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FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
38924-Q1PH
1
Schedule
of
Investments
(unaudited)
Putnam
Premier
Income
Trust
2
Notes
to
Schedule
of
Investments
33
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited),
October
31,
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
2.6%
Capital
Markets
2.6%
a
Franklin
Ultra
Short
Bond
ETF
..........................
United
States
368,080
$
9,231,446
Total
Management
Investment
Companies
(Cost
$9,155,669)
...................
9,231,446
Principal
Amount
*
Convertible
Bonds
2.9%
Aerospace
&
Defense
0.0%
†
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn.,
7/15/30
........
United
States
72,000
100,728
Axon
Enterprise,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/27
..........
United
States
33,000
105,691
206,419
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
83,000
136,576
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
122,000
120,551
Biotechnology
0.3%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
42,000
69,195
b
Senior
Note,
144A,
Zero
Cpn.,
9/15/28
.................
United
States
109,000
109,272
b
Exact
Sciences
Corp.
,
Senior
Note
,
144A,
1.75
%
,
4/15/31
.....
United
States
226,000
228,848
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
1
%
,
8/15/28
.......
United
States
143,000
187,902
595,217
Broadline
Retail
0.1%
b
Etsy,
Inc.
,
Senior
Note
,
144A,
1
%
,
6/15/30
.................
United
States
195,000
207,772
Capital
Markets
0.1%
Coinbase
Global,
Inc.
,
Senior
Note,
0.25%,
4/01/30
.........................
United
States
89,000
113,631
b
Senior
Note,
144A,
Zero
Cpn.,
10/01/32
................
United
States
109,000
121,753
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
72,000
70,963
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
72,000
73,944
380,291
Communications
Equipment
0.1%
b
Lumentum
Holdings,
Inc.
,
Senior
Note
,
144A,
0.375
%
,
3/15/32
.
United
States
218,000
289,395
Construction
&
Engineering
0.1%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
141,000
181,819
Consumer
Staples
Distribution
&
Retail
0.0%
†
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
88,000
130,082
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
258,000
272,758
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
153,000
191,939
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
165,000
169,769
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
201,000
228,185
Southern
Co.
(The)
,
Senior
Note
,
3.875
%
,
12/15/25
.........
United
States
206,000
230,977
820,870
Putnam
Premier
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)
Electrical
Equipment
0.1%
b
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn.,
11/15/30
..
United
States
216,000
$
220,136
Electronic
Equipment,
Instruments
&
Components
0.2%
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
73,000
72,124
Itron,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
203,000
209,597
OSI
Systems,
Inc.
,
Senior
Note
,
2.25
%
,
8/01/29
............
United
States
109,000
172,084
453,805
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
199,000
255,118
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
72,000
108,785
b
Senior
Note,
144A,
2.875%,
1/15/30
...................
United
States
164,000
174,578
538,481
Financial
Services
0.0%
†
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
177,000
160,096
Shift4
Payments,
Inc.
,
Senior
Note
,
0.5
%
,
8/01/27
...........
United
States
158,000
155,630
315,726
Food
Products
0.1%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
158,000
173,958
Ground
Transportation
0.1%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
198,000
288,783
Health
Care
Equipment
&
Supplies
0.1%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
248,000
225,122
b
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
144A,
3
%
,
2/01/29
...
United
States
82,000
98,974
324,096
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
111,000
211,677
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
109,000
161,974
373,651
Hotels,
Restaurants
&
Leisure
0.1%
b
DoorDash,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/15/30
.......
United
States
217,000
240,110
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
0.875
%
,
4/15/30
.........
United
States
90,000
100,238
340,348
Household
Durables
0.0%
†
Meritage
Homes
Corp.
,
Senior
Note
,
1.75
%
,
5/15/28
.........
United
States
144,000
144,157
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
72,000
67,194
IT
Services
0.3%
Akamai
Technologies,
Inc.
,
Senior
Note
,
0.375
%
,
9/01/27
.....
United
States
183,000
176,503
b
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
6/15/30
.......
United
States
145,000
181,748
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn.,
10/01/27
...........
United
States
220,000
395,120
753,371
Putnam
Premier
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)
Life
Sciences
Tools
&
Services
0.0%
†
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
109,000
$
116,031
Machinery
0.0%
†
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
73,000
68,255
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
112,000
123,480
Office
REITs
0.0%
†
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
109,000
107,201
Professional
Services
0.0%
†
Parsons
Corp.
,
Senior
Note
,
2.625
%
,
3/01/29
..............
United
States
89,000
101,772
Semiconductors
&
Semiconductor
Equipment
0.1%
Microchip
Technology,
Inc.
,
Senior
Note
,
0.75
%
,
6/01/30
......
United
States
105,000
102,428
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
144,000
173,160
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
9/15/30
...........
Israel
73,000
93,629
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
118,000
109,799
479,016
Software
0.2%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
136,000
137,428
b,c
Commvault
Systems,
Inc.
,
Senior
Note
,
144A,
1.87%
,
9/15/30
..
United
States
73,000
66,685
b
Datadog,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
12/01/29
.......
United
States
181,000
192,403
b
Guidewire
Software,
Inc.
,
Senior
Note
,
144A,
1.25
%
,
11/01/29
..
United
States
201,000
237,481
b
IREN
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn.,
7/01/31
...........
Australia
36,000
37,998
b
Nutanix,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
12/15/29
............
United
States
145,000
160,109
Progress
Software
Corp.
,
Senior
Note
,
3.5
%
,
3/01/30
........
United
States
124,000
126,387
b,c
Rubrik,
Inc.
,
Senior
Note
,
144A,
0.63%
,
6/15/30
............
United
States
132,000
128,238
b,c
Strategy,
Inc.
,
Senior
Note
,
144A,
0.29%
,
3/01/30
...........
United
States
140,000
138,250
b
Terawulf,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn.,
5/01/32
........
United
States
108,000
111,942
Tyler
Technologies,
Inc.
,
Senior
Note
,
0.25
%
,
3/15/26
........
United
States
129,000
134,547
Vertex,
Inc.
,
Senior
Note
,
0.75
%
,
5/01/29
.................
United
States
89,000
88,889
Workiva,
Inc.
,
Senior
Note
,
1.25
%
,
8/15/28
................
United
States
85,000
84,426
1,644,783
Specialty
Retail
0.1%
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
76,000
108,908
Wayfair,
Inc.
,
Senior
Note
,
3.25
%
,
9/15/27
.................
United
States
176,000
301,684
410,592
Technology
Hardware,
Storage
&
Peripherals
0.1%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
80,000
250,590
Total
Convertible
Bonds
(Cost
$9,487,422)
...................................
10,637,176
Corporate
Bonds
28.5%
Aerospace
&
Defense
1.1%
ATI,
Inc.
,
Senior
Note
,
4.875
%
,
10/01/29
..................
United
States
1,080,000
1,077,572
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
31,000
29,281
Senior
Note,
2.7%,
2/01/27
..........................
United
States
303,000
297,375
Senior
Note,
6.298%,
5/01/29
........................
United
States
964,000
1,022,969
b
Bombardier,
Inc.
,
Senior
Note
,
144A,
7
%
,
6/01/32
...........
Canada
165,000
173,438
Putnam
Premier
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
Corporate
Bonds
(continued)
Aerospace
&
Defense
(continued)
b
Spirit
AeroSystems,
Inc.
,
Secured
Note,
144A,
9.75%,
11/15/30
..................
United
States
275,000
$
302,478
Senior
Secured
Note,
144A,
9.375%,
11/30/29
...........
United
States
206,000
216,593
b
TransDigm,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
420,000
436,432
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
145,000
150,123
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
55,000
56,882
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
135,000
139,998
3,903,141
Automobile
Components
0.1%
b
Adient
Global
Holdings
Ltd.
,
Senior
Note
,
144A,
7.5
%
,
2/15/33
.
United
States
80,000
82,777
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
200,000
203,054
285,831
Automobiles
0.2%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
470,000
471,201
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
510,000
483,226
954,427
Banks
1.9%
b
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
435,000
462,005
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
955,000
993,358
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
470,000
470,347
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
445,000
462,972
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
975,000
976,395
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
410,000
412,391
JPMorgan
Chase
&
Co.
,
Senior
Note
,
6.07%
to
10/21/26,
FRN
thereafter
,
10/22/27
................................
United
States
1,810,000
1,842,556
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
5.264
%
,
12/11/26
..
Canada
325,000
329,238
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
895,000
926,464
6,875,726
Building
Products
0.8%
b
Builders
FirstSource,
Inc.
,
Senior
Bond
,
144A,
6.75
%
,
5/15/35
..
United
States
135,000
141,912
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
30,000
30,617
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
135,000
138,555
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
455,000
467,320
b
Quikrete
Holdings,
Inc.
,
Senior
Note,
144A,
6.75%,
3/01/33
....................
United
States
360,000
374,921
Senior
Secured
Note,
144A,
6.375%,
3/01/32
............
United
States
165,000
171,266
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
965,000
1,016,902
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
290,000
298,414
Putnam
Premier
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)
Building
Products
(continued)
b
Standard
Building
Solutions,
Inc.,
(continued)
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
270,000
$
275,572
2,915,479
Capital
Markets
1.4%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
905,000
929,719
b
Dresdner
Funding
Trust
I
,
Junior
Sub.
Bond
,
144A,
8.151
%
,
6/30/31
.........................................
United
States
200,000
222,691
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
945,000
986,523
Morgan
Stanley
,
Senior
Note
,
5.123%
to
1/31/28,
FRN
thereafter
,
2/01/29
.........................................
United
States
1,350,000
1,378,124
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
250,000
258,879
UBS
AG
,
Senior
Note
,
7.5
%
,
2/15/28
.....................
Switzerland
265,000
285,858
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
375,000
388,106
4,449,900
Chemicals
0.5%
b
Avient
Corp.
,
Senior
Note
,
144A,
6.25
%
,
11/01/31
...........
United
States
100,000
102,182
b
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
500,000
325,493
Celanese
US
Holdings
LLC
,
Senior
Bond
,
6.879
%
,
7/15/32
....
United
States
15,000
15,084
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
265,000
257,433
Huntsman
International
LLC
,
Senior
Bond
,
4.5
%
,
5/01/29
.....
United
States
480,000
443,908
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
75,000
77,116
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
130,000
132,455
b
Solstice
Advanced
Materials,
Inc.
,
Senior
Note
,
144A,
5.625
%
,
9/30/33
.........................................
United
States
270,000
270,408
1,624,079
Commercial
Services
&
Supplies
1.0%
b
Allied
Universal
Holdco
LLC
,
Senior
Secured
Note
,
144A,
7.875
%
,
2/15/31
...................................
United
States
450,000
469,013
b
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
400,000
75,195
b
Aramark
Services,
Inc.
,
Senior
Bond
,
144A,
5
%
,
2/01/28
......
