38

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

Indonesia

1,320,000

1,606,069

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

1,462,500

1,449,894

b

Ivory

Coast

Government

Bond

,

Senior

Bond,

Reg

S,

4.875%,

1/30/32

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

Ivory

Coast

1,070,000

EUR

1,131,563

Senior

Bond,

Reg

S,

6.125%,

6/15/33

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

Ivory

Coast

2,762,000

2,515,642

Jamaica

Government

Bond

,

Senior

Bond

,

8

%

,

3/15/39

.......

Bermuda

370,000

436,300

b

Jordan

Government

Bond

,

Senior

Bond

,

Reg

S,

5.85

%

,

7/07/30

Jordan

700,000

675,099

Mexico

Government

Bond

,

Senior

Bond,

2.659%,

5/24/31

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

Mexico

1,160,000

1,006,300

Senior

Bond,

4.28%,

8/14/41

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

Mexico

750,000

577,538

Senior

Bond,

6.338%,

5/04/53

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

Mexico

430,000

395,643

e

Senior

Note,

5.85%,

7/02/32

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

Mexico

1,083,174

1,097,526

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

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

Montenegro

950,000

EUR

1,109,827

b

Morocco

Government

Bond

,

Senior

Bond,

Reg

S,

3%,

12/15/32

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

Morocco

474,000

401,846

Senior

Bond,

Reg

S,

5.5%,

12/11/42

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

Morocco

539,000

482,295

b

Nigeria

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

11/28/27

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

Nigeria

990,000

984,324

Senior

Bond,

Reg

S,

7.375%,

9/28/33

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

Nigeria

500,000

447,776

Senior

Note,

Reg

S,

8.375%,

3/24/29

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

Nigeria

940,000

949,424

b

Oman

Government

Bond

,

Senior

Bond

,

Reg

S,

6

%

,

8/01/29

...

Oman

2,167,000

2,275,000

Panama

Government

Bond

,

Senior

Bond,

8%,

3/01/38

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

Panama

1,230,000

1,321,109

Senior

Bond,

3.87%,

7/23/60

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

Panama

700,000

400,770

Senior

Note,

7.5%,

3/01/31

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

Panama

1,490,000

1,589,145

b

Paraguay

Government

Bond

,

Senior

Bond,

Reg

S,

4.95%,

4/28/31

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

Paraguay

500,000

497,800

Senior

Bond,

Reg

S,

3.849%,

6/28/33

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

Paraguay

1,490,000

1,355,334

Senior

Bond,

Reg

S,

6.1%,

8/11/44

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

Paraguay

450,000

432,886

b

Pertamina

Persero

PT

,

Senior

Bond

,

Reg

S,

6

%

,

5/03/42

......

Indonesia

890,000

878,860

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

1,400,000

1,257,410

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

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

Indonesia

950,000

968,182

b

Petroleos

del

Peru

SA

,

Senior

Bond

,

Reg

S,

4.75

%

,

6/19/32

...

Peru

350,000

271,743

Petroleos

Mexicanos

,

Senior

Bond,

5.95%,

1/28/31

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

Mexico

200,000

180,995

Senior

Bond,

6.75%,

9/21/47

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

Mexico

200,000

144,983

Senior

Note,

6.49%,

1/23/27

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

Mexico

1,980,000

1,971,244

Senior

Note,

6.84%,

1/23/30

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

Mexico

1,000,000

966,719

Senior

Note,

6.7%,

2/16/32

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

Mexico

421,000

391,519

Philippines

Government

Bond

,

Senior

Bond,

3.75%,

1/14/29

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

Philippines

550,000

540,355

Senior

Bond,

5.5%,

2/04/35

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

Philippines

1,580,000

1,638,882

Senior

Bond,

4.2%,

3/29/47

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

Philippines

924,000

756,597

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

1,380,000

1,323,658

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

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

Romania

760,000

EUR

854,942

Senior

Note,

144A,

3%,

2/27/27

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

Romania

1,460,000

1,412,232

b

Romanian

Government

Bond

,

Senior

Bond,

Reg

S,

3%,

2/14/31

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

Romania

1,550,000

1,327,825

Senior

Bond,

Reg

S,

6.125%,

1/22/44

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

Romania

930,000

842,459

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

b

Saudi

Arabia

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5

%

,

10/26/46

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

Saudi

Arabia

1,500,000

$

1,237,593

b

Senegal

Government

Bond

,

Senior

Bond

,

Reg

S,

6.25

%

,

5/23/33

Senegal

260,000

171,853

b

Serbia

Government

Bond

,

Senior

Bond,

144A,

6.5%,

9/26/33

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

Serbia

700,000

737,997

Senior

Bond,

Reg

S,

2.125%,

12/01/30

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

Serbia

2,850,000

2,411,331

Senior

Bond,

Reg

S,

6.5%,

9/26/33

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

Serbia

730,000

769,626

Senior

Note,

Reg

S,

6.25%,

5/26/28

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

Serbia

990,000

1,024,353

South

Africa

Government

Bond

,

Senior

Bond,

4.85%,

9/27/27

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

South

Africa

810,000

809,062

Senior

Bond,

5.875%,

6/22/30

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

South

Africa

200,000

199,365

Senior

Bond,

5.875%,

4/20/32

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

South

Africa

500,000

490,088

Senior

Bond,

5%,

10/12/46

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

South

Africa

600,000

419,142

Senior

Bond,

5.75%,

9/30/49

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

South

Africa

550,000

414,660

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

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

Azerbaijan

1,240,000

1,257,861

b

Trinidad

&

Tobago

Government

Bond

,

Senior

Bond

,

Reg

S,

4.5

%

,

8/04/26

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

Trinidad

and

Tobago

900,000

890,937

Turkiye

Government

Bond

,

Senior

Bond,

7.625%,

5/15/34

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

Turkiye

700,000

718,210

Senior

Note,

9.125%,

7/13/30

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

Turkiye

2,410,000

2,675,967

b

Ukraine

Government

Bond

,

Senior

Bond,

144A,

2/01/35

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

Ukraine

226,247

105,507

Senior

Bond,

144A,

1.75%,

2/01/35

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

Ukraine

459,055

232,316

Senior

Bond,

144A,

2/01/36

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

Ukraine

188,540

89,413

Senior

Bond,

144A,

1.75%,

2/01/36

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

Ukraine

497,406

242,702

Senior

Note,

144A,

2/01/30

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

Ukraine

71,644

34,274

Senior

Note,

144A,

2/01/34

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

Ukraine

267,727

102,405

Senior

Note,

144A,

1.75%,

2/01/34

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

Ukraine

355,122

182,705

Uruguay

Government

Bond

,

Senior

Bond,

7.875%,

1/15/33

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

Uruguay

1,000,000

1,189,140

Senior

Bond,

5.1%,

6/18/50

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

Uruguay

500,000

462,985

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

1,640,000

1,690,668

b

Uzbekneftegaz

JSC

,

Senior

Note

,

144A,

8.75

%

,

5/07/30

......

Uzbekistan

300,000

309,249

Total

Foreign

Government

and

Agency

Securities

(Cost

$108,040,196)

..........

110,463,399

Asset-Backed

Securities

0.7%

Financial

Services

0.7%

b,h

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.499

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

.

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

United

States

323,538

324,038

h

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3,

A2B,

FRN,

4.614%,

(1-month

SOFR

+

0.294%),

3/25/37

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

United

States

802,662

694,303

2007-AMC3,

A2D,

FRN,

4.784%,

(1-month

SOFR

+

0.464%),

3/25/37

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

United

States

4,669,848

4,039,311

h

GSAA

Home

Equity

Trust

,

2006-8

,

2A2

,

FRN

,

4.794

%

,

(

1-month

SOFR

+

0.474

%

),

5/25/36

.

