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Schedule
of
Investments
(unaudited)
Putnam
Premier
Income
Trust
2
Notes
to
Schedule
of
Investments
35
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited),
April
30,
2026
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
$
9,209,362
Total
Management
Investment
Companies
(Cost
$9,155,669)
...................
9,209,362
Principal
Amount
*
Convertible
Bonds
3.6%
Aerospace
&
Defense
0.1%
AeroVironment,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
7/15/30
........
United
States
72,000
73,224
b
BWX
Technologies,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
11/01/30
United
States
267,000
289,428
362,652
Automobile
Components
0.0%
†
Patrick
Industries,
Inc.
,
Senior
Note
,
1.75
%
,
12/01/28
........
United
States
83,000
125,081
Automobiles
0.0%
†
Rivian
Automotive,
Inc.
,
Senior
Note
,
4.625
%
,
3/15/29
........
United
States
122,000
139,766
Biotechnology
0.3%
Alnylam
Pharmaceuticals,
Inc.
,
Senior
Note,
1%,
9/15/27
...........................
United
States
42,000
51,979
b,c
Senior
Note,
144A,
3.13%,
9/15/28
....................
United
States
109,000
101,302
b
Bridgebio
Pharma,
Inc.
,
Senior
Note
,
144A,
0.75
%
,
2/01/33
....
United
States
178,000
177,092
b
Cytokinetics,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
10/01/31
.......
United
States
115,000
147,056
b
Halozyme
Therapeutics,
Inc.
,
Senior
Note
,
144A,
0.875
%
,
11/15/32
........................................
United
States
251,000
247,737
b
Ionis
Pharmaceuticals,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
12/01/30
........................................
United
States
239,000
248,411
Revolution
Medicines,
Inc.
,
Senior
Note
,
0.5
%
,
5/01/33
.......
United
States
107,000
119,437
1,093,014
Broadline
Retail
0.1%
b
Etsy,
Inc.
,
Senior
Note
,
144A,
1
%
,
6/15/30
.................
United
States
219,000
237,177
Capital
Markets
0.0%
†
b,c
Coinbase
Global,
Inc.
,
Senior
Note
,
144A,
2.63%
,
10/01/32
....
United
States
109,000
92,296
b
Hercules
Capital,
Inc.
,
Senior
Note
,
144A,
4.75
%
,
9/01/28
.....
United
States
72,000
70,344
b
WisdomTree,
Inc.
,
Senior
Note
,
144A,
4.625
%
,
8/15/30
.......
United
States
72,000
84,744
247,384
Construction
&
Engineering
0.1%
Fluor
Corp.
,
Senior
Note
,
1.125
%
,
8/15/29
.................
United
States
141,000
189,469
Consumer
Staples
Distribution
&
Retail
0.1%
Chefs'
Warehouse,
Inc.
(The)
,
Senior
Note
,
2.375
%
,
12/15/28
..
United
States
88,000
162,360
Diversified
REITs
0.1%
b
Digital
Realty
Trust
LP
,
Senior
Note
,
144A,
1.875
%
,
11/15/29
...
United
States
258,000
290,121
Electric
Utilities
0.3%
NextEra
Energy
Capital
Holdings,
Inc.
,
Senior
Note
,
3
%
,
3/01/27
United
States
153,000
222,577
PG&E
Corp.
,
Senior
Secured
Note
,
4.25
%
,
12/01/27
.........
United
States
165,000
169,166
PPL
Capital
Funding,
Inc.
,
Senior
Note
,
2.875
%
,
3/15/28
......
United
States
330,000
380,573
772,316
Electrical
Equipment
0.2%
b
Bloom
Energy
Corp.
,
Senior
Note
,
144A,
Zero
Cpn
.,
11/15/30
..
United
States
330,000
575,256
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)
Electronic
Equipment,
Instruments
&
Components
0.1%
b
Avnet,
Inc.
,
Senior
Note
,
144A,
1.75
%
,
9/01/30
.............
United
States
73,000
$
95,447
Itron
,
Inc.
,
Senior
Note
,
1.375
%
,
7/15/30
..................
United
States
203,000
201,680
b,c
Mirion
Technologies,
Inc.
,
Senior
Note
,
144A,
0.13%
,
10/01/31
.
United
States
127,000
126,111
b
OSI
Systems,
Inc.
