Putnam Diversified Income A

This fund primarily allocates its assets to a diverse range of fixed-income securities. Its portfolio largely consists of securitized debt instruments, such as mortgage-backed investments, and associated derivative contracts. It also encompasses other debt obligations issued by corporations and governments globally. Additionally, the fund invests in bank loans, which span the credit spectrum from higher-quality (investment-grade) to those considered below-investment-grade (often referred to as 'junk bonds'). A key characteristic of these holdings is their intermediate to long-term maturities, generally three years or longer.