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

United

States

9,105,507

1,921,942

6,979,594

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$9,256,162)

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

6,979,594

Commercial

Mortgage-Backed

Securities

8.3%

Financial

Services

8.3%

i

Banc

of

America

Commercial

Mortgage

Trust

,

2015-UBS7

,

B

,

FRN

,

4.451

%

,

9/15/48

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

United

States

621,000

600,014

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i,j

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.352

%

,

10/15/57

........

United

States

26,321,535

$

2,190,441

i,j

BANK5

,

2024-5YR10,

XA,

IO,

FRN,

1.402%,

10/15/57

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

United

States

40,156,668

1,780,462

2024-5YR12,

XA,

IO,

FRN,

0.696%,

12/15/57

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

United

States

8,676,507

176,991

2024-5YR7,

XA,

IO,

FRN,

1.57%,

6/15/57

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

United

States

28,642,431

1,327,416

Barclays

Commercial

Mortgage

Trust

,

2019-C5,

C,

3.71%,

11/15/52

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

United

States

641,000

569,132

b

2019-C5,

D,

144A,

2.5%,

11/15/52

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

United

States

442,000

361,700

b,i

2019-C5,

F,

144A,

FRN,

2.701%,

11/15/52

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

United

States

648,000

377,001

i,j

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.812%,

2/15/55

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

United

States

28,797,597

979,179

2024-5C29,

XA,

IO,

FRN,

1.822%,

9/15/57

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

United

States

44,279,399

2,582,596

2024-5C31,

XA,

IO,

FRN,

1.281%,

12/15/57

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

United

States

10,298,907

428,824

2024-C26,

XA,

IO,

FRN,

1.241%,

5/15/57

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

United

States

12,441,714

914,443

i,j

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

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

United

States

37,203,197

1,790,645

2024-V11,

XA,

IO,

FRN,

0.773%,

11/15/57

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

United

States

14,684,000

333,352

i,j

BMO

Mortgage

Trust

,

2024-5C6,

XA,

IO,

FRN,

1.575%,

9/15/57

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

United

States

34,253,798

1,644,610

2024-5C8,

XA,

IO,

FRN,

1.24%,

12/15/57

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

United

States

12,609,203

504,058

i

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

2,660,000

2,524,791

CFCRE

Commercial

Mortgage

Trust

,

b,i

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

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

United

States

1,124,000

1,047,462

2016-C7,

A3,

3.839%,

12/10/54

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

United

States

2,149,000

2,119,348

b,i

Citigroup

Commercial

Mortgage

Trust

,

2012-GC8,

C,

144A,

FRN,

5.295%,

9/10/45

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

United

States

1,684,516

1,587,539

2015-GC27,

D,

144A,

FRN,

4.543%,

2/10/48

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

United

States

2,707,579

2,614,148

COMM

Mortgage

Trust

,

2012-CR4,

AM,

3.251%,

10/15/45

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

United

States

1,667,000

1,508,035

b

2012-LC4,

E,

144A,

4.25%,

12/10/44

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

United

States

10,009,000

1,286,041

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

1,122,171

1,059,985

b,i

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

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

United

States

2,113,000

1,207,389

b,i

2013-CR7,

D,

144A,

FRN,

4.385%,

3/10/46

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

United

States

139,618

133,433

i

2014-CR16,

C,

FRN,

4.937%,

4/10/47

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

United

States

389,000

367,409

b,i

2014-CR17,

D,

144A,

FRN,

5.005%,

5/10/47

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

United

States

1,232,000

988,686

b,i

2014-CR19,

D,

144A,

FRN,

4.661%,

8/10/47

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

United

States

1,252,097

1,206,395

i

2014-CR20,

C,

FRN,

4.826%,

11/10/47

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

United

States

711,032

688,276

2014-UBS3,

AM,

4.012%,

6/10/47

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

United

States

1,460,627

1,402,045

i

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

1,283,303

1,269,657

i

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

265,000

253,067

i

2015-CR27,

C,

FRN,

4.596%,

10/10/48

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

United

States

298,000

278,974

2015-DC1,

AM,

3.724%,

2/10/48

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

United

States

789,404

777,524

i

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

2,646,000

2,523,623

i

2015-LC19,

B,

FRN,

3.829%,

2/10/48

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

United

States

332,000

327,930

CSAIL

Commercial

Mortgage

Trust

,

i

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

300,000

290,311

2015-C3,

A4,

3.718%,

8/15/48

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

United

States

181,731

181,025

2016-C5,

A5,

3.757%,

11/15/48

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

United

States

1,039,464

1,034,157

b,i

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.53

%

,

8/10/44

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

United

States

238,947

229,620

i

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

4.012%,

7/10/46

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

United

States

1,129,944

1,113,500

2014-GC24,

B,

FRN,

4.521%,

9/10/47

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

United

States

2,418,000

2,276,794

b

2014-GC24,

D,

144A,

FRN,

4.542%,

9/10/47

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

United

States

1,280,000

815,988

2015-GC30,

AS,

FRN,

3.777%,

5/10/50

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

United

States

78,853

77,321

j

2019-GC42,

XA,

IO,

FRN,

0.929%,

9/10/52

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

United

States

24,474,773

665,865

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

2013-LC11,

D,

FRN,

4.296%,

4/15/46

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

United

States

239,000

$

52,700

b,d

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

3,874,809

168,031

JPMBB

Commercial

Mortgage

Securities

Trust

,

i

2013-C12,

D,

FRN,

4.071%,

7/15/45

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

United

States

965,000

887,438

b,i

2014-C18,

D,

144A,

FRN,

4.652%,

2/15/47

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

United

States

1,461,000

1,294,446

i

2014-C23,

AS,

FRN,

4.202%,

9/15/47

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

United

States

959,000

936,830

i

2014-C23,

B,

FRN,

4.7%,

9/15/47

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

United

States

241,000

225,326

i

2014-C23,

C,

FRN,

4.7%,

9/15/47

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

United

States

1,184,839

1,084,678

b,i

2014-C23,

D,

144A,

FRN,

4.2%,

9/15/47

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

United

States

150,000

129,089

i

2014-C25,

B,

FRN,

4.347%,

11/15/47

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

United

States

858,000

800,850

2015-C31,

A3,

3.801%,

8/15/48

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

United

States

365,385

364,592

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

968,000

960,065

JPMDB

Commercial

Mortgage

Securities

Trust

,

2017-C5,

A4,

3.414%,

3/15/50

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

United

States

829,449

811,578

i

2018-C8,

C,

FRN,

4.915%,

6/15/51

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

United

States

1,046,000

942,185

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

2,853,000

2,782,663

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b,i

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

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

United

States

254,000

22,555

b,i

2013-C12,

D,

144A,

FRN,

4.861%,

10/15/46

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

United

States

258,000

240,556

b,i

2013-C9,

D,

144A,

FRN,

3.927%,

5/15/46

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

United

States

265,000

244,033

2014-C19,

C,

4%,

12/15/47

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

United

States

661,187

641,199

i

2015-C22,

C,

FRN,

4.191%,

4/15/48

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

United

States

3,282,000

2,853,351

2015-C25,

AS,

4.069%,

10/15/48

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

United

States

707,000

705,241

2015-C27,

AS,

4.068%,

12/15/47

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

United

States

590,000

586,103

i

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

1,611,000

1,559,824

2018-H3,

C,

FRN,

5.012%,

7/15/51

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

United

States

1,592,437

1,490,550

j

2021-L7,

XA,

IO,

FRN,

1.192%,

10/15/54

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

United

States

6,106,423

264,628

b,h

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.67%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