,
Senior
Note
,
144A,
0.5
%
,
2/01/31
........
United
States
108,000
115,636
538,874
Energy
Equipment
&
Services
0.0%
†
b
Liberty
Energy,
Inc.
,
Senior
Note,
144A,
Zero
Cpn
.,
3/01/31
.................
United
States
72,000
86,796
Senior
Note,
144A,
Zero
Cpn
.,
3/01/32
.................
United
States
35,000
39,524
126,320
Entertainment
0.2%
Liberty
Media
Corp.-Liberty
Formula
One
Corp.
,
Senior
Note
,
2.25
%
,
8/15/27
...................................
United
States
199,000
232,930
Live
Nation
Entertainment,
Inc.
,
Senior
Note,
3.125%,
1/15/29
........................
United
States
72,000
113,011
Senior
Note,
2.875%,
1/15/30
........................
United
States
164,000
183,024
528,965
Financial
Services
0.0%
†
Global
Payments,
Inc.
,
Senior
Note
,
1.5
%
,
3/01/31
..........
United
States
177,000
159,212
Food
Products
0.1%
Post
Holdings,
Inc.
,
Senior
Note
,
2.5
%
,
8/15/27
.............
United
States
158,000
176,960
Ground
Transportation
0.1%
Uber
Technologies,
Inc.
,
2028
,
Senior
Note
,
0.875
%
,
12/01/28
..
United
States
198,000
242,402
Health
Care
Equipment
&
Supplies
0.1%
Dexcom,
Inc.
,
Senior
Note
,
0.375
%
,
5/15/28
...............
United
States
248,000
230,082
Merit
Medical
Systems,
Inc.
,
Senior
Note
,
3
%
,
2/01/29
.......
United
States
82,000
87,746
317,828
Health
Care
REITs
0.1%
b
Welltower
OP
LLC
,
Senior
Note,
144A,
2.75%,
5/15/28
....................
United
States
111,000
253,469
Senior
Note,
144A,
3.125%,
7/15/29
...................
United
States
109,000
188,897
442,366
Hotels,
Restaurants
&
Leisure
0.1%
b,c
DoorDash
,
Inc.
,
Senior
Note
,
144A,
1.12%
,
5/15/30
..........
United
States
217,000
207,452
NCL
Corp.
Ltd.
,
Senior
Note
,
0.875
%
,
4/15/30
..............
United
States
90,000
94,837
302,289
Household
Products
0.0%
†
Spectrum
Brands,
Inc.
,
Senior
Note
,
3.375
%
,
6/01/29
........
United
States
72,000
73,616
IT
Services
0.5%
Akamai
Technologies,
Inc.
,
Senior
Note
,
1.125
%
,
2/15/29
.....
United
States
305,000
339,236
b
Cloudflare,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
6/15/30
.......
United
States
340,000
391,169
b
CoreWeave
,
Inc.
,
Senior
Note,
144A,
1.75%,
12/01/31
...................
United
States
203,000
263,788
Senior
Note,
144A,
1.75%,
10/01/32
...................
United
States
250,000
300,500
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)
IT
Services
(continued)
Snowflake,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
10/01/29
...........
United
States
289,000
$
339,228
1,633,921
Life
Sciences
Tools
&
Services
0.1%
Repligen
Corp.
,
Senior
Note
,
1
%
,
12/15/28
................
United
States
173,000
171,270
Machinery
0.1%
b
JBT
Marel
Corp.
,
Senior
Note
,
144A,
0.375
%
,
9/15/30
........
United
States
221,000
208,292
Multi-Utilities
0.0%
†
CMS
Energy
Corp.
,
Senior
Note
,
3.375
%
,
5/01/28
...........
United
States
112,000
125,580
Office
REITs
0.0%
†
b
Boston
Properties
LP
,
Senior
Note
,
144A,
2
%
,
10/01/30
.......
United
States
109,000
102,460
Oil,
Gas
&
Consumable
Fuels
0.0%
†
b
Crescent
Energy
Co.
,
Senior
Note
,
144A,
2.75
%
,
3/15/31
.....
United
States
71,000
81,863
Pharmaceuticals
0.1%
b
Zoetis,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
6/15/29
.............
United
States
286,000
283,426
Real
Estate
Management
&
Development
0.0%
†
b
Compass,
Inc.