United
States
459,000
458,863
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
630,000
646,487
b
Verisure
Midholding
AB
,
Senior
Note
,
Reg
S,
5.25
%
,
2/15/29
...
Sweden
1,310,000
EUR
1,523,093
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
95,000
98,983
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
860,000
896,055
4,167,689
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
455,000
466,329
Construction
&
Engineering
0.0%
†
b
Arcosa,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
8/15/32
...........
United
States
115,000
120,862
Consumer
Finance
0.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note
,
4.625
%
,
9/10/29
.........................
Ireland
670,000
675,926
Putnam
Premier
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)
Consumer
Finance
(continued)
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
295,000
$
292,916
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
555,000
583,342
b
FirstCash,
Inc.
,
Senior
Note
,
144A,
6.875
%
,
3/01/32
.........
United
States
814,000
845,646
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.8%,
3/05/27
..........................
United
States
200,000
202,300
Senior
Note,
4.125%,
8/17/27
........................
United
States
290,000
286,451
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
115,000
114,742
3,001,323
Containers
&
Packaging
0.1%
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
435,000
436,833
Distributors
0.2%
b
RB
Global
Holdings,
Inc.
,
Senior
Note
,
144A,
7.75
%
,
3/15/31
..
Canada
607,000
634,242
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
935,000
945,404
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
910,000
908,536
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
941,000
852,696
b
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
400,000
417,776
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
280,000
291,075
2,470,083
Electric
Utilities
2.1%
b
Buffalo
Energy
Mexico
Holdings
/
Buffalo
Energy
Infrastructure
/
Buffalo
Energy
,
Senior
Secured
Bond
,
144A,
7.875
%
,
2/15/39
Mexico
527,303
570,399
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
435,000
458,492
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
410,000
407,563
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
450,000
461,680
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
875,000
901,531
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
390,000
396,964
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
6.1
%
,
1/15/29
......
United
States
440,000
459,163
PG&E
Corp.
,
Senior
Secured
Bond
,
5.25
%
,
7/01/30
.........
United
States
1,045,000
1,034,791
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
570,000
592,871
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
1,000,000
955,911
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
590,000
579,676
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
465,000
488,764
7,307,805
Electronic
Equipment,
Instruments
&
Components
0.1%
d
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
260,000
258,847
Energy
Equipment
&
Services
0.2%
b
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
155,000
159,721
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
220,000
225,587
Putnam
Premier
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)
Energy
Equipment
&
Services
(continued)
b
Transocean
Titan
Financing
Ltd.
,
Senior
Secured
Note
,
144A,
8.375
%
,
2/01/28
...................................
United
States
174,048
$
178,974
564,282
Entertainment
0.2%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
795,000
825,723
Financial
Services
0.8%
b
CrossCountry
Intermediate
HoldCo
LLC
,
Senior
Note
,
144A,
6.5
%
,
10/01/30
...................................
United
States
130,000
131,362
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
780,000
868,905
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note
,
144A,
9.5
%
,
2/15/29
United
States
995,000
1,049,128
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
135,000
139,565
b
Petronas
Capital
Ltd.
,
Senior
Note
,
144A,
4.95
%
,
1/03/31
.....
Malaysia
840,000
868,228
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
440,000
458,911
b
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
,
Senior
Note
,
144A,
5.5
%
,
5/15/33
...........................
United
States
100,000
EUR
119,494
3,635,593
Food
Products
0.2%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
425,000
442,533
JBS
USA
Holding
Lux
SARL
/
JBS
USA
Food
Co.
/
JBS
Lux
Co.
SARL
,
Senior
Note
,
3
%
,
2/02/29
......................
United
States
244,000
234,003
676,536
Ground
Transportation
0.4%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
475,000
471,594
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
650,000
687,675
1,159,269
Health
Care
Equipment
&
Supplies
0.1%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note
,
4.8
%
,
8/14/29
.
United
States
460,000
469,474
Health
Care
Providers
&
Services
0.8%
CVS
Health
Corp.
,
Junior
Sub.
Bond
,
7%
to
3/09/30,
FRN
thereafter
,
3/10/55
.................................
United
States
395,000
415,629
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
390,000
404,434
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
55,000
57,074
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,120,000
1,095,566
Tenet
Healthcare
Corp.
,
Senior
Secured
Note
,
6.75
%
,
5/15/31
..
United
States
1,005,000
1,043,537
3,016,240
Health
Care
REITs
0.2%
b
MPT
Operating
Partnership
LP
/
MPT
Finance
Corp.
,
Senior
Secured
Note
,
144A,
8.5
%
,
2/15/32
....................
United
States
535,000
561,032
Hotel
&
Resort
REITs
0.3%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
455,000
468,483
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
160,000
165,256
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
395,000
403,678
1,037,417
Putnam
Premier
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)
Hotels,
Restaurants
&
Leisure
1.6%
b
Boyd
Gaming
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
6/15/31
......
United
States
490,000
$
472,179
b
Caesars
Entertainment,
Inc.
,
Senior
Secured
Note
,
144A,
7
%
,
2/15/30
.........................................
United
States
509,000
524,038
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
440,000
445,714
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
155,000
159,751
b
Carnival
plc
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
...........
United
States
300,000
EUR
354,171
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note
,
144A,
5.75
%
,
9/15/33
.........................................
United
States
405,000
412,847
b
NCL
Corp.
Ltd.
,
Senior
Note
,
144A,
6.25
%
,
9/15/33
..........
United
States
420,000
425,059
b
Rivers
Enterprise
Lender
LLC
/
Rivers
Enterprise
Lender
Corp.
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
.............
United
States
150,000
151,316
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
175,000
178,343
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
267,000
275,616
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
548,000
562,771
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
625,000
587,575
Viking
Cruises
Ltd.
,
b
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
830,000
889,792
b
Wynn
Resorts
Finance
LLC
/
Wynn
Resorts
Capital
Corp.
,
Senior
Note
,
144A,
7.125
%
,
2/15/31
.........................
United
States
835,000
897,319
6,336,491
Household
Durables
0.5%
Newell
Brands,
Inc.
,
Senior
Note,
6.375%,
5/15/30
........................
United
States
115,000
109,538
Senior
Note,
6.625%,
5/15/32
........................
United
States
34,000
32,045
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
1,056,000
1,055,526
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
485,000
475,714
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
450,000
439,835
2,112,658
Independent
Power
and
Renewable
Electricity
Producers
0.4%
AES
Andes
SA
,
b
Senior
Note,
144A,
6.25%,
3/14/32
....................
Chile
950,000
991,973
Constellation
Energy
Generation
LLC
,
Senior
Note
,
5.6
%
,
3/01/28
United
States
445,000
460,039
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
170,000
169,091
1,621,103
Insurance
0.8%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
435,000
450,248
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.583
%
,
1/09/29
.
United
States
450,000
463,300
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
440,000
461,944
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
500,000
500,634
b
Jones
Deslauriers
Insurance
Management,
Inc.
,
Senior
Secured
Note
,
144A,
8.5
%
,
3/15/30
...........................
Canada
420,000
441,434
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
455,000
465,512
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
585,000
606,528
3,389,600
Putnam
Premier
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)
IT
Services
0.4%
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
530,000
$
506,794
b
Gartner,
Inc.
,
Senior
Note
,
144A,
3.625
%
,
6/15/29
...........
United
States
990,000
950,685
1,457,479
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
585,000
567,766
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
258,000
258,739
Machinery
0.1%
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
475,000
482,274
Media
0.7%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
625,000
655,776
b
McGraw-Hill
Education,
Inc.
,
Senior
Secured
Note,
144A,
5.75%,
8/01/28
.............
United
States
260,000
259,665
Senior
Secured
Note,
144A,
7.375%,
9/01/31
............
United
States
339,000
348,224
b
Outfront
Media
Capital
LLC
/
Outfront
Media
Capital
Corp.
,
Senior
Secured
Note
,
144A,
7.375
%
,
2/15/31
..................
United
States
168,000
177,610
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
550,000
561,151
2,002,426
Metals
&
Mining
0.9%
ArcelorMittal
SA
,
Senior
Bond
,
7
%
,
10/15/39
...............
Luxembourg
515,000
582,201
b
Cleveland-Cliffs,
Inc.
,
Senior
Note,
144A,
7%,
3/15/32
......................
United
States
202,000
206,796
Senior
Note,
144A,
7.625%,
1/15/34
...................
United
States
100,000
104,043
Commercial
Metals
Co.
,
Senior
Bond
,
4.375
%
,
3/15/32
.......
United
States
595,000
562,789
b
Constellium
SE
,
Senior
Note,
Reg
S,
3.125%,
7/15/29
..................
United
States
650,000
EUR
738,701
Senior
Note,
144A,
6.375%,
8/15/32
...................
United
States
385,000
396,371
b
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
429,000
445,605
3,036,506
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
325,000
333,213
Oil,
Gas
&
Consumable
Fuels
3.1%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
450,000
463,381
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
555,000
559,231
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
405,000
396,509
Energy
Transfer
LP
,
Senior
Bond
,
5.25
%
,
4/15/29
...........
United
States
905,000
930,619
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
140,000
142,973
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
590,000
575,136
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
184,000
185,353
KazMunayGas
National
Co.
JSC
,
b
Senior
Bond,
Reg
S,
5.375%,
4/24/30
..................
Kazakhstan
1,200,000
1,234,383
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
555,000
567,622
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
1,005,000
1,013,275
b
Matador
Resources
Co.
,
Senior
Note
,
144A,
6.875
%
,
4/15/28
..
United
States
731,000
745,385
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
350,000
357,679
Putnam
Premier
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)
Oil,
Gas
&
Consumable
Fuels
(continued)
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
700,000
$
595,875
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
460,000
464,931
b
Sunoco
LP
,
Senior
Note
,
144A,
6.25
%
,
7/01/33
.............
United
States
403,000
412,010
Targa
Resources
Corp.
,
Senior
Note
,
6.15
%
,
3/01/29
........
United
States
440,000
463,377
b
TGNR
Intermediate
Holdings
LLC
,
Senior
Note
,
144A,
5.5
%
,
10/15/29
........................................
United
States
476,000
461,794
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
985,000
1,012,103
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
70,000
79,037
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
145,000
153,663
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
70,000
77,028
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
95,000
99,569
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
56,000
57,143
11,048,076
Paper
&
Forest
Products
0.1%
b
Magnera
Corp.
,
Senior
Note
,
144A,
4.75
%
,
11/15/29
.........
United
States
505,000
421,036
Passenger
Airlines
0.4%
b
Air
France-KLM
,
Senior
Note
,
Reg
S,
8.125
%
,
5/31/28
.......
France
500,000
EUR
644,000
b
OneSky
Flight
LLC
,
Senior
Note
,
144A,
8.875
%
,
12/15/29
.....