408,431

415,313

2020-01,

M10,

144A,

FRN,

8.17%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

523,139

532,212

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

2,390,000

2,337,196

b,d

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

4,414,162

370

Wells

Fargo

Commercial

Mortgage

Trust

,

b,i

2013-LC12,

D,

144A,

FRN,

3.915%,

7/15/46

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

United

States

2,548,111

1,439,733

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

3,277,827

396,830

b,i

2015-C30,

D,

144A,

FRN,

4.644%,

9/15/58

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

United

States

140,000

136,072

2015-C31,

A4,

3.695%,

11/15/48

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

United

States

2,080,000

2,071,504

2015-C31,

D,

3.852%,

11/15/48

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

United

States

536,000

465,247

i

2015-LC22,

AS,

FRN,

4.207%,

9/15/58

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

United

States

775,000

771,763

2015-NXS3,

A4,

3.617%,

9/15/57

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

United

States

2,025,000

2,016,953

2015-NXS4,

A4,

3.718%,

12/15/48

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

United

States

859,000

854,978

i

2016-C33,

B,

FRN,

4.506%,

3/15/59

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

United

States

1,938,000

1,908,522

i,j

2019-C52,

XA,

IO,

FRN,

1.704%,

8/15/52

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

United

States

3,838,289

192,589

b

2019-C53,

D,

144A,

2.5%,

10/15/52

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

United

States

395,000

310,701

i,j

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

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

United

States

28,554,659

1,042,636

i

WFRBS

Commercial

Mortgage

Trust

,

b

2012-C9,

E,

144A,

FRN,

4.876%,

11/15/45

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

United

States

176,207

174,930

2013-C11,

C,

FRN,

4.145%,

3/15/45

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

United

States

844,000

807,881

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

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

United

States

1,307,513

673,369

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

128,000

121,844

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

WFRBS

Commercial

Mortgage

Trust,

(continued)

2014-C23,

B,

FRN,

4.372%,

10/15/57

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

United

States

564,000

$

529,117

85,665,473

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$96,668,867)

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

85,665,473

Mortgage-Backed

Securities

17.6%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

11.8%

k

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

7/25/55

.....

United

States

18,000,000

14,927,096

k

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

7/25/55

......

United

States

6,000,000

5,192,718

k

Uniform

Mortgage-Backed

Securities,

3.5%,

TBA,

7/25/55

.....

United

States

7,000,000

6,303,078

k

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

7/25/55

......

United

States

1,000,000

980,135

k

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

7/25/55

.....

United

States

84,000,000

83,993,908

k

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

7/25/55

......

United

States

3,000,000

3,027,188

k

Uniform

Mortgage-Backed

Securities,

6.5%,

TBA,

7/25/55

.....

United

States

7,000,000

7,228,430

121,652,553

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

5.8%

k

GNMA

II,

Single-family,

30

Year,

4.5%,

7/15/55

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

United

States

25,000,000

23,934,262

k

GNMA

II,

Single-family,

30

Year,

5%,

7/15/55

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

United

States

3,000,000

2,947,379

k

GNMA

II,

Single-family,

30

Year,

5.5%,

7/15/55

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

United

States

32,000,000

32,051,993

GNMA

II,

Single-family,

30

Year,

6.5%,

11/20/38

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

United

States

64,608

67,626

59,001,260

Total

Mortgage-Backed

Securities

(Cost

$178,228,306)

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

180,653,813

Residential

Mortgage-Backed

Securities

9.0%

Financial

Services

9.0%

b

A&D

Mortgage

Trust

,

2023-NQM4

,

A1

,

144A,

7.472

%

,

9/25/68

.