,
Senior
Note
,
144A,
0.25
%
,
4/15/31
..........
United
States
107,000
94,213
Semiconductors
&
Semiconductor
Equipment
0.2%
MACOM
Technology
Solutions
Holdings,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
12/15/29
....................................
United
States
69,000
121,681
b
Microchip
Technology,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
2/15/30
.........................................
United
States
113,000
129,300
MKS,
Inc.
,
Senior
Note
,
1.25
%
,
6/01/30
...................
United
States
144,000
283,608
b
Nova
Ltd.
,
Senior
Note
,
144A,
Zero
Cpn
.,
9/15/30
...........
Israel
73,000
125,888
ON
Semiconductor
Corp.
,
Senior
Note
,
0.5
%
,
3/01/29
........
United
States
118,000
144,019
b
Semtech
Corp.
,
Senior
Note
,
144A,
Zero
Cpn
.,
10/15/30
......
United
States
91,000
121,872
926,368
Software
0.4%
Box,
Inc.
,
Senior
Note
,
1.5
%
,
9/15/29
....................
United
States
136,000
127,976
b
Cipher
Digital,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
10/01/31
...
United
States
127,000
176,530
Datadog,
Inc.
,
Senior
Note
,
Zero
Cpn
.,
12/01/29
............
United
States
181,000
182,674
Guidewire
Software,
Inc.
,
Senior
Note
,
1.25
%
,
11/01/29
.......
United
States
201,000
198,111
Nutanix,
Inc.
,
Senior
Note
,
0.5
%
,
12/15/29
.................
United
States
145,000
134,676
b,c
Rubrik,
Inc.
,
Senior
Note
,
144A,
2.57%
,
6/15/30
............
United
States
132,000
118,899
b
Terawulf
,
Inc.
,
Senior
Note
,
144A,
Zero
Cpn
.,
5/01/32
........
United
States
336,000
459,413
Workiva,
Inc.
,
Senior
Note
,
1.25
%
,
8/15/28
................
United
States
85,000
79,369
1,477,648
Specialty
Retail
0.0%
†
Burlington
Stores,
Inc.
,
1.25
%
,
12/15/27
..................
United
States
76,000
123,994
Wayfair,
Inc.
,
Senior
Note
,
3.5
%
,
11/15/28
.................
United
States
42,000
64,865
188,859
Technology
Hardware,
Storage
&
Peripherals
0.1%
Seagate
HDD
Cayman
,
Senior
Note
,
3.5
%
,
6/01/28
..........
United
States
33,000
268,892
Total
Convertible
Bonds
(Cost
$11,438,162)
..................................
12,666,220
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
37.8%
Aerospace
&
Defense
1.2%
Boeing
Co.
(The)
,
Senior
Bond,
2.95%,
2/01/30
.........................
United
States
31,000
$
29,305
Senior
Note,
2.7%,
2/01/27
..........................
United
States
303,000
299,528
Senior
Note,
6.298%,
5/01/29
........................
United
States
964,000
1,011,250
b
Bombardier,
Inc.
,
Senior
Bond
,
144A,
7.45
%
,
5/01/34
........
Canada
660,000
727,539
b
Honeywell
Aerospace,
Inc.
,
Senior
Note
,
144A,
4.3
%
,
3/16/31
..
United
States
450,000
444,643
Spirit
AeroSystems,
Inc.
,
Senior
Bond
,
4.6
%
,
6/15/28
........
United
States
905,000
905,078
b
TransDigm
,
Inc.
,
Senior
Secured
Note,
144A,
6.875%,
12/15/30
...........
United
States
420,000
433,203
Senior
Secured
Note,
144A,
6.625%,
3/01/32
............
United
States
145,000
149,197
Senior
Secured
Note,
144A,
6.25%,
1/31/34
.............
United
States
55,000
56,278
Senior
Sub.
Note,
144A,
6.75%,
1/31/34
................
United
States
135,000
138,782
4,194,803
Automobile
Components
0.3%
b
Forvia
SE
,
Senior
Note
,
144A,
6.75
%
,
9/15/33
..............
France
955,000
958,244
Automobiles
0.2%
b
Hyundai
Capital
America
,
Senior
Note
,
144A,
4.55
%
,
9/26/29
..
United
States
470,000
468,136
b
Volkswagen
Group
of
America
Finance
LLC
,
Senior
Note
,
144A,
1.625
%
,
11/24/27
..................................