United
States
446,000
474,425
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
311,000
308,215
1,426,640
Personal
Care
Products
0.1%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
485,000
472,613
Pharmaceuticals
0.8%
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
955,000
1,025,432
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
565,000
561,401
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
989,000
1,134,870
2,721,703
Professional
Services
0.1%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
400,000
416,388
Semiconductors
&
Semiconductor
Equipment
0.1%
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
480,000
504,744
Software
0.1%
Oracle
Corp.
,
Senior
Note
,
4.45
%
,
9/26/30
................
United
States
220,000
218,234
Specialized
REITs
0.2%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
910,000
894,951
Specialty
Retail
0.3%
Bath
&
Body
Works,
Inc.
,
Senior
Bond
,
6.875
%
,
11/01/35
.....
United
States
985,000
1,031,638
Technology
Hardware,
Storage
&
Peripherals
0.2%
b
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note,
144A,
5.875%,
7/15/30
...................
United
States
330,000
338,927
Putnam
Premier
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)
Technology
Hardware,
Storage
&
Peripherals
(continued)
b
Seagate
Data
Storage
Technology
Pte.
Ltd.,
(continued)
Senior
Note,
144A,
9.625%,
12/01/32
..................
United
States
339,000
$
386,820
725,747
Textiles,
Apparel
&
Luxury
Goods
0.5%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
435,000
468,132
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
225,000
EUR
267,190
b
Crocs,
Inc.
,
Senior
Bond
,
144A,
4.125
%
,
8/15/31
............
United
States
640,000
588,409
b
Under
Armour,
Inc.
,
Senior
Note
,
144A,
7.25
%
,
7/15/30
.......
United
States
220,000
217,706
1,541,437
Tobacco
0.3%
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
900,000
929,337
Trading
Companies
&
Distributors
0.9%
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
.............
United
States
1,000,000
1,028,107
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
455,000
465,791
b
Boise
Cascade
Co.
,
Senior
Note
,
144A,
4.875
%
,
7/01/30
.....
United
States
475,000
469,067
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
355,000
358,120
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
80,000
80,835
b
Herc
Holdings,
Inc.
,
Senior
Note
,
144A,
6.625
%
,
6/15/29
......
United
States
140,000
144,701
b
QXO
Building
Products,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/30/32
.........................................
United
States
525,000
544,820
United
Rentals
North
America,
Inc.
,
Senior
Bond
,
4
%
,
7/15/30
..
United
States
196,000
188,408
b
WESCO
Distribution,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
3/15/33
.
United
States
100,000
104,565
3,384,414
Wireless
Telecommunication
Services
0.9%
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
500,000
477,683
Senior
Note,
3.375%,
4/15/29
........................
United
States
1,820,000
1,769,409
b
Vmed
O2
UK
Financing
I
plc
,
Senior
Secured
Bond
,
Reg
S,
3.25
%
,
1/31/31
...................................
United
Kingdom
610,000
EUR
672,314
b
Zegona
Finance
plc
,
Senior
Secured
Note
,
144A,
8.625
%
,
7/15/29
.........................................
United
Kingdom
435,000
463,484
3,382,890
Total
Corporate
Bonds
(Cost
$100,894,028)
...................................
103,481,669
Senior
Floating
Rate
Interests
7.9%
Aerospace
&
Defense
0.1%
f
TransDigm,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.502%,
(3-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
263,988
264,644
Air
Freight
&
Logistics
0.2%
f
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
7.002%,
(3-month
SOFR
+
3%),
3/18/30
.......................
United
States
537,046
528,096
Automobile
Components
0.0%
†
f
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.715%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
131,578
132,154
Putnam
Premier
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
Senior
Floating
Rate
Interests
(continued)
Broadline
Retail
0.1%
d,f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
6.017%,
(12-month
SOFR
+
2.25%),
9/29/32
....................
Netherlands
269,758
$
270,264
f
Building
Products
0.2%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
6.122%,
(6-month
SOFR
+
2.25%),
8/04/31
.
United
States
426,663
425,710
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
6.215%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
451,947
452,989
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.977%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
67,277
67,445
946,144
a
a
a
a
a
a
f
Chemicals
0.4%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.715%,
(1-month
SOFR
+
3.75%),
4/06/29
.....................
United
States
598,450
591,469
d
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Add-on
CME
Term
Loan,
B,
6.183%,
(12-month
SOFR
+
2.5%),
12/31/29
..
United
States
528,169
525,528
Nouryon
Finance
BV,
First
Lien,
Term
Loan,
B,
5.515%,
(3-month
EURIBOR
+
3.5%),
4/03/28
..........................
Netherlands
440,000
EUR
509,385
1,626,382
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.5%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.465%,
(1-month
SOFR
+
1.5%),
9/24/32
......................
United
States
589,170
592,072
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.715%,
(1-month
SOFR
+
2.75%),
10/23/28
..
United
States
453,824
456,141
Madison
IAQ
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.702%,
(6-month
SOFR
+
2.5%),
6/21/28
......................
United
States
438,154
439,512
PG
Polaris
BidCo
SARL,
First
Lien,
Initial
CME
Term
Loan,
6.715%,
(1-month
SOFR
+
2.75%),
3/26/31
..............
Luxembourg
198,004
199,018
1,686,743
a
a
a
a
a
a
Communications
Equipment
0.1%
d,f
CommScope,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.715%,
(1-month
SOFR
+
4.75%),
12/18/29
....................
United
States
405,000
409,204
Consumer
Staples
Distribution
&
Retail
0.1%
f
Boots
Group
Bidco
Ltd.
(The),
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
7.705%,
(3-month
SOFR
+
3.5%),
8/30/32
..
United
Kingdom
187,672
188,728
f
Containers
&
Packaging
0.2%
d
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
7.215%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
442,268
441,801
d,g
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
CME
Term
Loan,
B,
7.413%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
231
231
d
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.838%,
(3-month
SOFR
+
3%),
9/30/32
.........
United
States
291,790
291,668
733,700
a
a
a
a
a
a
Distributors
0.0%
†
f
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
8.002%,
(3-month
SOFR
+
4%),
11/30/30
...........
United
States
72,463
69,785
Putnam
Premier
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)
Electrical
Equipment
0.2%
d
Pinnacle
Buyer
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
B,
10/01/32
........................................
United
States
33,719
$
33,909
f
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.485%,
(3-month
SOFR
+
2.5%),
9/13/32
...............
United
States
175,340
176,326
f
WEC
US
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.384%,
(1-month
SOFR
+
2.25%),
1/27/31
..............
United
States
439,438
440,951
651,186
a
a
a
a
a
a
f
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.879%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
174,107
175,268
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.829%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
432,734
424,002
599,270
a
a
a
a
a
a
Financial
Services
0.1%
d
GC
Ferry
Acquisition
I,
Inc.,
First
Lien,
Delayed
Draw
Term
Loan,
8/16/32
.........................................
United
States
87,500
87,470
d,f
GC
Ferry
Acquisition
I,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.711%,
(3-month
SOFR
+
3.5%),
8/16/32
...............
United
States
512,500
512,323
599,793
a
a
a
a
a
a
Food
Products
0.2%
d,f
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
6.372%,
(6-month
SOFR
+
2.5%),
8/02/32
......................
United
States
590,000
590,401
f
Ground
Transportation
0.3%
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.752%,
(3-month
SOFR
+
1.75%),
4/10/31
..............
United
States
297,000
296,604
d
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
CME
Term
Loan,
B4,
7.215%,
(1-month
SOFR
+
3.25%),
1/25/29
......
United
States
590,000
581,445
878,049
a
a
a
a
a
a
f
Health
Care
Equipment
&
Supplies
0.4%
Bausch
+
Lomb
Corp.,
First
Lien,
New
CME
Term
Loan,
7.965%,
(1-month
SOFR
+
4%),
9/29/28
.......................
United
States
272,140
273,332
Bausch
+
Lomb
Corp.,
First
Lien,
Third
Amendment
CME
Term
Loan,
8.215%,
(1-month
SOFR
+
4.25%),
1/15/31
.........
United
States
702,997
708,269
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan,
5.965%,
(1-month
SOFR
+
2%),
10/23/28
...........
United
States
388,074
388,817
1,370,418
a
a
a
a
a
a
f
Health
Care
Providers
&
Services
0.3%
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.465%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
453,123
455,013
Phoenix
Newco,
Inc.,
First
Lien,
Sixth
Amendment
CME
Term
Loan,
6.465%,
(1-month
SOFR
+
2.5%),
11/15/28
.........
United
States
535,566
537,644
992,657
a
a
a
a
a
a
f
Hotels,
Restaurants
&
Leisure
0.7%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.215%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
487,575
484,223
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
7.215%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
466,452
466,571
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.752%,
(3-month
SOFR
+
1.75%),
12/02/30
......
Ireland
235,800
235,151
Putnam
Premier
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)
f
Hotels,
Restaurants
&
Leisure
(continued)
Great
Canadian
Gaming
Corp.,
First
Lien,
CME
Term
Loan,
B,
8.753%,
(3-month
SOFR
+
4.75%),
11/01/29
.............
Canada
435,000
$
433,641
IRB
Holding
Corp.,
First
Lien,
2024
Second
Replacement
CME
Term
Loan,
B,
6.465%,
(1-month
SOFR
+
2.5%),
12/15/27
...
United
States
583,925
585,396
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
CME
Term
Loan,
6.934%,
(3-month
SOFR
+
3%),
4/04/29
...
United
States
454,247
449,478
2,654,460
a
a
a
a
a
a
Household
Durables
0.1%
f
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
7.252%,
(3-month
SOFR
+
3.25%),
1/16/32
.....................
Netherlands
398,425
400,025
f
Insurance
0.3%
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.666%,
(1-month
SOFR
+
2.5%),
9/19/31
..........
United
States
433,425
433,498
d
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.752%,
(3-month
SOFR
+
2.75%),
5/06/31
..............
United
States
590,000
590,375
1,023,873
a
a
a
a
a
a
IT
Services
0.1%
f
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.752%,
(3-month
SOFR
+
2.75%),
2/03/31
.....................
United
States
201,135
201,972
f
Machinery
0.4%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.476%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
847,552
852,319
CPM
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
8.634%,
(1-month
SOFR
+
4.5%),
9/28/28
......................
United
States
364,744
364,060
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
7.197%,
(6-month
SOFR
+
3%),
4/30/30
................
Germany
290,142
292,258
1,508,637
a
a
a
a
a
a
f
Media
0.4%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
8.079%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
370,000
371,167
CSC
Holdings
LLC,
First
Lien,
Term
Loan,
B5,
8.75%,
(PRIME
+
1.5%),
4/15/27
....................................
United
States
456,523
431,134
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.82%,
(3-month
SOFR
+
5.25%),
8/02/29
........
United
States
877,077
879,638
1,681,939
a
a
a
a
a
a
f
Oil,
Gas
&
Consumable
Fuels
0.6%
CQP
Holdco
LP,
First
Lien,
Initial
CME
Term
Loan,
6.002%,
(3-month
SOFR
+
2%),
12/31/30
......................