United

States

2,202,120

2,239,832

Alternative

Loan

Trust

,

h

2005-38,

A3,

FRN,

5.134%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

374,790

342,313

h

2005-59,

1A1,

FRN,

5.096%,

(1-month

SOFR

+

0.774%),

11/20/35

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

United

States

370,621

364,414

h

2005-65CB,

2A1,

FRN,

4.859%,

(1-month

SOFR

+

0.539%),

12/25/35

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

United

States

281,936

175,796

h

2006-OA10,

1A1,

FRN,

5.359%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

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

United

States

1,932,123

1,745,736

h

2006-OA10,

3A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

2,839,033

2,520,418

h

2006-OA10,

4A1,

FRN,

4.814%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

6,616,726

5,659,249

i

2006-OA7,

1A1,

FRN,

3.244%,

6/25/46

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

United

States

1,759,014

1,636,867

h

2006-OA7,

1A2,

FRN,

5.339%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

178,208

174,946

h

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.624

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

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

United

States

2,587,859

1,521,838

i

Bear

Stearns

ALT-A

Trust

,

2005-8

,

21A1

,

FRN

,

5.326

%

,

10/25/35

United

States

33,459

27,875

h

Bear

Stearns

Mortgage

Funding

Trust

,

2006-AR2

,

2A1

,

FRN

,

4.894

%

,

(

1-month

SOFR

+

0.574

%

),

9/25/46

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

United

States

3,156,397

2,879,903

b,h

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.614

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

1,573,419

1,397,201

b

Citigroup

Mortgage

Loan

Trust

,

2022-A

,

A1

,

144A,

6.17

%

,

9/25/62

United

States

159,409

159,357

b,i

COLT

Mortgage

Loan

Trust

,

2020-2

,

A3

,

144A,

FRN

,

3.698

%

,

3/25/65

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

United

States

410,000

400,887

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,h

Connecticut

Avenue

Securities

Trust

,

2019-R04,

2B1,

144A,

FRN,

9.67%,

(30-day

SOFR

Average

+

5.364%),

6/25/39

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

United

States

404,441

$

419,165

2020-R02,

2B1,

144A,

FRN,

7.42%,

(30-day

SOFR

Average

+

3.114%),

1/25/40

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

United

States

126,000

129,009

2020-SBT1,

1B1,

144A,

FRN,

11.17%,

(30-day

SOFR

Average

+

6.864%),

2/25/40

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

United

States

1,645,000

1,752,524

2020-SBT1,

1M2,

144A,

FRN,

8.07%,

(30-day

SOFR

Average

+

3.764%),

2/25/40

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

United

States

239,000

248,496

2021-R01,

1B2,

144A,

FRN,

10.305%,

(30-day

SOFR

Average

+

6%),

10/25/41

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

United

States

185,000

193,302

2022-R02,

2B1,

144A,

FRN,

8.805%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

1,471,000

1,536,408

2022-R02,

2M2,

144A,

FRN,

7.305%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

200,000

204,683

i

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

b

2017-2,

M1,

144A,

FRN,

4%,

8/25/56

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

United

States

29,666

29,533

b

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

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

United

States

493,974

484,779

b

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

236,000

228,931

2019-3,

M,

FRN,

4.75%,

10/25/58

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

United

States

1,390,660

1,356,776

h

FHLMC

STACR

Debt

Notes

,

2015-DNA3,

B,

FRN,

13.77%,

(30-day

SOFR

Average

+

9.464%),

4/25/28

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

United

States

4,489,963

4,587,534

2015-HQA2,

B,

FRN,

14.92%,

(30-day

SOFR

Average

+

10.614%),

5/25/28

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

United

States

6,307,632

6,496,294

2016-DNA1,

B,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

7/25/28

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

United

States

2,076,265

2,171,001

b,h

FHLMC

STACR

REMIC

Trust

,

2020-DNA3,

B2,

144A,

FRN,

13.77%,

(30-day

SOFR

Average

+

9.464%),

6/25/50

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

United

States

239,000

310,223

2020-DNA4,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

448,000

594,304

2020-DNA5,

B2,

144A,

FRN,

15.805%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

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

United

States

256,000

356,764

2020-HQA2,

B2,

144A,

FRN,

12.02%,

(30-day

SOFR

Average

+

7.714%),

3/25/50

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

United

States

500,000

607,038

2020-HQA3,

B2,

144A,

FRN,

14.42%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

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

United

States

3,318,000

4,389,098

2022-HQA1,

B2,

144A,

FRN,

15.305%,

(30-day

SOFR

Average

+

11%),

3/25/42

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

United

States

4,969,000

5,612,309

b,h

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

12.17%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

408,000

471,947

2018-HQA2,

B2,

144A,

FRN,

15.42%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

2,017,000

2,505,369

2019-DNA1,

B2,

144A,

FRN,

15.17%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

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

United

States

111,000

137,451

2019-DNA2,

B2,

144A,

FRN,

14.92%,

(30-day

SOFR

Average

+

10.614%),

3/25/49

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

United

States

242,000

289,499

2019-FTR1,

B2,

144A,

FRN,

12.77%,

(30-day

SOFR

Average

+

8.464%),

1/25/48

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

United

States

1,340,000

1,596,619

2019-FTR3,

B2,

144A,

FRN,

9.22%,

(30-day

SOFR

Average

+

4.914%),

9/25/47

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

United

States

468,000

511,593

2019-HQA1,

B2,

144A,

FRN,

16.67%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

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

United

States

841,000

1,036,199

i

First

Horizon

Alternative

Mortgage

Securities

Trust

,

2006-AA6

,

2A1

,

FRN

,

5.155

%

,

11/25/36

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

United

States

3,951,707

2,737,542

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

FNMA

,

1998-T2,

A4,

IO,

6.5%,

10/25/36

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

United

States

304

$

11

i

2002-W8,

1,

IO,

FRN,

0.29%,

6/25/42

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

United

States

2,905,318

35,401

h

FNMA

Connecticut

Avenue

Securities

,

2016-C01,

1B,

FRN,

16.17%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

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

United

States

4,927,529

5,230,491

2016-C02,

1B,

FRN,

16.67%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

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

United

States

5,843,674

6,263,251

2016-C03,

1B,

FRN,

16.17%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

7,655,913

8,237,824

2016-C04,

1B,

FRN,

14.67%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

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

United

States

145,815

157,876

2016-C05,

2B,

FRN,

15.17%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

440,092

478,462

2016-C06,

1B,

FRN,

13.67%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

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

United

States

413,553

449,381

h

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.744

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

3,569,701

1,990,984

h

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.952

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

10,376,379

2,888,381

b,h

J.P.

Morgan

Mortgage

Trust

,

2025-2

,

A11

,

144A,

FRN

,

5.555

%

,

(

30-day

SOFR

Average

+

1.25

%

),

7/25/55

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

United

States

1,109,430

1,110,478

MFA

Trust

,

2024-NPL1

,

A1

,

6.33

%

,

9/25/54

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

United

States

533,092

534,923

b,h

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.262

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

102,690

96,413

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL5

,

A1

,

144A,

7.762

%

,

4/25/30

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

United

States

2,450,000

2,467,817

b,i

Towd

Point

Mortgage

Trust

,

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

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

United

States

240,000

203,767

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

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

United

States

256,000

231,492

h

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.414

%

,

(

1-month

SOFR

+

1.094

%

),

10/25/45

..

United

States

63,885

63,385

92,681,359

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$93,239,952)

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

92,681,359

Agency

Commercial

Mortgage-Backed

Securities

9.2%

Financial

Services

9.2%

j

FHLMC

,

h

311,

S1,

IO,

FRN,

1.532%,

Strip,

(30-day

SOFR

Average

+

5.836%),

8/15/43

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

United

States

5,621,753

609,240

h

326,

S2,

IO,

FRN,

1.532%,

Strip,

(30-day

SOFR

Average

+

5.836%),

3/15/44

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

United

States

3,066,071

322,482

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

2,222,485

303,377

4020,

IA,

IO,

4%,

3/15/27

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

United

States

240,464

3,078

4077,

IK,

IO,

5%,

7/15/42

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

United

States

2,022,102

432,144

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

942,467

51,646

h

4265,

SD,

IO,

FRN,

1.682%,

(30-day

SOFR

Average

+

5.986%),

1/15/35

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

United

States

12,332,382

815,431

4484,

TI,

IO,

3.5%,

11/15/44

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

United

States

535,266

26,543

h

4839,

WS,

IO,

FRN,

1.682%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

1,587,317

230,670

h

4945,

SL,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

1,767,267

218,292

4984,

IL,

IO,

4.5%,

6/25/50

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

United

States

1,830,456

385,796

h

5002,

SJ,

IO,

FRN,

1.68%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

25,442,507

3,138,389

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

FHLMC,

(continued)