Germany
510,000
487,426
955,562
Banks
2.2%
b
AIB
Group
plc
,
Senior
Note
,
144A,
6.608%
to
9/12/28,
FRN
thereafter
,
9/13/29
.................................
Ireland
435,000
454,732
Bank
of
America
Corp.
,
Senior
Note,
6.204%
to
11/09/27,
FRN
thereafter,
11/10/28
..
United
States
955,000
980,124
Senior
Note,
4.695%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
440,000
438,295
L,
Sub.
Bond,
4.183%,
11/25/27
......................
United
States
470,000
469,089
b
Banque
Federative
du
Credit
Mutuel
SA
,
Senior
Preferred
Note
,
144A,
4.541
%
,
1/15/31
..............................
France
285,000
281,757
b
CaixaBank
SA
,
Senior
Non-Preferred
Note
,
144A,
6.208%
to
1/17/28,
FRN
thereafter
,
1/18/29
......................
Spain
445,000
456,803
Citigroup,
Inc.
,
Senior
Note
,
4.503%
to
9/10/30,
FRN
thereafter
,
9/11/31
.........................................
United
States
975,000
964,326
b
Federation
des
Caisses
Desjardins
du
Quebec
,
Senior
Note
,
144A,
4.565
%
,
8/26/30
..............................
Canada
410,000
409,274
JPMorgan
Chase
&
Co.
,
Senior
Note,
6.07%
to
10/21/26,
FRN
thereafter,
10/22/27
...
United
States
1,810,000
1,825,219
Senior
Note,
4.622%
to
4/22/31,
FRN
thereafter,
4/23/32
....
United
States
445,000
442,971
Toronto-Dominion
Bank
(The)
,
Senior
Note
,
5.264
%
,
12/11/26
..
Canada
325,000
327,221
Wells
Fargo
&
Co.
,
Senior
Note
,
5.574%
to
7/24/28,
FRN
thereafter
,
7/25/29
.................................
United
States
895,000
914,828
7,964,639
Biotechnology
0.3%
AbbVie,
Inc.
,
Senior
Note
,
4.125
%
,
3/15/31
................
United
States
310,000
305,152
b
Genmab
A/S
/
Genmab
Finance
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
12/15/32
..............................
Denmark
675,000
693,107
998,259
Broadline
Retail
0.6%
Amazon.com,
Inc.
,
Senior
Note,
4.1%,
11/20/30
.........................
United
States
240,000
236,773
Senior
Note,
4.25%,
3/13/31
.........................
United
States
340,000
336,764
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)
Broadline
Retail
(continued)
b
Match
Group
Holdings
II
LLC
,
Senior
Bond
,
144A,
4.125
%
,
8/01/30
.........................................
United
States
565,000
$
530,982
b
Wayfair
LLC
,
Senior
Secured
Note,
144A,
7.75%,
9/15/30
.............
United
States
440,000
456,808
Senior
Secured
Note,
144A,
6.75%,
11/15/32
............
United
States
365,000
369,260
1,930,587
Building
Products
0.8%
b
JH
North
America
Holdings,
Inc.
,
Senior
Secured
Note,
144A,
5.875%,
1/31/31
............
United
States
30,000
30,010
Senior
Secured
Note,
144A,
6.125%,
7/31/32
............
United
States
135,000
135,390
b
Miter
Brands
Acquisition
Holdco,
Inc.
/
MIWD
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/01/32
..............
United
States
180,000
178,032
b
Quikrete
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.375
%
,
3/01/32
.........................................
United
States
725,000
736,896
b
Smyrna
Ready
Mix
Concrete
LLC
,
Senior
Secured
Note
,
144A,
8.875
%
,
11/15/31
..................................
United
States
660,000
691,444
b
Standard
Building
Solutions,
Inc.
,
Senior
Note,
144A,
6.5%,
8/15/32
.....................
United
States
290,000
293,096
Senior
Note,
144A,
6.25%,
8/01/33
....................
United
States
270,000
270,129
b
Standard
Industries,
Inc.
,
Senior
Bond
,
144A,
4.375
%
,
7/15/30
.
United
States
185,000
176,740
2,511,737
Capital
Markets
1.7%
Ares
Capital
Corp.
,
Senior
Note
,
7
%
,
1/15/27
..............