United
States
1,514,182
1,518,740
d
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.565%,
(1-month
SOFR
+
3.5%),
11/09/29
.....................
United
States
590,000
590,092
2,108,832
a
a
a
a
a
a
f
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
7.134%,
(3-month
SOFR
+
3.25%),
5/28/32
.....
United
States
44,775
44,999
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
6.134%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
768,914
770,663
Putnam
Premier
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)
f
Passenger
Airlines
(continued)
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
7.252%,
(3-month
SOFR
+
3.25%),
2/14/31
.....................
Canada
369,375
$
371,107
1,186,769
a
a
a
a
a
a
f
Pharmaceuticals
0.3%
Endo
Finance
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.965%,
(1-month
SOFR
+
4%),
4/23/31
.......
United
States
383,065
381,389
d
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.365%,
(3-month
SOFR
+
2.5%),
12/04/31
.....
United
States
590,000
590,289
971,678
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.1%
d,f
Altar
Bidco,
Inc.,
First
Lien,
CME
Term
Loan,
6.783%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
489,627
483,262
Software
0.7%
d,f
EverCommerce
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
6.215%,
(1-month
SOFR
+
2.25%),
7/07/31
..............
United
States
600,000
599,001
f
McAfee
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.965%,
(1-month
SOFR
+
3%),
3/01/29
...............................
United
States
480,159
457,150
h
Ping
Identity
Holding
Corp.,
First
Lien,
CME
Term
Loan,
TBD,
9/29/32
.........................................
United
States
142,180
142,447
f
Proofpoint,
Inc.,
First
Lien,
CME
Term
Loan,
6.965%,
(1-month
SOFR
+
3%),
8/31/28
...............................
United
States
518,075
521,251
f
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.338%,
(3-month
SOFR
+
2.5%),
2/10/31
.............................
United
States
455,400
455,862
f
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.965%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
204,714
205,013
2,380,724
a
a
a
a
a
a
Specialty
Retail
0.3%
f
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
7.215%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
1,026,973
1,030,655
Textiles,
Apparel
&
Luxury
Goods
0.1%
f
Flash
Charm,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
7.796%,
(3-month
SOFR
+
3.5%),
3/02/28
......................
United
States
434,486
389,408
Water
Utilities
0.0%
†
f
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.884%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
119,332
119,854
Total
Senior
Floating
Rate
Interests
(Cost
$28,636,494)
........................
28,679,706
Foreign
Government
and
Agency
Securities
10.8%
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
900,000
826,782
b
Benin
Government
Bond
,
Senior
Bond,
144A,
7.96%,
2/13/38
....................
Benin
425,000
443,469
Senior
Bond,
Reg
S,
4.875%,
1/19/32
..................
Benin
258,000
EUR
285,708
Senior
Bond,
Reg
S,
4.95%,
1/22/35
...................
Benin
600,000
EUR
647,788
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
2,200,000
2,115,080
Senior
Bond,
6%,
10/20/33
...........................
Brazil
730,000
748,250
b
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
260,000
261,543
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
360,000
EUR
430,029
Putnam
Premier
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)
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
700,000
EUR
$
659,465
Chile
Government
Bond
,
Senior
Bond,
5.65%,
1/13/37
.........................
Chile
610,000
647,332
Senior
Note,
4.85%,
1/22/29
.........................
Chile
920,000
941,988
Colombia
Government
Bond
,
Senior
Bond,
8%,
11/14/35
...........................
Colombia
1,240,000
1,354,700
Senior
Note,
7.375%,
4/25/30
.........................
Colombia
430,000
461,326
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
1,360,000
1,425,756
b
Dominican
Republic
Government
Bond
,
Senior
Bond
,
Reg
S,
6
%
,
7/19/28
.........................................
Dominican
Republic
1,600,000
1,650,080
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
800,000
813,720
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
525,000
471,277
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
930,000
977,137
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
700,000
751,532
b,i
Electricite
de
France
SA
,
Junior
Sub.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
535,000
620,102
b
Gabonese
Republic
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
....
Gabon
810,000
635,502
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
570,000
492,680
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
1,480,000
1,598,400
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
400,000
443,250
b
Hashemite
Kingdom
of
Jordan
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
.........................................
Jordan
450,000
479,228
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
1,150,000
1,176,843
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
Indonesia
900,000
904,205
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
800,000
798,749
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
650,000
714,609
b
Ivory
Coast
Government
Bond
,
Senior
Bond
,
Reg
S,
4.875
%
,
1/30/32
.........................................
Ivory
Coast
1,200,000
EUR
1,338,901
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
300,000
268,890
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
620,000
EUR
728,252
Panama
Government
Bond
,
Senior
Note
,
7.5
%
,
3/01/31
......
Panama
780,000
865,410
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
1,620,000
1,530,495
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
950,000
880,460
b
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
Senior
Bond
,
Reg
S,
5.45
%
,
5/21/28
...................
Indonesia
400,000
410,939
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
460,000
459,893
Philippines
Government
Bond
,
Senior
Bond
,
5.5
%
,
2/04/35
....
Philippines
790,000
842,103
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
890,000
867,955
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
800,000
EUR
909,601
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
1,610,000
1,581,375
b
Serbia
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
9/26/33
....................
Serbia
430,000
470,505
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
510,000
531,958
South
Africa
Government
Bond
,
Senior
Bond,
5.875%,
6/22/30
........................
South
Africa
450,000
466,298
Senior
Bond,
5.875%,
4/20/32
........................
South
Africa
430,000
443,628
b
Southern
Gas
Corridor
CJSC
,
Senior
Bond
,
Reg
S,
6.875
%
,
3/24/26
.........................................
Azerbaijan
800,000
808,779
Putnam
Premier
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)
Turkiye
Government
Bond
,
Senior
Note,
9.125%,
7/13/30
.........................
Turkiye
1,260,000
$
1,435,361
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
720,000
782,251
Total
Foreign
Government
and
Agency
Securities
(Cost
$37,298,333)
............
39,399,584
Asset-Backed
Securities
1.2%
Financial
Services
1.2%
b,f
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.308
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
United
States
900,000
907,048
f
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.456
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
1,388,497
1,229,827
b
DataBank
Issuer
II
LLC
,
2025-1A
,
A2
,
144A,
5.18
%
,
9/27/55
.
...
United
States
703,000
704,539
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
546,000
462,391
b,f
Northwoods
Capital
22
Ltd.
,
2020-22A
,
DRR
,
144A,
FRN
,
8.971
%
,
(
3-month
SOFR
+
4.95
%
),
9/16/31
.
..............
United
States
900,000
915,764
b
PK
Alift
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
..
United
States
250,000
250,869
4,470,438
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$4,386,624)
..............................
4,470,438
Commercial
Mortgage-Backed
Securities
9.0%
Financial
Services
9.0%
j,k
BANK
,
2024-BNK48
,
XA
,
IO,
FRN
,
1.145
%
,
10/15/57
........
United
States
9,674,612
781,845
j,k
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.189%,
10/15/57
.............
United
States
14,847,981
599,287
2024-5YR12,
XA,
IO,
FRN,
0.497%,
12/15/57
.............
United
States
11,027,671
204,690
2024-5YR7,
XA,
IO,
FRN,
1.334%,
6/15/57
..............
United
States
10,893,646
456,262
j,k
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.689%,
2/15/55
................
United
States
10,395,036
334,220
2024-5C29,
XA,
IO,
FRN,
1.599%,
9/15/57
...............
United
States
16,425,014
876,685
2024-5C31,
XA,
IO,
FRN,
1.061%,
12/15/57
..............
United
States
4,847,147
185,386
2024-C26,
XA,
IO,
FRN,
1.013%,
5/15/57
................
United
States
5,701,622
405,437
j,k
Benchmark
Mortgage
Trust
,
2024-V10,
XA,
IO,
FRN,
1.305%,
9/15/57
................
United
States
14,078,976
616,021
2024-V11,
XA,
IO,
FRN,
0.56%,
11/15/57
................
United
States
20,387,000
422,303
j,k
BMO
Mortgage
Trust
,
2024-5C6,
XA,
IO,
FRN,
1.353%,
9/15/57
................
United
States
12,362,124
540,836
2024-5C8,
XA,
IO,
FRN,
1.021%,
12/15/57
...............
United
States
5,934,610
217,931
b,k
BWAY
Mortgage
Trust
,
2022-26BW
,
E
,
144A,
FRN
,
4.866
%
,
2/10/44
.........................................
United
States
665,000
366,628
k
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
1,032,000
980,692
CFCRE
Commercial
Mortgage
Trust
,
b,k
2011-C2,
E,
144A,
FRN,
5.249%,
12/15/47
...............
United
States
424,000
401,272
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
908,000
899,456
Citigroup
Commercial
Mortgage
Trust
,
b,k
2015-GC27,
D,
144A,
FRN,
4.396%,
2/10/48
.............
United
States
860,530
830,421
k
2015-GC33,
C,
FRN,
4.391%,
9/10/58
..................
United
States
471,000
408,563
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
221,000
137,011
COMM
Mortgage
Trust
,
b,k,l
2012-CR3,
F,
144A,
FRN,
4.75%,
10/15/45
...............
United
States
424,048
25,971
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
380,828
361,834
b,k
2013-CR13,
D,
144A,
FRN,
4.944%,
11/10/46
............
United
States
1,233,000
696,670
k
2014-CR16,
C,
FRN,
4.778%,
4/10/47
..................
United
States
912,000
867,597
b,k
2014-CR17,
D,
144A,
FRN,
4.845%,
5/10/47
.............
United
States
725,000
611,370
Putnam
Premier
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
COMM
Mortgage
Trust,
(continued)
b,k
2014-CR19,
D,
144A,
FRN,
4.425%,
8/10/47
.............
United
States
85,923
$
84,043
k
2014-CR20,
C,
FRN,
4.414%,
11/10/47
.................
United
States
690,467
668,644
k
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
349,669
345,436
k
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
367,143
353,571
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
372,701
366,801
k
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
906,000
864,274
CSAIL
Commercial
Mortgage
Trust
,
k
2015-C1,
AS,
FRN,
3.791%,
4/15/50
...................
United
States
497,939
495,071
k
2015-C2,
B,
FRN,
4.208%,
6/15/57
....................
United
States
330,214
318,970
2015-C3,
A4,
3.718%,
8/15/48
........................
United
States
5,045
5,034
b,k
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.351
%
,
8/10/44
.........................................
United
States
439,699
425,669
b,f
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
7.547%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
957,750
973,674
2020-01,
M10,
144A,
FRN,
8.047%,
(30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
1,349,199
1,375,155
k
GS
Mortgage
Securities
Trust
,
b
2013-GC13,
AS,
144A,
FRN,
3.874%,
7/10/46
............
United
States
290,296
286,784
2014-GC24,
B,
FRN,
4.426%,
9/10/47
..................
United
States
1,080,000
1,040,591
b
2014-GC24,
D,
144A,
FRN,
4.447%,
9/10/47
.............