h

5011,

SA,

IO,

FRN,

1.83%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

2,890,393

$

395,863

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

20,843,060

4,755,869

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

2,190,267

521,924

5349,

IB,

IO,

4%,

12/15/46

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

United

States

3,944,997

862,108

b,h

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-MN1,

M2,

144A,

FRN,

8.055%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

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

United

States

1,820,000

1,870,248

2021-MN3,

M2,

144A,

FRN,

8.305%,

(30-day

SOFR

Average

+

4%),

11/25/51

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

United

States

4,501,000

4,652,901

j

FNMA

,

h

2010-35,

SG,

IO,

FRN,

1.98%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

2,855,302

322,372

h

2011-101,

SA,

IO,

FRN,

1.48%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

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

United

States

5,595,585

549,399

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

2,314,186

479,671

2012-151,

IN,

IO,

5%,

1/25/43

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

United

States

4,501,077

951,064

2015-30,

IO,

5.5%,

5/25/45

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

United

States

620,178

86,492

h

2015-42,

LS,

IO,

FRN,

1.78%,

(30-day

SOFR

Average

+

6.086%),

6/25/45

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

United

States

1,077,083

80,517

2015-58,

KI,

IO,

6%,

3/25/37

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

United

States

8,920,125

1,494,163

2015-69,

IO,

6%,

9/25/45

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

United

States

6,651,744

1,387,034

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

5,022,665

749,541

h

2018-38,

SA,

IO,

FRN,

1.78%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

19,051,576

2,365,566

2018-58,

AI,

IO,

4.5%,

8/25/48

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

United

States

11,941,080

1,694,014

h

2019-34,

SL,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

7/25/49

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

United

States

9,956,667

1,150,293

h

2019-43,

JS,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

816,584

88,920

h

2019-47,

SA,

IO,

FRN,

1.63%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

8,390,698

1,019,695

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

2,304,171

526,955

2023-49,

IA,

IO,

3%,

8/25/46

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

United

States

11,913,389

1,515,128

2023-49,

IB,

IO,

3.5%,

3/25/47

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

United

States

14,350,086

2,251,464

374,

6,

IO,

5.5%,

8/25/36

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

United

States

389,786

63,889

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

385,262

54,307

399,

2,

IO,

5.5%,

11/25/39

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

United

States

9,220

1,879

405,

2,

IO,

4%,

10/25/40

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

United

States

32,224

5,572

j

GNMA

,

2010-20,

BI,

IO,

4.5%,

2/16/40

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

United

States

5,808,146

1,022,967

h

2010-20,

SC,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

2/20/40

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

United

States

2,397,883

270,178

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

8,114,979

1,327,433

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

12,130,352

1,996,082

2012-146,

IO,

5%,

12/20/42

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

United

States

2,642,516

558,538

h

2013-152,

SJ,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

5/20/41

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

United

States

9,637,421

1,057,533

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

4,262,557

819,520

h

2014-119,

SA,

IO,

FRN,

1.168%,

(1-month

SOFR

+

5.486%),

8/20/44

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

United

States

6,635,978

611,761

2014-132,

IO,

5%,

9/20/44

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

United

States

3,750,512

763,610

2014-4,

BI,

IO,

4%,

1/20/44

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

United

States

4,511,734

858,492

h

2014-4,

SG,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

1/20/44

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

United

States

7,726,237

750,794

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

h

2014-46,

SA,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

3/20/44

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

United

States

4,835,432

$

507,437

2014-71,

PI,

IO,

4.5%,

12/20/39

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

United

States

2,938,093

294,727

2015-105,

LI,

IO,

5%,

10/20/39

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

United

States

4,696,894

1,014,333

2015-167,

MI,

IO,

5%,

6/20/45

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

United

States

9,048,936

1,720,360

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

2,878,411

127,599

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

5,348,429

803,878

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

4,280,320

885,117

i

2015-H10,

BI,

IO,

FRN,

2.093%,

4/20/65

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

United

States

11,071,140

498,234

i

2015-H12,

AI,

IO,

FRN,

1.835%,

5/20/65

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

United

States

18,697,053

420,534

i

2015-H23,

BI,

IO,

FRN,

1.768%,

9/20/65

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

United

States

20,307,209

419,405

2016-126,

PI,

IO,

5%,

2/20/46

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

United

States

5,290,231

1,136,048

2016-17,

IA,

IO,

4.5%,

3/20/45

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

United

States

6,002,014

1,149,208

i

2016-H22,

AI,

IO,

FRN,

2.883%,

10/20/66

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

United

States

11,575,177

506,970

i

2016-H23,

NI,

IO,

FRN,

2.998%,

10/20/66

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

United

States

28,313,686

1,246,623

i

2016-H24,

JI,

IO,

FRN,

2.758%,

11/20/66

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

United

States

7,054,157

384,346

i

2016-H27,

EI,

IO,

FRN,

2.028%,

12/20/66

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

United

States

9,619,218

380,815

2017-104,

MI,

IO,

5.5%,

7/16/47

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

United

States

6,545,994

1,476,946

2017-179,

WI,

IO,

5%,

12/20/47

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

United

States

3,196,845

728,691

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

717,498

134,055

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

9,832,615

1,831,550

i

2017-H02,

BI,

IO,

FRN,

2.336%,

1/20/67

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

United

States

7,467,989

285,815

i

2017-H06,

BI,

IO,

FRN,

2.4%,

2/20/67

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

United

States

18,001,370

565,670

i

2017-H06,

MI,

IO,

FRN,

2.273%,

2/20/67

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

United

States

13,947,028

584,353

i

2017-H08,

NI,

IO,

FRN,

2.267%,

3/20/67

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

United

States

19,142,295

617,733

i

2017-H09,

IO,

FRN,

1.893%,

4/20/67

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

United

States

18,444,821

550,227

i

2017-H10,

MI,

IO,

FRN,

1.904%,

4/20/67

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

United

States

32,557,734

952,118

i

2017-H11,

DI,

IO,

FRN,

2.089%,

5/20/67

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

United

States

10,753,115

533,602

i

2017-H12,

QI,

IO,

FRN,

2.42%,

5/20/67

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

United

States

16,876,091

621,918

i

2017-H16,

IO,

FRN,

1.704%,

8/20/67

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

United

States

18,079,433

1,082,994

i

2017-H16,

JI,

IO,

FRN,

1.934%,

8/20/67

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

United

States

18,167,855

823,840

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

1,186,748

237,503

h

2018-139,

SA,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

10/20/48

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

United

States

1,049,327

135,784

h

2018-164,

AS,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

12/20/48

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

United

States

17,413,058

2,226,286

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

1,175,699

241,761

i

2018-H02,

EI,

IO,

FRN,

2.33%,

1/20/68

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

United

States

4,961,259

218,672

i

2018-H05,

BI,

IO,

FRN,

2.315%,

2/20/68

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

United

States

34,088,644

1,547,693

i

2018-H15,

EI,

IO,

FRN,

2.011%,

8/20/68

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

United

States

35,485,891

2,028,303

2019-119,

IN,

IO,

5%,

9/20/49

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

United

States

13,412,874

3,289,607

h

2019-125,

SG,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

10/20/49

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

United

States

6,937,890

830,998

h

2019-6,

SM,

IO,

FRN,

1.618%,

(1-month

SOFR

+

5.936%),

1/20/49

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

United

States

10,668,868

1,160,796

h

2019-83,

SY,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

1,174,371

143,609

h

2019-96,

SY,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

8/20/49

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

United

States

1,136,586

141,524

2020-13,

AI,

IO,

4%,

3/20/46

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

United

States

8,660,514

1,157,201

2020-175,

NI,

IO,

3%,

11/20/50

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

United

States

23,490,874

3,791,032

h

2020-63,

PS,

IO,

FRN,

1.668%,

(1-month

SOFR

+

5.986%),

4/20/50

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

United

States

2,202,782

289,329

h

2020-97,

QS,

IO,

FRN,

1.718%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

1,989,685

285,721

i

2020-H12,

IH,

IO,

FRN,

2.185%,

7/20/70

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

United

States

37,828,790

2,765,285

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

h

2021-77,

SM,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

5/20/51

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

United

States

26,685,797

$

3,663,752

h

2021-98,

SK,

IO,

FRN,

1.868%,

(1-month

SOFR

+

6.186%),

6/20/51

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

United

States

4,972,136

679,502

i

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

28,386,423

1,460,382

95,050,730

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$98,980,945)

.......

95,050,730

Total

Long

Term

Investments

(Cost

$977,356,928)

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

975,744,599

a

Short

Term

Investments

20.8%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.7%

c,l

U.S.

Treasury

Bills

,

4.22%,

10/02/25

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

United

States

6,900,000

6,824,767

4.16%,

11/06/25

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

United

States

600,000

591,182

7,415,949

Total

U.S.

Government

and

Agency

Securities

(Cost

$7,419,593)

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

7,415,949

a

a

a

Commercial

Papers

9.6%

b,c

Agree

LP,

144A,

4.77%,

7/01/25

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

United

States

5,423,000

5,422,281

b,c

Air

Lease

Corp.,

144A,

4.7%,

7/08/25

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

United

States

4,705,000

4,700,092

b,c

Alexandria

Real

Estate

Equities,

Inc.,

144A,

4.56%,

7/11/25

....

United

States

3,456,000

3,451,186

b,c

Alimentation

Couche-Tard,

Inc.

,

144A,

4.67%,

7/09/25

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

Canada

3,335,000

3,331,114

144A,

4.67%,

7/10/25

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

Canada

2,755,000

2,751,431

144A,

4.7%,

7/18/25

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

Canada

2,968,000

2,961,042

9,043,587

c

AvalonBay

Communities,

Inc.

,

b

144A,

4.59%,

7/08/25

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

United

States

4,087,000

4,082,833

4.6%,

7/10/25

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

United

States

3,310,000

3,305,776

7,388,609

b,c

Bell

Canada

Holdings,

Inc.,

144A,

4.44%,

7/02/25

...........

Canada

2,255,000

2,254,444

b,c

Boston

Properties

LP,

144A,

4.62%,

7/08/25

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

United

States

3,593,000

3,589,313

c

Conagra

Brands,

Inc.,

4.68%,

7/01/25

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

United

States

4,655,000

4,654,395

b,c

Duke

Energy

Corp.,

144A,

4.58%,

7/22/25

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

United

States

3,322,000

3,312,721

b,c

Energy

Transfer

LP,

144A,

4.56%,

7/01/25

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

United

States

3,360,000

3,359,575

b,c

FMC

Corp.,

144A,

5.12%,

7/01/25

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

United

States

3,130,000

3,129,555

c

Intercontinental

Exchange,

Inc.,

4.69%,

7/09/25

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

United

States

1,500,000

1,498,242

b,c

Marriott

International,

Inc.

,

144A,

4.61%,

8/05/25

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

United

States

2,400,000

2,388,977

144A,

4.74%,

7/21/25

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

United

States

2,820,000

2,812,229

5,201,206

c

Mid-America

Apartments

LP

,

4.57%,

7/02/25

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

United

States

1,790,000

1,789,546

4.59%,

7/07/25

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

United

States

2,530,000

2,527,744

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Commercial

Papers

(continued)

c

Mid-America

Apartments

LP,

(continued)

4.6%,

7/11/25

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

United

States

2,835,000

$

2,831,018

7,148,308

b,c

ONEOK,

Inc.,

144A,

4.7%,

7/11/25

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

United

States

2,239,000

2,235,789

c

O'Reilly

Automotive,

Inc.,

4.66%,

7/18/25

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

United

States

3,086,000

3,078,820

c

Otis

Worldwide

Corp.,

4.56%,

7/01/25

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

United

States

2,650,000

2,649,665

c

Penske

Truck

Leasing

Co.

LP,

4.73%,

7/14/25

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

United

States

2,437,000

2,432,525

c

RTX

Corp.

,

4.65%,

7/15/25

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

United

States

3,020,000

3,014,162

4.66%,

7/18/25

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

United

States

2,255,000

2,249,759

5,263,921

c

Sherwin

Williams

Co.

(The),

4.44%,

7/28/25

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

United

States

2,550,000

2,541,218

b,c

Targa

Resources

Corp.,

144A,

4.86%,

7/01/25

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

United

States

7,616,000

7,614,972

b,c

UDR,

Inc.,

144A,

4.63%,

7/23/25

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

United

States

5,020,000

5,005,191

c

Vulcan

Materials

Co.,

4.61%,

7/10/25

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

United

States

3,319,000

3,314,758

Total

Commercial

Papers

(Cost

$98,303,208)

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

98,290,373

Shares

Money

Market

Funds

10.5%

a,m

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

.......

United

States

108,126,645

108,126,645

Total

Money

Market

Funds

(Cost

$108,126,645)

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

108,126,645

Total

Short

Term

Investments

(Cost

$213,849,446

)

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

213,832,967

a

Total

Investments

(Cost

$1,191,206,374)

115.5%

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

$1,189,577,566

TBA

Sale

Commitments

(4.5)%

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

(46,734,104)

Other

Assets,

less

Liabilities

(11.0)%

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

(112,910,832)

Net

Assets

100.0%

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

$1,029,932,630

a

a

a

Principal

Amount

*

n

TBA

Sale

Commitments

(4.5)%

Mortgage-Backed

Securities

(4.5)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(4.5)%

Uniform

Mortgage-Backed

Securities

,

4.5%,

TBA,

7/25/55

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

United

States

(17,000,000)

(16,263,150)

5%,

TBA,

7/25/55

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

United

States

(28,000,000)

(27,443,767)

6%,

TBA,

7/25/55

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

United

States

(3,000,000)

(3,027,187)

(46,734,104)

Total

TBA

Sale

Commitments

(Proceeds

$(46,018,320))

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

$(46,734,104)

*

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

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

June

30,

2025,

the

aggregate

value

of

these

securities

was

$394,319,978,

representing

38.3%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

At

June

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

June

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

d

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

f

Perpetual

security

with

no

stated

maturity

date.

g

Income

may

be

received

in

additional

securities

and/or

cash.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

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.

j

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.

k

Security

purchased

on

a

to-be-announced

(TBA)

basis.

l

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

June

30,

2025,

the

value

of

this

security

pledged

amounted

to

$5,659,315,

representing

0.5%

net

assets.

m

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

n

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.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-Bobl

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

Short

66

$

9,148,996

9/08/25

$

25,755

U.S.

Treasury

10

Year

Ultra

Notes

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

Short

172

19,653,688

9/19/25

(332,193)

U.S.

Treasury

5

Year

Notes

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

Long

14

1,526,000

9/30/25

15,635

Total

Futures

Contracts

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

$(290,803)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Australian

Dollar

....

BZWS

Sell

174,000

109,750

7/16/25

$

—

$

(4,797)

Australian

Dollar

....

CITI

Sell

1,826,700

1,152,136

7/16/25

—

(50,408)

Australian

Dollar

....

GSCO

Buy

198,200

125,016

7/16/25

5,462

—

Australian

Dollar

....

HSBK

Sell

736,600

464,651

7/16/25

—

(20,264)

Australian

Dollar

....

MSCO

Buy

119,000

75,056

7/16/25

3,283

—

Australian

Dollar

....

MSCO

Sell

8,068,100

5,141,199

7/16/25

—

(170,151)

Australian

Dollar

....

SSBT

Sell

3,493,900

2,203,627

7/16/25

—

(96,459)

Australian

Dollar

....

UBSW

Sell

138,200

87,172

7/16/25

—

(3,807)

Australian

Dollar

....

WPAC

Sell

158,500

100,029

7/16/25

—

(4,314)

Canadian

Dollar

....

BOFA

Sell

23,500

16,508

7/16/25

—

(762)

Canadian

Dollar

....

BZWS

Sell

592,600

416,231

7/16/25

—

(19,277)

Canadian

Dollar

....

GSCO

Sell

65,800

46,215

7/16/25

—

(2,143)

Canadian

Dollar

....

JPHQ

Sell

1,377,700

967,649

7/16/25

—

(44,839)

Canadian

Dollar

....

SSBT

Sell

5,402,600

3,794,789

7/16/25

—

(175,646)

Canadian

Dollar

....

TDOM

Sell

996,100

699,627

7/16/25

—

(32,419)

Canadian

Dollar

....

UBSW

Sell

141,300

99,246

7/16/25

—

(4,597)

Canadian

Dollar

....

WPAC

Buy

60,600

44,477

7/16/25

59

—

New

Zealand

Dollar

.

BOFA

Buy

2,860,200

1,662,811

7/16/25

81,439

—

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

New

Zealand

Dollar

.

BOFA

Sell

2,860,200

1,731,777

7/16/25

$

—

$

(12,473)

New

Zealand

Dollar

.

HSBK

Sell

26,200

15,086

7/16/25

—

(891)

New

Zealand

Dollar

.

MSCO

Buy

2,694,700

1,636,564

7/16/25

6,759

—

New

Zealand

Dollar

.

MSCO

Sell

7,560,100

4,353,075

7/16/25

—

(257,339)

New

Zealand

Dollar

.

UBSW

Sell

578,900

333,352

7/16/25

—

(19,682)

Hong

Kong

Dollar

...

SSBT

Buy

2,200,200

282,388

8/20/25

—

(738)

Hong

Kong

Dollar

...

UBSW

Buy

1,068,300

137,940

8/20/25

—

(1,185)

Japanese

Yen

......

BOFA

Buy

418,448,900

2,856,736

8/20/25

65,825

—

Japanese

Yen

......

CITI

Sell

30,838,700

213,407

8/20/25

—

(1,979)

Japanese

Yen

......

GSCO

Buy

434,792,600

2,968,273

8/20/25

68,437

—

Japanese

Yen

......

HSBK

Buy

185,896,200

1,269,306

8/20/25

29,043

—

Japanese

Yen

......

JPHQ

Buy

85,555,900

584,050

8/20/25

13,495

—

Japanese

Yen

......

MSCO

Buy

393,107,700

2,703,425

8/20/25

42,146

—

Japanese

Yen

......

TDOM

Buy

25,655,100

175,133

8/20/25

4,049

—

New

Taiwan

Dollar

..

BZWS

Buy

11,904,700

402,390

8/20/25

11,723

—

Singapore

Dollar

....

HSBK

Buy

207,600

159,922

8/20/25

3,966

—

Singapore

Dollar

....

HSBK

Sell

207,600

163,014

8/20/25

—

(874)

British

Pound

......

JPHQ

Sell

1,572,500

2,122,785

9/17/25

—

(36,796)

British

Pound

......

TDOM

Sell

499,600

674,500

9/17/25

—

(11,622)

British

Pound

......