United
States
485,000
311,011
j
2019-GC42,
XA,
IO,
FRN,
0.804%,
9/10/52
..............
United
States
13,719,305
350,052
k
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b
2007-CB20,
E,
144A,
FRN,
8.284%,
2/12/51
.............
United
States
16,059
22,215
b
2012-C6,
E,
144A,
FRN,
4.964%,
5/15/45
...............
United
States
432,000
424,933
2013-LC11,
D,
FRN,
4.199%,
4/15/46
...................
United
States
574,000
43,828
b,l
2013-LC11,
E,
144A,
FRN,
3.25%,
4/15/46
...............
United
States
1,390,000
47,755
JPMBB
Commercial
Mortgage
Securities
Trust
,
k
2013-C12,
D,
FRN,
3.94%,
7/15/45
....................
United
States
521,000
481,934
b,k
2013-C14,
D,
144A,
FRN,
4.037%,
8/15/46
..............
United
States
500,000
391,477
b,k
2014-C18,
D,
144A,
FRN,
4.504%,
2/15/47
..............
United
States
513,000
464,275
k
2014-C23,
B,
FRN,
4.537%,
9/15/47
...................
United
States
364,000
353,426
k
2014-C23,
C,
FRN,
4.537%,
9/15/47
...................
United
States
436,000
418,772
b,k
2014-C23,
D,
144A,
FRN,
4.037%,
9/15/47
..............
United
States
287,000
260,969
2016-C1,
A5,
3.576%,
3/17/49
........................
United
States
275,000
274,252
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8,
B,
4.522%,
6/15/51
.........................
United
States
504,000
480,963
k
2018-C8,
C,
FRN,
4.756%,
6/15/51
....................
United
States
402,000
363,777
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
1,149,000
1,129,809
k
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
2013-C10,
B,
FRN,
3.953%,
7/15/46
...................
United
States
340,026
323,027
b
2013-C10,
F,
144A,
FRN,
3.953%,
7/15/46
...............
United
States
1,988,000
217,366
b
2013-C12,
D,
144A,
FRN,
4.703%,
10/15/46
.............
United
States
416,000
388,993
2015-C22,
C,
FRN,
3.97%,
4/15/48
....................
United
States
1,263,000
1,119,066
k
Morgan
Stanley
Capital
I
Trust
,
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
663,000
648,242
2018-H3,
C,
FRN,
4.857%,
7/15/51
....................
United
States
404,000
377,645
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
1,034,000
1,020,137
b,l
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
1,081,996
108
k
UBS
Commercial
Mortgage
Trust
,
2017-C3
,
C
,
FRN
,
4.356
%
,
8/15/50
.........................................
United
States
498,000
464,288
Wells
Fargo
Commercial
Mortgage
Trust
,
b,k
2013-LC12,
D,
144A,
FRN,
3.786%,
7/15/46
.............
United
States
356,000
204,262
Putnam
Premier
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)
Wells
Fargo
Commercial
Mortgage
Trust,
(continued)
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
662,329
$
80,129
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
262,000
226,140
k
2015-SG1,
B,
FRN,
4.293%,
9/15/48
...................
United
States
336
330
j,k
2019-C52,
XA,
IO,
FRN,
1.564%,
8/15/52
................
United
States
6,719,803
307,949
j,k
2024-5C1,
XA,
IO,
FRN,
1.028%,
7/15/57
................
United
States
12,830,026
425,371
k
WFRBS
Commercial
Mortgage
Trust
,
b
2012-C9,
E,
144A,
FRN,
4.719%,
11/15/45
...............
United
States
327,601
326,835
b
2013-C15,
D,
144A,
FRN,
4.146%,
8/15/46
..............
United
States
515,444
296,391
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
365,000
343,546
2014-C23,
B,
FRN,
4.279%,
10/15/57
...................
United
States
275,000
266,979
32,688,357
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$35,384,907)
..............
32,688,357
Mortgage-Backed
Securities
18.8%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
12.8%
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
98,599
99,882
m
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
11/25/55
....
United
States
6,000,000
5,095,074
m
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
11/25/55
.....
United
States
2,000,000
1,772,500
m
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
11/25/55
.....
United
States
4,000,000
3,980,485
m
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
11/25/55
....
United
States
27,000,000
27,282,228
m
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
11/25/55
.....
United
States
8,000,000
8,181,706
46,411,875
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
6.0%
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/49
-
3/20/50
......
United
States
313,714
284,777
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/49
-
1/20/50
.....
United
States
74,800
73,022
m
GNMA
II,
Single-family,
30
Year,
4.5%,
11/15/55
............
United
States
2,500,000
2,440,359
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
83,443
83,838
m
GNMA
II,
Single-family,
30
Year,
5%,
11/15/55
..............
United
States
8,000,000
7,976,621
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
37,318
38,190
m
GNMA
II,
Single-family,
30
Year,
5.5%,
11/15/55
............
United
States
11,000,000
11,092,432
21,989,239
Total
Mortgage-Backed
Securities
(Cost
$68,402,176)
..........................
68,401,114
Residential
Mortgage-Backed
Securities
10.2%
Financial
Services
10.2%
b
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
1,190,349
1,199,963
Alternative
Loan
Trust
,
f
2005-38,
A3,
FRN,
4.806%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
329,067
303,977
f
2005-59,
1A1,
FRN,
4.798%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
867,856
849,806
f
2006-OA10,
1A1,
FRN,
5.069%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
177,645
163,935
f
2006-OA10,
3A1,
FRN,
4.486%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
405,107
365,973
f
2006-OA10,
4A1,
FRN,
4.486%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
2,285,409
2,010,232
k
2006-OA7,
1A1,
FRN,
3.133%,
6/25/46
.................
United
States
759,563
706,389
f
2006-OA7,
1A2,
FRN,
5.049%,
(12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
257,859
257,610
f
2007-OH1,
A1D,
FRN,
4.316%,
(1-month
SOFR
+
0.324%),
4/25/47
.........................................
United
States
302,124
269,614
Putnam
Premier
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
f
American
Home
Mortgage
Investment
Trust
,
2007-1
,
GA1C
,
FRN
,
4.296
%
,
(
1-month
SOFR
+
0.304
%
),
5/25/47
.............
United
States
576,281
$
342,799
f
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.606
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
83,325
79,914
b,f
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
4.286
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
412,327
375,158
b,k
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
335,613
330,352
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
666,834
649,147
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
346,000
331,940
f
FHLMC
STACR
Debt
Notes
,
2015-HQA2,
B,
FRN,
14.797%,
(30-day
SOFR
Average
+
10.614%),
5/25/28
.................................
United
States
824,939
829,124
2016-DNA1,
B,
FRN,
14.297%,
(30-day
SOFR
Average
+
10.114%),
7/25/28
.................................
United
States
2,784,670
2,836,658
b,f
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
14.297%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
................................
United
States
966,000
1,296,662
2020-DNA5,
B2,
144A,
FRN,
15.683%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
491,000
694,291
2020-HQA2,
B2,
144A,
FRN,
11.897%,
(30-day
SOFR
Average
+
7.714%),
3/25/50
................................
United
States
625,000
768,131
2020-HQA3,
B2,
144A,
FRN,
14.297%,
(30-day
SOFR
Average
+
10.114%),
7/25/50
................................
United
States
1,027,000
1,366,298
2021-DNA3,
B2,
144A,
FRN,
10.433%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
................................
United
States
299,000
372,474
2022-DNA2,
M2,
144A,
FRN,
7.933%,
(30-day
SOFR
Average
+
3.75%),
2/25/42
.................................
United
States
450,000
465,606
2023-HQA2,
M1B,
144A,
FRN,
7.533%,
(30-day
SOFR
Average
+
3.35%),
6/25/43
.................................
United
States
700,000
726,938
b,f
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
12.047%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
................................
United
States
389,000
448,674
2018-HQA2,
B2,
144A,
FRN,
15.297%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
...............................
United
States
1,619,000
2,030,417
2019-DNA1,
B2,
144A,
FRN,
15.047%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
................................
United
States
315,000
391,460
2019-HQA1,
B2,
144A,
FRN,
16.547%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
................................
United
States
254,000
311,990
2019-HQA2,
B2,
144A,
FRN,
15.547%,
(30-day
SOFR
Average
+
11.364%),
4/25/49
................................
United
States
298,000
357,737
f
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C01,
1B,
FRN,
16.047%,
(30-day
SOFR
Average
+
11.864%),
8/25/28
.................................
United
States
825,136
850,758
2016-C02,
1B,
FRN,
16.547%,
(30-day
SOFR
Average
+
12.364%),
9/25/28
.................................
United
States
2,291,102
2,384,751
2016-C03,
1B,
FRN,
16.047%,
(30-day
SOFR
Average
+
11.864%),
10/25/28
................................
United
States
1,281,231
1,341,097
2016-C03,
2B,
FRN,
17.047%,
(30-day
SOFR
Average
+
12.864%),
10/25/28
................................
United
States
237,566
249,681
2016-C04,
1B,
FRN,
14.547%,
(30-day
SOFR
Average
+
10.364%),
1/25/29
.................................
United
States
264,589
280,282
2016-C05,
2B,
FRN,
15.047%,
(30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
265,859
282,023
2016-C06,
1B,
FRN,
13.547%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
393,936
421,115
b
2020-R01,
1B1,
144A,
FRN,
7.547%,
(30-day
SOFR
Average
+
3.364%),
1/25/40
..................................
United
States
459,000
470,735
Putnam
Premier
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
f
FNMA
Connecticut
Avenue
Securities
Trust,
(continued)
b
2022-R02,
2B1,
144A,
FRN,
8.683%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
402,000
$
417,321
b
2022-R02,
2M2,
144A,
FRN,
7.183%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
1,640,000
1,677,129
f
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.582
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
483,515
269,802
f
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.666
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
400,257
110,739
b,f
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
8.333
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
300,000
305,538
b,f
J.P.
Morgan
Mortgage
Trust
,
2024-9,
A11,
144A,
FRN,
5.533%,
(30-day
SOFR
Average
+
1.35%),
2/25/55
...................................
United
States
373,268
374,238
2025-2,
A11,
144A,
FRN,
5.433%,
(30-day
SOFR
Average
+
1.25%),
7/25/55
...................................
United
States
449,812
449,538
MFA
Trust
,
2024-NPL1
,
A1
,
6.33
%
,
9/25/54
................
United
States
613,061
614,230
b,f
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
2.846
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
.............
United
States
327,391
313,007
b,f
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-4
,
AF
,
144A,
FRN
,
5.533
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/54
United
States
206,048
205,861
f
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.901
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
47,791
46,763
b
Saluda
Grade
Alternative
Mortgage
Trust
,
2024-RTL4,
A1,
144A,
7.5%,
2/25/30
...................
United
States
1,227,000
1,234,020
2024-RTL5,
A1,
144A,
7.762%,
4/25/30
.................