WPAC

Sell

1,768,800

2,388,389

9/17/25

—

(40,778)

Euro

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

BOFA

Buy

200,600

230,079

9/17/25

7,450

—

Euro

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

BOFA

Sell

1,345,700

1,543,459

9/17/25

—

(49,980)

Euro

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

BZWS

Sell

3,826,200

4,387,969

9/17/25

—

(142,621)

Euro

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

CITI

Buy

699,400

802,146

9/17/25

26,011

—

Euro

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

CITI

Sell

442,200

507,162

9/17/25

—

(16,445)

Euro

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

GSCO

Sell

3,667,200

4,205,714

9/17/25

—

(136,605)

Euro

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

HSBK

Buy

88,000

102,050

9/17/25

2,150

—

Euro

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

HSBK

Sell

596,400

685,498

9/17/25

—

(20,697)

Euro

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

MSCO

Buy

965,000

1,110,985

9/17/25

31,668

—

Euro

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

MSCO

Sell

5,363,500

6,175,173

9/17/25

—

(175,727)

Euro

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

SSBT

Buy

482,900

553,824

9/17/25

17,976

—

Euro

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

SSBT

Sell

2,637,800

3,025,216

9/17/25

—

(98,193)

Euro

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

TDOM

Sell

4,715,000

5,406,832

9/17/25

—

(176,181)

Euro

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

UBSW

Buy

126,500

145,105

9/17/25

4,683

—

Euro

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

UBSW

Sell

1,503,600

1,724,744

9/17/25

—

(55,664)

Euro

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

WPAC

Sell

1,225,300

1,405,162

9/17/25

—

(45,711)

Norwegian

Krone

...

BOFA

Sell

1,792,300

176,766

9/17/25

—

(1,138)

Norwegian

Krone

...

BZWS

Sell

850,600

83,888

9/17/25

—

(543)

Norwegian

Krone

...

CITI

Sell

7,795,800

768,842

9/17/25

—

(4,969)

Norwegian

Krone

...

HSBK

Sell

1,358,200

133,936

9/17/25

—

(879)

Norwegian

Krone

...

JPHQ

Sell

4,432,000

436,984

9/17/25

—

(2,937)

Norwegian

Krone

...

TDOM

Sell

10,491,400

1,034,248

9/17/25

—

(7,129)

Swedish

Krona

.....

BOFA

Sell

12,797,100

1,341,786

9/17/25

—

(17,839)

Swedish

Krona

.....

HSBK

Sell

4,346,100

455,559

9/17/25

—

(6,191)

Swedish

Krona

.....

SSBT

Sell

13,486,700

1,413,618

9/17/25

—

(19,273)

Swiss

Franc

.......

BOFA

Buy

239,000

294,457

9/17/25

9,740

—

Swiss

Franc

.......

GSCO

Buy

467,600

576,210

9/17/25

18,947

—

Swiss

Franc

.......

HSBK

Buy

157,100

193,587

9/17/25

6,368

—

Swiss

Franc

.......

JPHQ

Buy

4,293,900

5,290,342

9/17/25

174,891

—

Total

Forward

Exchange

Contracts

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

$635,570

$(1,992,962)

Net

unrealized

appreciation

(depreciation)

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

$(1,357,392)

*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

At

June

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

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

a

a

a

a

3.833%/1

day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

17,356,300

$

413,948

$

(57,556)

(3.833%)/1

day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

17,356,300

413,948

(272,282)

3.85%/1

day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

263,600,000

1,093,940

619,640

3.3%/1

day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

395,350,000

(869,770)

(372,666)

(4.125%)/1

day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

3,244,600

150,225

(18,198)

3.625%/1

day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

3,244,600

150,225

(29,644)

(4.225%)/1

day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

11,855,700

607,012

(321,490)

3.725%/1

day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

11,855,700

579,744

(155,203)

3.165%/1

day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

7,681,200

549,206

(85,292)

(4%)/1

day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

48,909,700

552,680

(407,599)

(4.608%)/1

day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

6,129,800

222,512

(94,674)

(4.495%)/6

month

Australian

BBR/Jul-35/

(Purchased)

DBAB

7/14/25

/

4.495%

AUD

33,139,500

730,205

(727,785)

4.495%/6

month

Australian

BBR/Jul-35/

(Purchased)

DBAB

7/14/25

/

4.495%

AUD

33,139,500

730,205

22,111

(4.37%)/1

day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(6,092)

4.37%/1

day

SOFR/Apr-45/(Purchased)

DBAB

4/23/35

/

4.37%

4,000,000

365,400

(11,191)

(2.495%)/6

month

Australian

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

1,548,074

2.495%/6

month

Australian

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

13,662,300

847,460

(804,765)

4.565%/6

month

Australian

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,979

(157,324)

(4.565%)/6

month

Australian

BBR/Mar-38/

(Purchased)

JPHQ

3/15/28

/

4.565%

AUD

17,126,000

699,980

(207,736)

(4.201%)/6

month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

31,866,700

796,622

(110,098)

1.201%/6

month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

31,866,700

632,511

(364,895)

1.445%/6

month

Australian

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

964,717

(787,157)

(1.445%)/6

month

Australian

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

25,226,900

964,717

3,002,115

(4.5%)/1

day

SOFR/Oct-30/(Written)

MCML

10/09/25

/

4.5%

48,909,700

(159,241)

146,160

2.85%/1

day

SOFR/Oct-30/(Purchased)

MCML

10/09/25

/

2.85%

48,909,700

329,287

(211,589)

(3.999%)/1

day

SOFR/Feb-32/(Purchased)

MCML

2/03/27

/

3.999%

17,000,000

446,675

(207,481)

3.999%/1

day

SOFR/Feb-32/(Purchased)

MCML

2/03/27

/

3.999%

17,000,000

446,675

176,840

(4.384%)/1

day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

4.384%

5,225,500

240,634

(51,865)

3.884%/1

day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

3.884%

5,225,500

230,967

17,007

(2.952%)/6

month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

6,440,900

513,451

131,197

(2.98%)/6

month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

9,202,400

960,704

271,117

(4.825%)/1

day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

6,695,700

242,384

(16,606)

2%/6

month

Australian

BBR/Sep-46/

(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

(659,586)

(2%)/6

month

Australian

BBR/Sep-46/

(Purchased)

UBSW

9/10/36

/

2%

AUD

21,121,500

1,120,307

1,369,795

2.7%/6

month

Australian

BBR/Apr-47/

(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

(350,631)

(2.7%)/6

month

Australian

BBR/Apr-47/

(Purchased)

UBSW

4/01/37

/

2.7%

AUD

10,843,500

657,873

404,849

Unrealized

appreciation

7,708,905

Unrealized

(depreciation)

(6,489,405)

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

At

June

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

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

a

a

a

a

Total

$1,219,500

*

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

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

45,541,000

$

3,495,247

$

2,160,567

$

1,334,680

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$3,495,247

$2,160,567

$1,334,680

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

5,680,000

3,013,373

2,318,565

694,808

CMBX.NA.BB.10

(5.00)%

Monthly

GSCO

11/17/59

131,000

69,498

59,000

10,498

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

160,000

84,884

9,104

75,780

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

190,000

70,280

71,488

(1,208)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

37,000

16,686

16,021

665

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

922,000

173,643

277,119

(103,476)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

GSCO

11/17/59

1,667,000

313,952

319,372

(5,420)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

540,000

101,700

174,616

(72,916)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

3,588,000

424,818

447,503

(22,685)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

1,099,000

190,239

199,469

(9,230)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

2,198,000

437,952

460,847

(22,895)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

7,284,000

239,292

1,700,195

(1,460,903)

CMBX.NA.BBB-.8

(3.00)%

Monthly

CITI

10/17/57

2,246,000

365,876

433,871

(67,995)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

1,099,000

187,471

197,408

(9,937)

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

2,048,000

(127,644)

(269,434)

141,790

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

591,000

(313,539)

(47,420)

(266,119)

Below

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

190,000

(70,281)

(81,236)

10,955

Below

Investment

Grade

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

33

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)

Contracts

to

Sell

Protection

(c)(d)

(continued)

Traded

Index

(continued)

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

6,165,000

$

(498,764)

$

(1,071,933)

$

573,169

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

211,000

(17,070)

(36,630)

19,560

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

649,000

(52,506)

(73,125)

20,619

Below

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

588,000

(47,571)

(104,672)

57,101

Below

Investment

Grade

CMBX.NA.BB.8

.

5.00%

Monthly

MSCO

10/17/57

37,000

(16,686)

(16,251)

(435)

Below

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

232,000

(35,713)

(52,737)

17,024

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

11,000

(1,693)

(2,259)

566

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

143,000

(22,013)

(32,506)

10,493

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

7,284,000

(239,292)

(438,632)

199,340

Investment

Grade

Total

OTC

Swap

Contracts

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

$4,246,892

$4,457,743

$(210,851)

Total

Credit

Default

Swap

Contracts

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

$7,742,139

$

6,618,310

$1,123,829

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

34

At

June

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Fixed

1.93%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/27

32,511,000

EUR

$

(55,294)

$

(8,020)

$

(47,274)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

401,622,000

(1,756,750)

(532,807)

(1,223,943)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.6%

.....

Annual

9/17/27

112,340,000

(534,270)

(189,499)

(344,771)

Receive

Fixed

2.48%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

9/17/27

31,522,000

CAD

11,706

12,127

(421)

Receive

Fixed

3.23%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

9/17/27

17,618,000

AUD

27,127

6,628

20,499

Receive

Fixed

3.78%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/27

7,699,000

GBP

47,820

4,104

43,716

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

518,873,500

5,703,455

1,624,517

4,078,938

Receive

Fixed

3.65%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

54,303,000

646,288

218,118

428,170

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

41,853,000

AUD

(136,240)

(149,900)

13,660

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

2,869,000

EUR

17,858

8,382

9,476

Receive

Fixed

0.4%

...

Annual

Pay

Floating

1-day

SARON

..........

Annual

9/17/35

8,410,000

CHF

(159,368)

45,919

(205,287)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.03%

....

Semi-Annual

9/17/35

16,189,000

CAD

(45,345)

(7,411)

(37,934)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

44,904,000

(734,193)

172,930

(907,123)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.9%

.....

Annual

9/17/35

1,273,000

(22,933)

(5,979)

(16,954)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.92%

....

Annual

9/17/35

8,232,000

(162,001)

(52,215)

(109,786)

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

35

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

2.53%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/35

7,741,000

EUR

$

(77,966)

$

(16,189)

$

(61,777)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.2%

.....

Semi-Annual

9/17/35

20,141,000

NZD

(89,599)

(27,912)

(61,687)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.7%

.....

Annual

9/17/35

87,360,000

SEK

(122,577)

(49,751)

(72,826)

Receive

Fixed

4.18%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/35

7,539,000

GBP

149,618

18,397

131,221

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

36,924,000

AUD

267,197

133,892

133,305

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.57%

....

Annual

9/17/35

701,000

EUR

4,149

(1,277)

5,426

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4%

......

Annual

9/17/35

157,839,000

NOK

(305,855)

15,350

(321,205)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

8,925,000

AUD

17,150

—

17,150

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

16,722,000

(356,183)

49,518

(405,701)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.05%

....

Annual

9/17/55

7,394,000

(183,356)

(34,809)

(148,547)

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

5,271,000

EUR

(239,172)

(69,738)

(169,434)

Receive

Fixed

4.07%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/55

7,295,000

206,415

59,193

147,222

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

389,000

AUD

5,758

1,888

3,870

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.62%

....

Annual

9/17/55

396,000

EUR

14,167

1,618

12,549

Total

Interest

Rate

Swap

Contracts

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

$2,137,606

$

1,227,074

$910,532

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Diversified

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

36

At

June

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Ephesus

Funding

DAC

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

0.165%

At

Maturity

MSCO

9/22/25

13,810,000

$

268,432

Total

Return

Swap

Contracts

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

$268,432

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

See

Abbreviations

on

page

40.

Putnam

Diversified

Income

Trust

37

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

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.

2. 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

4

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

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.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

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

Schedule

of

Investments

(unaudited)

38

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the

Fund.

As

a

result,

differences

may

arise

between

the

value

of

the

Fund’s

portfolio securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences,

an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the

Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at 4

p.m.

Eastern

time.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s

NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any

security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund for

financial

reporting

purposes.

3.

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.

During

the

period

ended

June

30,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. 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

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

• Level

3

–

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

June

30,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

    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      

a  

a  

a  

a  

a  

a  

a  

Putnam

Diversified

Income

Trust

Non-Controlled

Affiliates

Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$17,210,592

$—

$—

$114,083

$17,324,675

691,880

$303,819

Putnam

Short

Term

Investment

Fund,

Class

P,

4.581%

......

221,124,630

702,206,084

(815,204,069)

—

—

108,126,645

108,126,645

4,971,665

Total

Affiliated

Securities

...

$221,124,630

$719,416,676

$(815,204,069)

$—

$114,083

$125,451,320

$5,275,484

2. Financial

Instrument

Valuation

(continued)

Putnam

Diversified

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

39

Quarterly

Schedule

of

Investments

Level

1

Level

2

Level

3

Total

Putnam

Diversified

Income

Trust

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

17,324,675

$

—

$

—

$

17,324,675

Convertible

Bonds

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

—

39,247,574

—

39,247,574

Corporate

Bonds

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

—

284,511,254

—

284,511,254

Senior

Floating

Rate

Interests

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

—

63,166,728

—

63,166,728

Foreign

Government

and

Agency

Securities

....

—

110,463,399

—

110,463,399

Asset-Backed

Securities

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

—

6,979,594

—

6,979,594

Commercial

Mortgage-Backed

Securities

......

—

85,665,473

—

85,665,473

Mortgage-Backed

Securities

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

—

180,653,813

—

180,653,813

Residential

Mortgage-Backed

Securities

.......

—

92,681,359

—

92,681,359

Agency

Commercial

Mortgage-Backed

Securities

—

95,050,730

—

95,050,730

Short

Term

Investments

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

108,126,645

105,706,322

—

213,832,967

Total

Investments

in

Securities

...........

$125,451,320

$1,064,126,246

$—

$1,189,577,566

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$635,570

$—

$635,570

Forward

Premium

Swap

Option

Contracts

.....

—

7,708,905

—

7,708,905

Futures

Contracts

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

41,390

—

—

41,390

Swap

Contracts

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

—

8,480,682

—

8,480,682

Total

Other

Financial

Instruments

.........

$41,390

$16,825,157

$—

$16,866,547

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

46,734,104

$

—

$

46,734,104

Forward

Exchange

Contracts

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

—

1,992,962

—

1,992,962

Forward

Premium

Swap

Option

Contracts

......

—

6,489,405

—

6,489,405

Futures

Contracts

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

332,193

—

—

332,193

Swap

Contracts

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

—

6,177,889

—

6,177,889

Total

Other

Financial

Instruments

.........

$332,193

$61,394,360

$—

$61,726,553

4. Fair

Value

Measurements

(continued)

Putnam

Diversified

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

40

Quarterly

Schedule

of

Investments

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

MCML

Mizuho

Capital

Markets

LLC

MLCO

Merrill

Lynch

International

&

Co.

MSCO

Morgan

Stanley

NATW

Natwest

Markets

plc

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CMBX.NA.

Series

number

CMBX

North

America

Index

Selected

Portfolio

AUD

BBR

Australian

Bank

Bill

Rate

BBR

Bank

of

England

Base

Rate

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

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

TBA

To-Be-Announced

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

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

2.75%

1-day

SARON

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

(0.03)%

1-day

SOFR

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

4.45%

1-day

SONIA

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

4.22%

3-month

AUD

BBR

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

3.60%

3-month

STIBOR

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

2.13%

6-month

AUD

BBR

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

3.78%

6-month

EURIBOR

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

2.05%

6-month

NIBOR

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

4.37%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.