United
States
1,400,000
1,414,033
f
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1
,
2A1
,
FRN
,
4.466
%
,
(
1-month
SOFR
+
0.474
%
),
1/25/37
.........
United
States
447,279
404,996
b,k
Towd
Point
Mortgage
Trust
,
2018-5,
M1,
144A,
FRN,
3.25%,
7/25/58
................
United
States
815,000
702,617
2019-2,
A2,
144A,
FRN,
3.75%,
12/25/58
................
United
States
1,033,000
942,976
f
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
5.086
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
173,561
168,070
37,064,589
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$35,254,673)
...............
37,064,589
Agency
Commercial
Mortgage-Backed
Securities
12.6%
Financial
Services
12.6%
j
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
29,030
488
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
252,147
33,148
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
758,833
159,717
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
262,585
13,048
f
4839,
WS,
IO,
FRN,
1.752%,
(30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
4,221,880
624,515
f
4945,
SL,
IO,
FRN,
1.753%,
(30-day
SOFR
Average
+
5.936%),
1/25/50
.........................................
United
States
4,048,137
506,641
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
4,002,581
840,623
f
5002,
SJ,
IO,
FRN,
1.803%,
(30-day
SOFR
Average
+
5.986%),
7/25/50
.........................................
United
States
6,257,288
785,628
f
5011,
SA,
IO,
FRN,
1.953%,
(30-day
SOFR
Average
+
6.136%),
9/25/50
.........................................
United
States
6,812,383
898,816
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
7,846,061
1,864,766
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
3,246,071
771,620
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
6,613,183
1,319,300
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
3,870,494
842,154
Putnam
Premier
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,f
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
7.933%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
555,000
$
576,213
2021-MN3,
M2,
144A,
FRN,
8.183%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
1,746,000
1,814,311
j
FNMA
,
f
2010-35,
SG,
IO,
FRN,
2.103%,
(30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
462,975
53,152
f
2011-101,
SA,
IO,
FRN,
1.603%,
(30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
1,061,451
106,689
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
236,012
48,705
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
1,797,318
242,583
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
1,209,733
174,485
f
2017-32,
SA,
IO,
FRN,
1.853%,
(30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
5,246,679
609,872
f
2018-20,
SB,
IO,
FRN,
1.953%,
(30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
2,402,974
240,042
f
2018-38,
SA,
IO,
FRN,
1.903%,
(30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
4,431,964
548,927
f
2019-43,
JS,
IO,
FRN,
1.753%,
(30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
2,292,619
257,374
f
2019-61,
S,
IO,
FRN,
1.703%,
(30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
4,797,402
672,222
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
5,845,124
1,339,721
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
7,671,565
1,728,148
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
59,600
9,675
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
158,656
21,760
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
5,666,831
991,669
j
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
671,269
99,791
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
1,594,668
258,937
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
1,606,513
262,031
2012-146,
IO,
5%,
12/20/42
..........................
United
States
426,978
90,022
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
833,581
157,963
k
2013-H08,
CI,
IO,
FRN,
1.495%,
2/20/63
................
United
States
1,289,515
45,052
f
2014-119,
SA,
IO,
FRN,
1.454%,
(1-month
SOFR
+
5.486%),
8/20/44
.........................................
United
States
1,254,199
126,995
f
2014-60,
SD,
IO,
FRN,
2.034%,
(1-month
SOFR
+
6.066%),
4/20/44
.........................................
United
States
2,968,492
375,904
2014-76,
IO,
5%,
5/20/44
............................
United
States
595,838
124,255
k
2014-H21,
BI,
IO,
FRN,
1.557%,
10/20/64
...............
United
States
2,468,387
52,276
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
504,999
18,733
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
1,426,747
283,323
2015-64,
YI,
IO,
4%,
11/20/44
........................
United
States
898,604
131,872
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
357,058
73,274
k
2015-H10,
BI,
IO,
FRN,
2.06%,
4/20/65
.................
United
States
1,550,059
72,047
k
2015-H20,
AI,
IO,
FRN,
1.853%,
8/20/65
................
United
States
1,641,605
50,711
k
2015-H20,
CI,
IO,
FRN,
1.874%,
8/20/65
................
United
States
1,905,738
102,641
k
2015-H23,
BI,
IO,
FRN,
1.768%,
9/20/65
................
United
States
1,839,575
43,224
k
2015-H25,
EI,
IO,
FRN,
1.842%,
10/20/65
...............
United
States
1,071,253
35,590
2016-42,
IO,
5%,
2/20/46
............................
United
States
1,452,328
284,421
k
2016-H03,
AI,
IO,
FRN,
1.941%,
1/20/66
................
United
States
5,772,762
228,827
k
2016-H03,
DI,
IO,
FRN,
1.996%,
12/20/65
...............
United
States
1,506,162
48,913
k
2016-H06,
DI,
IO,
FRN,
1.564%,
7/20/65
................
United
States
2,894,624
118,824
k
2016-H09,
BI,
IO,
FRN,
2.013%,
4/20/66
................
United
States
2,431,570
101,445
k
2016-H10,
AI,
IO,
FRN,
1.62%,
4/20/66
.................
United
States
3,652,450
101,892
k
2016-H18,
QI,
IO,
FRN,
2.226%,
6/20/66
................
United
States
1,410,999
78,753
Putnam
Premier
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
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
k
2016-H22,
AI,
IO,
FRN,
2.128%,
10/20/66
...............
United
States
1,999,549
$
96,360
k
2016-H23,
NI,
IO,
FRN,
2.132%,
10/20/66
...............
United
States
5,431,817
256,181
k
2016-H24,
CI,
IO,
FRN,
1.66%,
10/20/66
................
United
States
1,317,249
30,554
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
2,013,625
387,680
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
744,436
138,915
k
2017-H02,
BI,
IO,
FRN,
2.275%,
1/20/67
................
United
States
1,521,785
58,981
k
2017-H06,
BI,
IO,
FRN,
2.356%,
2/20/67
................
United
States
2,404,100
77,013
k
2017-H08,
NI,
IO,
FRN,
2.208%,
3/20/67
................
United
States
3,345,100
105,471
k
2017-H09,
IO,
FRN,
1.892%,
4/20/67
...................
United
States
4,083,523
116,152
k
2017-H11,
DI,
IO,
FRN,
2.083%,
5/20/67
................
United
States
2,631,079
129,567
k
2017-H12,
QI,
IO,
FRN,
2.386%,
5/20/67
................
United
States
2,216,063
84,416
k
2017-H16,
IG,
IO,
FRN,
1.865%,
7/20/67
................
United
States
5,437,146
141,491
k
2017-H16,
JI,
IO,
FRN,
2.437%,
8/20/67
.................
United
States
7,186,143
311,102
k
2017-H19,
MI,
IO,
FRN,
2.069%,
4/20/67
................
United
States
1,344,131
51,914
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
2,531,900
501,201
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
1,059,740
217,953
k
2018-H02,
EI,
IO,
FRN,
2.324%,
1/20/68
................
United
States
6,099,021
256,330
k
2018-H05,
BI,
IO,
FRN,
2.307%,
2/20/68
................
United
States
3,870,738
163,883
k
2018-H15,
KI,
IO,
FRN,
2.241%,
8/20/68
................
United
States
2,713,347
99,376
f
2019-110,
SQ,
IO,
FRN,
1.904%,
(1-month
SOFR
+
5.936%),
9/20/49
.........................................
United
States
3,539,095
416,668
f
2019-152,
ES,
IO,
FRN,
1.904%,
(1-month
SOFR
+
5.936%),
12/20/49
........................................
United
States
2,133,100
257,019
f
2019-83,
SY,
IO,
FRN,
1.954%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
3,197,876
398,101
f
2019-89,
PS,
IO,
FRN,
1.954%,
(1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
3,921,115
515,949
f
2019-96,
SY,
IO,
FRN,
1.954%,
(1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
3,626,701
462,681
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
7,580,011
998,087
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
4,574,979
948,174
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
4,861,807
786,329
f
2020-63,
AS,
IO,
FRN,
1.854%,
(1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
3,904,285
476,985
f
2020-63,
PS,
IO,
FRN,
1.954%,
(1-month
SOFR
+
5.986%),
4/20/50
.........................................
United
States
4,640,135
618,870
f
2020-63,
SP,
IO,
FRN,
1.954%,
(1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
3,621,589
467,161
f
2020-96,
KS,
IO,
FRN,
2.004%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
11,400,455
1,509,952
f
2020-97,
QS,
IO,
FRN,
2.004%,
(1-month
SOFR
+
6.036%),
7/20/50
.........................................
United
States
3,086,064
441,317
f
2021-116,
ES,
IO,
FRN,
2.054%,
(1-month
SOFR
+
6.086%),
11/20/47
........................................
United
States
5,931,351
700,105
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
6,154,778
1,400,346
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
7,581,908
1,437,152
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
4,710,710
930,360
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
6,307,991
1,074,768
f
2021-59,
SM,
IO,
FRN,
2.154%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
10,993,826
1,491,846
f
2021-59,
SQ,
IO,
FRN,
2.154%,
(1-month
SOFR
+
6.186%),
4/20/51
.........................................
United
States
3,715,754
511,354
f
2021-77,
SM,
IO,
FRN,
2.154%,
(1-month
SOFR
+
6.186%),
5/20/51
.........................................
United
States
5,490,668
771,710
f
2021-98,
SK,
IO,
FRN,
2.154%,
(1-month
SOFR
+
6.186%),
6/20/51
.........................................
United
States
8,649,519
1,214,086
Putnam
Premier
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
GNMA,
(continued)
f
2023-35,
SH,
IO,
FRN,
2.266%,
(30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
11,422,362
$
974,363
2024-186,
IO,
3%,
9/20/51
...........................
United
States
7,430,290
1,124,614
k
2024-32,
IO,
FRN,
0.7%,
6/16/63
......................
United
States
10,618,744
537,818
2024-4,
IG,
IO,
5%,
12/20/52
.........................
United
States
3,509,870
677,262
45,831,345
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$45,818,353)
.......
45,831,345
Total
Long
Term
Investments
(Cost
$374,718,679)
.............................
379,885,424
a
Short
Term
Investments
13.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
1.5%
Bank
of
America
NA,
4.25%,
3/02/26
.....................
United
States
1,750,000
1,750,892
Canadian
Imperial
Bank
of
Commerce,
4.34%,
2/09/26
.......
Canada
1,800,000
1,801,049
Toronto-Dominion
Bank
(The),
4.53%,
4/02/26
..............
Canada
1,850,000
1,850,843
Total
Certificates
of
Deposit
(Cost
$5,400,000)
................................
5,402,784
a
a
a
Commercial
Papers
3.5%
b,c
BPCE
SA
,
144A,
3.959%
,
2/26/26
.......................
France
1,750,000
1,727,396
b
Commonwealth
Bank
of
Australia
,
144A,
4.42
%
,
4/09/26
......
Australia
1,750,000
1,750,070
c
Credit
Agricole
Corporate
and
Investment
Bank
SA
,
4.016%
,
2/05/26
...........................................
France
1,750,000
1,731,282
c
Export
Development
Corp.
,
3.962%
,
12/03/25
..............
United
States
1,750,000
1,743,871
c
FMS
Wertmanagement
,
4.018%,
11/21/25
...................................
Germany
2,000,000
1,995,494
b
144A,
3.965%,
12/04/25
..............................
Germany
2,000,000
1,992,661
3,988,155
b
Royal
Bank
of
Canada
,
144A,
4.31
%
,
3/23/26
..............
Canada
1,850,000
1,850,742
Total
Commercial
Papers
(Cost
$12,791,435)
.................................
12,791,516
a
a
a
U.S.
Government
and
Agency
Securities
0.5%
c,n
U.S.
Treasury
Bills
,
1.9%,
11/06/25
....................................
United
States
200,000
199,936
3.61%,
1/20/26
...................................
United
States
1,500,000
1,487,907
1,687,843
Total
U.S.
Government
and
Agency
Securities
(Cost
$1,687,154)
................
1,687,843
Shares
Management
Investment
Companies
4.9%
a,o
Putnam
Short
Term
Investment
Fund,
Class
P,
4.371%
.......
United
States
17,754,345
17,754,345
Total
Management
Investment
Companies
(Cost
$17,754,345)
..................
17,754,345
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
Short
Term
Investments
(continued)
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Money
Market
Funds
3.0%
a,o
Putnam
Government
Money
Market
Fund,
Class
P,
3.881%
....
United
States
10,983,993
$
10,983,993
Total
Money
Market
Funds
(Cost
$10,983,993)
................................
10,983,993
Total
Short
Term
Investments
(Cost
$48,616,927
)
..............................
48,620,481
a
Total
Investments
(Cost
$423,335,606)
117.9%
................................
$428,505,905
TBA
Sale
Commitments
(2.7)%
..............................................
(9,722,644)
Other
Assets,
less
Liabilities
(15.2)%
........................................
(55,175,491)
Net
Assets
100.0%
.........................................................
$363,607,770
a
a
a
Principal
Amount
*
p
TBA
Sale
Commitments
(2.7)%
Mortgage-Backed
Securities
(2.7)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(2.7)%
Uniform
Mortgage-Backed
Securities
,
4%,
TBA,
11/25/55
.................................
United
States
(1,000,000)
(948,942)
4.5%,
TBA,
11/25/55
...............................
United
States
(9,000,000)
(8,773,702)
Total
TBA
Sale
Commitments
(Proceeds
$(9,710,313))
.........................
$(9,722,644)
*
The
principal
amount
is
stated
in
U.S.
dollars
unless
otherwise
indicated.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
See
Note
4
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
October
31,
2025,
the
aggregate
value
of
these
securities
was
$141,664,381,
representing
39.0%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
e
Income
may
be
received
in
additional
securities
and/or
cash.
f
The
coupon
rate
shown
represents
the
rate
inclusive
of
any
caps
or
floors,
if
applicable,
in
effect
at
period
end.
g
See
Note
3
regarding
unfunded
loan
commitments.
h
A
portion
or
all
of
the
security
represents
an
unsettled
loan
commitment.
The
coupon
rate
is
to-be
determined
(TBD)
at
the
time
of
the
settlement
and
will
be
based
upon
a
reference
index/floor
plus
a
spread.
i
Perpetual
security
with
no
stated
maturity
date.
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
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.
l
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
m
Security
purchased
on
a
to-be-announced
(TBA)
basis.
n
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts.
At
October
31,
2025,
the
aggregate
value
of
these
securities
pledged
amounted
to
$1,338,914,
representing
0.4%
net
assets.
o
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
p
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
At
October
31,
2025,
the
Fund
had
the
following futures
contracts
outstanding.
At
October
31,
2025,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-Bobl
..................................
Short
51
$
6,951,932
12/08/25
$
(20,117)
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
27
3,118,078
12/19/25
(39,271)
U.S.
Treasury
2
Year
Notes
.....................
Short
197
41,023,711
12/31/25
48,925
Total
Futures
Contracts
......................................................................
$(10,463)
*
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
Japanese
Yen
......
BOFA
Buy
147,522,300
1,010,157
11/19/25
$
—
$
(51,445)
Japanese
Yen
......
GSCO
Buy
254,207,100
1,740,552
11/19/25
—
(88,521)
Japanese
Yen
......
HSBK
Buy
135,633,600
929,061
11/19/25
—
(47,610)
Japanese
Yen
......
TDOM
Buy
1,366,800
9,360
11/19/25
—
(477)
Japanese
Yen
......
UBSW
Buy
125,971,100
862,529
11/19/25
—
(43,873)
British
Pound
......
HSBK
Sell
1,016,100
1,380,976
12/17/25
46,053
—
Euro
.............
HSBK
Sell
9,729,400
11,500,033
12/17/25
257,512
—
Euro
.............
MSCO
Sell
136,300
158,993
12/17/25
1,495
—
Norwegian
Krone
...
MSCO
Sell
13,864,000
1,408,291
12/17/25
39,657
—
Swedish
Krona
.....
MSCO
Sell
14,243,300
1,542,465
12/17/25
39,257
—
Swiss
Franc
.......
TDOM
Buy
727,100
918,508
12/17/25
—
(10,306)
Swiss
Franc
.......
UBSW
Buy
1,818,000
2,311,832
12/17/25
—
(41,018)
Australian
Dollar
....
BZWS
Sell
221,400
145,489
1/21/26
521
—
Australian
Dollar
....
CITI
Sell
1,089,500
715,813
1/21/26
2,432
—
Australian
Dollar
....
HSBK
Sell
129,100
84,841
1/21/26
309
—
Australian
Dollar
....
JPHQ
Sell
1,591,100
1,045,571
1/21/26
3,754
—
Australian
Dollar
....
MSCO
Sell
1,705,500
1,120,676
1/21/26
3,952
—
Australian
Dollar
....
UBSW
Sell
48,200
31,677
1/21/26
117
—
Australian
Dollar
....
WPAC
Sell
30,200
19,846
1/21/26
72
—
Canadian
Dollar
....
BOFA
Sell
600
430
1/21/26
1
—
Canadian
Dollar
....
BZWS
Sell
182,500
130,847
1/21/26
198
—
Canadian
Dollar
....
GSCO
Sell
19,800
14,195
1/21/26
20
—
Canadian
Dollar
....
JPHQ
Sell
431,300
309,192
1/21/26
429
—
Canadian
Dollar
....
TDOM
Sell
1,420,800
1,018,454
1/21/26
1,320
—
Canadian
Dollar
....
UBSW
Sell
1,176,000
842,985
1/21/26
1,100
—
New
Zealand
Dollar
.
BOFA
Sell
43,500
25,132
1/21/26
154
—
New
Zealand
Dollar
.
MSCO
Sell
1,660,200
959,335
1/21/26
6,045
—
New
Zealand
Dollar
.
UBSW
Sell
166,600
96,270
1/21/26
608
—
Total
Forward
Exchange
Contracts
...................................................
$405,006
$(283,250)
Net
unrealized
appreciation
(depreciation)
............................................
$121,756
a
May
be
comprised
of
multiple
contracts
with
the
same
counterparty,
currency
and
settlement
date.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
At
October
31,
2025,
the
Fund
had
the
following forward
premium
swap
options contracts
outstanding.
*
In
U.S.
dollars
unless
otherwise
indicated.
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
3.3%/1-day
SOFR/Feb-27/(Written)
BNDP
2/05/26
/
3.3%
138,450,000
$
(304,590)
$
162,852
3.85%/1-day
SOFR/Feb-27/(Purchased)
BNDP
2/05/26
/
3.85%
92,300,000
383,045
18,581
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
1,201,500
55,629
(19,959)
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
1,201,500
55,629
(18,770)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
4,605,400
225,204
(98,017)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
4,605,400
235,796
(169,007)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
1,220
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
(4,280)
3.165%/1-day
SOFR/Mar-52/(Purchased)
BOFA
3/22/32
/
3.165%
4,099,200
293,093
(97,371)
(4%)/1-day
SOFR/Dec-30/(Purchased)
CITI
12/08/25
/
4%
16,330,600
184,536
(183,454)
(4.608%)/1-day
SOFR/May-56/(Purchased)
CITI
5/26/26
/
4.608%
2,170,500
78,789
(60,741)
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
669,542
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
(317,637)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
10,390,700
206,241
(153,715)
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
10,390,700
259,753
(98,165)
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
(137,080)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
526,358
(4.384%)/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
4.384%
4,030,200
185,591
(78,395)
3.884%/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
3.884%
4,030,200
178,135
(16,473)
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
(15,868)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
(370)
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
4,848,800
386,533
70,887
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
260,500
27,195
7,995
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
2,708,400
98,044
(38,425)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
315,483
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
(152,103)
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
(77,111)
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
89,089
Unrealized
appreciation
1,862,007
Unrealized
(depreciation)
(1,736,941)
Total
$125,066
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
At
October
31,
2025,
the
Fund
had
the
following credit
default
swap
contracts outstanding.
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.45
.
5.00%
Quarterly
12/20/30
18,279,000
$
1,429,727
$
1,459,527
$
(29,800)
Non-
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$1,429,727
$1,459,527
$(29,800)
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
1,969,000
1,010,150
820,325
189,825
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
584,000
299,607
33,229
266,378
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
289,000
107,248
108,736
(1,488)
CMBX.NA.BB.6
.
(5.00)%
Monthly
CITI
5/11/63
234,000
19,423
30,905
(11,482)
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
405,000
33,617
18,248
15,369
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
358,000
156,597
155,013
1,584
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
134,000
58,615
54,714
3,901
CMBX.NA.BB.8
.
(5.00)%
Monthly
MSCO
10/17/57
25,000
10,936
10,981
(45)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
1,129,000
229,704
339,336
(109,632)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
1,053,000
214,242
340,501
(126,259)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
1,326,000
170,590
165,603
4,987
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
442,000
79,089
80,223
(1,134)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
884,000
179,672
185,345
(5,673)
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
766,000
33,013
143,487
(110,474)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
442,000
82,022
79,394
2,628
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
804,000
(55,528)
(105,907)
50,379
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
215,000
(110,300)
(17,251)
(93,049)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
289,000
(107,248)
(123,564)
16,316
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
CITI
5/11/63
1,391,000
(115,460)
(241,859)
126,399
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
186,000
(15,439)
(32,290)
16,851
Non-
Investment
Grade
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
30
At
October
31,
2025,
the
Fund
had
the
following interest
rate swap
contracts
outstanding.
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
JPHQ
5/11/63
21,000
$
(1,743)
$
(10,811)
$
9,068
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
256,000
(21,249)
(28,625)
7,376
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
921,000
(76,448)
(163,951)
87,503
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
63,000
(10,797)
(14,321)
3,524
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
33,000
(5,656)
(6,777)
1,121
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
34,000
(5,827)
(7,729)
1,902
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
766,000
(33,013)
(47,649)
14,636
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$2,125,817
$1,765,306
$360,511
Total
Credit
Default
Swap
Contracts
....................................
$3,555,544
$
3,224,833
$330,711
a
In
U.S.
dollars
unless
otherwise
indicated.
For
contracts
to
sell
protection,
the
notional
amount
is
equal
to
the
maximum
potential
amount
of
the
future
payments
and
no
recourse
provisions
have
been
entered
into
in
association
with
the
contracts.
b
Based
on
Standard
and
Poor's
(S&P)
Rating
for
single
name
swaps
and
internal
ratings
for
index
swaps.
Internal
ratings
based
on
mapping
into
equivalent
ratings
from
external
vendors.
c
Performance
triggers
for
settlement
of
contract
include
default,
bankruptcy
or
restructuring
for
single
name
swaps,
and
failure
to
pay
or
bankruptcy
of
the
underlying
securities
for
traded
index
swaps.
d
The
fund
enters
contracts
to
sell
protection
to
create
a
long
credit
position.
Interest
Rate
Swap
Contracts
Description
Payment
Frequency
Maturity
Date
Notional
Amount
*
Value
Upfront
Payments
(Receipts)
Unrealized
Appreciation
(Depreciation)
aa
aa
aa
aa
Centrally
Cleared
Swap
Contracts
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.58%
....
Annual
9/17/27
275,679,000
$
(616,508)
$
(333,092)
$
(283,416)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
3.23%
....
Quarterly
9/17/27
4,521,000
AUD
16,427
3,786
12,641
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.13%
....
Annual
12/17/27
6,460,000
26,014
23,125
2,889
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
31
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
3.28%
..
Quarterly
Pay
Floating
3-month
AUD
BBR
.........
Quarterly
12/17/27
3,972,000
AUD
$
(12,227)
$
531
$
(12,758)
Receive
Fixed
3.63%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
12/17/27
3,455,000
GBP
11,115
(3,650)
14,765
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.08%
....
Annual
12/17/27
4,663,000
EUR
2,707
5,116
(2,409)
Receive
Fixed
3.63%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/17/30
287,304,000
2,831,985
1,138,446
1,693,539
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
3.73%
....
Semi-Annual
9/17/30
13,862,000
AUD
81,720
(49,648)
131,368
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.18%
....
Annual
9/17/30
487,000
EUR
3,582
1,423
2,159
Receive
Fixed
4.166%
.
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
7/15/35
16,226,800
AUD
(116,282)
—
(116,282)
Receive
Fixed
3.833%
.
Annual
Pay
Floating
1-day
SOFR
............
Annual
9/10/35
8,682,100
115,106
—
115,106
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
9/17/35
73,562,000
(1,275,608)
(238,642)
(1,036,966)
Receive
Fixed
4.23%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/35
7,198,000
AUD
(31,003)
16,135
(47,138)
Receive
Fixed
0.45%
..
Annual
Pay
Floating
1-day
SARON
..........
Annual
12/17/35
3,218,000
CHF
9,307
(7,223)
16,530
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
2.93%
....
Semi-Annual
12/17/35
4,577,000
CAD
(18,677)
(11,974)
(6,703)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.53%
....
Annual
12/17/35
5,456,000
65,246
52,549
12,697
Receive
Fixed
2.63%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
12/17/35
3,633,000
EUR
5,967
6,167
(200)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
3.9%
.....
Semi-Annual
12/17/35
4,336,000
NZD
(44,733)
(6,675)
(38,058)
Receive
Floating
3-month
STIBOR
............
Quarterly
Pay
Fixed
2.6%
.....
Annual
12/17/35
34,397,000
SEK
32,716
11,865
20,851
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
See
A
bbreviations
on
page
36
.
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
4.08%
..
Annual
Pay
Floating
1-day
SONIA
...........
Annual
12/17/35
5,412,000
GBP
$
87,926
$
(2,759)
$
90,685
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.18%
....
Semi-Annual
12/17/35
2,192,000
AUD
19,905
14,714
5,191
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
3.85%
....
Annual
12/17/35
41,790,000
NOK
48,836
30,001
18,835
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.377%
...
Semi-Annual
7/02/45
1,531,000
AUD
31,092
—
31,092
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.03%
....
Annual
9/17/55
8,293,000
(114,867)
11,542
(126,409)
Receive
Fixed
2.58%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
9/17/55
1,720,000
EUR
(125,444)
(22,756)
(102,688)
Receive
Fixed
4.48%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
9/17/55
179,000
AUD
(2,271)
869
(3,140)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.88%
....
Annual
12/17/55
952,000
11,085
7,308
3,777
Total
Interest
Rate
Swap
Contracts
.................................
$1,043,116
$
647,158
$395,958
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Premier
Income
Trust
33
Quarterly
Schedule
of
Investments
Notes
to
Schedule
of
Investments
(unaudited)
1.
Organization
Putnam
Premier
Income
Trust (Fund)
is
registered under
the
Investment
Company
Act
of
1940
(1940
Act)
as
a
closed-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,
exchange
traded
funds,
and
derivative
financial instruments listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
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
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
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
34
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.
At October
31,
2025,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
"market
level
fair
value").
See
the
Fair
Value
Measurements
note
for
more
information.
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.
Unfunded
Loan
Commitments
The
Fund enters
into
certain
credit
agreements,
all
or
a
portion
of
which
may
be
unfunded.
The
Fund
is
obligated
to
fund
these
loan
commitments
at
the
borrowers’
discretion.
Unfunded
loan
commitments
and
funded
portions
of
credit
agreements
are
marked
to
market
daily.
Funded
portions
of
credit
agreements
are
presented
in
the Schedule
of of
Investments.
At
October
31,
2025,
unfunded
commitments
were
as
follows:
4.
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
October
31,
2025,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
Borrower
Unfunded
Commitment
Clydesdale
Acquisition
Holdings,
Inc.
$
7,500
    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
Premier
Income
Trust
Non-Controlled
Affiliates
Dividends
Franklin
Ultra
Short
Bond
ETF
.
$9,211,202
$—
$—
$—
$20,244
$9,231,446
368,080
$107,205
Putnam
Government
Money
Market
Fund,
Class
P,
3.881%
.
3,081,736
32,241,364
(24,339,107)
—
—
10,983,993
10,983,993
111,290
Putnam
Short
Term
Investment
Fund,
Class
P,
4.371%
......
17,854,912
1,346,267
(1,446,834)
—
—
17,754,345
17,754,345
199,825
Total
Non-Controlled
Affiliates
$30,147,850
$33,587,631
$(25,785,941)
$—
$20,244
$37,969,784
$418,320
Total
Affiliated
Securities
...
$30,147,850
$33,587,631
$(25,785,941)
$—
$20,244
$37,969,784
$418,320
2. Financial
Instrument
Valuation
(continued)
Putnam
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
35
Quarterly
Schedule
of
Investments
5. 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
October
31,
2025,
in
valuing
the
Fund's assets
and
liabilities carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Putnam
Premier
Income
Trust
Assets:
Investments
in
Securities:
Management
Investment
Companies
.........
$
9,231,446
$
—
$
—
$
9,231,446
Convertible
Bonds
.......................
—
10,637,176
—
10,637,176
Corporate
Bonds
........................
—
103,481,669
—
103,481,669
Senior
Floating
Rate
Interests
...............
—
28,679,706
—
28,679,706
Foreign
Government
and
Agency
Securities
....
—
39,399,584
—
39,399,584
Asset-Backed
Securities
...................
—
4,470,438
—
4,470,438
Commercial
Mortgage-Backed
Securities
......
—
32,688,357
—
32,688,357
Mortgage-Backed
Securities
................
—
68,401,114
—
68,401,114
Residential
Mortgage-Backed
Securities
.......
—
37,064,589
—
37,064,589
Agency
Commercial
Mortgage-Backed
Securities
—
45,831,345
—
45,831,345
Short
Term
Investments
...................
28,738,338
19,882,143
—
48,620,481
Total
Investments
in
Securities
...........
$37,969,784
$390,536,121
$—
$428,505,905
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$405,006
$—
$405,006
Forward
Premium
Swap
Option
Contracts
.....
—
1,862,007
—
1,862,007
Futures
Contracts
.......................
48,925
—
—
48,925
Swap
Contracts
.........................
—
2,991,872
—
2,991,872
Total
Other
Financial
Instruments
.........
$48,925
$5,258,885
$—
$5,307,810
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
9,722,644
$
—
$
9,722,644
Forward
Exchange
Contracts
...............
—
283,250
—
283,250
Forward
Premium
Swap
Option
Contracts
......
—
1,736,941
—
1,736,941
Futures
Contracts
........................
59,388
—
—
59,388
Swap
Contracts
.........................
—
2,265,203
—
2,265,203
Unfunded
Loan
Commitments
...............
—
8
—
8
Total
Other
Financial
Instruments
.........
$59,388
$14,008,046
$—
$14,067,434
Putnam
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
Abbreviations
Counterparty
BNDP
BNP
Paribas
SA
BOFA
Bank
of
America
NA
BZWS
Barclays
Bank
plc
CITI
Citibank
NA
GSCO
Goldman
Sachs
Group,
Inc.
HSBK
HSBC
Bank
plc
JPHQ
JPMorgan
Chase
Bank
NA
MCM
Mizuho
Capital
Markets
LLC
MLCO
Merrill
Lynch
International
&
Co.
MSCO
Morgan
Stanley
NATW
Natwest
Markets
plc
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
BBR
Bank
of
England
Base
Rate
CLO
Collateralized
Loan
Obligation
CME
Chicago
Mercantile
Exchange
CMT
Constant
Monthly
U.S.
Treasury
Securities
Yield
Curve
Rate
Index
ETF
Exchange-Traded
Fund
EURIBOR
Euro
Inter-Bank
Offer
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FRN
Floating
Rate
Note
GNMA
Government
National
Mortgage
Association
IO
Interest
Only
NIBOR
Norwegian
Interbank
Offered
Rate
PIK
Payment-In-Kind
REIT
Real
Estate
Investment
Trust
REMIC
Real
Estate
Mortgage
Investment
Conduit
SARON
Swiss
Average
Rate
Overnight
SOFR
Secured
Overnight
Financing
Rate
SONIA
Sterling
Overnight
Index
Average
STACR
Structured
Agency
Credit
Risk
STIBOR
Stockholm
Interbank
Offered
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Reference
Index
Reference
Rate
1-day
REPO_CORRA
.................
2.35%
1-day
SARON
.......................
(0.05)%
1-day
SOFR
........................
4.22%
1-day
SONIA
........................
3.97%
3-month
AUD
BBR
...................
3.64%
3-month
STIBOR
....................
1.94%
6-month
AUD
BBR
...................
3.88%
6-month
EURIBOR
...................
2.14%
6-month
NIBOR
.....................
4.35%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.