United
States
905,000
917,079
b
Dresdner
Funding
Trust
I
,
Junior
Sub.
Bond
,
144A,
8.151
%
,
6/30/31
.........................................
United
States
200,000
216,603
Goldman
Sachs
Group,
Inc.
(The)
,
Senior
Note
,
4.594%
to
4/19/29,
FRN
thereafter
,
4/20/30
......................
United
States
170,000
169,651
b
Jane
Street
Group
/
JSG
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
5/01/33
...............................
United
States
945,000
971,319
Morgan
Stanley
,
Senior
Note,
5.123%
to
1/31/28,
FRN
thereafter,
2/01/29
....
United
States
1,350,000
1,364,146
Senior
Note,
4.493%
to
1/15/31,
FRN
thereafter,
1/16/32
....
United
States
210,000
206,681
Senior
Note,
4.708%
to
3/11/31,
FRN
thereafter,
3/12/32
....
United
States
310,000
307,676
b
Stonex
Escrow
Issuer
LLC
,
Secured
Note
,
144A,
6.875
%
,
7/15/32
United
States
855,000
884,544
b
UBS
Group
AG
,
Senior
Note
,
144A,
5.428%
to
2/07/29,
FRN
thereafter
,
2/08/30
.................................
Switzerland
375,000
382,792
5,420,491
Chemicals
0.6%
b,d
Braskem
Idesa
SAPI
,
Senior
Secured
Note
,
Reg
S,
7.45
%
,
11/15/29
........................................
Mexico
500,000
352,375
b
Element
Solutions,
Inc.
,
Senior
Note
,
144A,
3.875
%
,
9/01/28
...
United
States
765,000
746,331
FMC
Corp.
,
Sub.
Bond
,
8.45%
to
10/31/30,
FRN
thereafter
,
11/01/55
........................................
United
States
265,000
175,805
b
Rain
Carbon,
Inc.
,
Senior
Secured
Note
,
144A,
12.25
%
,
9/01/29
United
States
505,000
531,955
1,806,466
Commercial
Services
&
Supplies
0.7%
b,d
Ambipar
Lux
SARL
,
Senior
Note
,
144A,
10.875
%
,
2/05/33
.....
Brazil
400,000
60,500
b
GFL
Environmental,
Inc.
,
Senior
Note
,
144A,
4.375
%
,
8/15/29
..
United
States
760,000
744,022
b
RR
Donnelley
&
Sons
Co.
,
Senior
Secured
Note
,
144A,
9.5
%
,
8/01/29
.........................................
United
States
630,000
650,796
b
Veritiv
Operating
Co.
,
Senior
Secured
Note
,
144A,
10.5
%
,
11/30/30
........................................
United
States
490,000
516,962
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)
Commercial
Services
&
Supplies
(continued)
b
Waste
Pro
USA,
Inc.
,
Senior
Note
,
144A,
7
%
,
2/01/33
........
United
States
860,000
$
878,237
2,850,517
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
Senior
Note
,
5
%
,
4/15/29
...........
United
States
455,000
461,041
Construction
&
Engineering
0.2%
b
Arcosa
,
Inc.
,
Senior
Note,
144A,
4.375%,
4/15/29
...................
United
States
430,000
420,180
Senior
Note,
144A,
6.875%,
8/15/32
...................
United
States
115,000
119,535
539,715
Consumer
Finance
1.8%
AerCap
Ireland
Capital
DAC
/
AerCap
Global
Aviation
Trust
,
Senior
Note,
4.125%,
2/28/29
........................
Ireland
150,000
148,178
Senior
Note,
4.625%,
9/10/29
........................
Ireland
670,000
668,932
Capital
One
Financial
Corp.
,
Senior
Note
,
4.493%
to
9/10/30,
FRN
thereafter
,
9/11/31
.............................
United
States
295,000
290,328
b
Encore
Capital
Group,
Inc.
,
Senior
Secured
Note
,
144A,
9.25
%
,
4/01/29
.........................................
United
States
555,000
580,669
b
FirstCash
,
Inc.
,
Senior
Note,
144A,
6.875%,
3/01/32
...................
United
States
814,000
835,270
Senior
Note,
144A,
6.125%,
5/01/34
...................
United
States
270,000
269,587
Ford
Motor
Credit
Co.
LLC
,
Senior
Note,
5.8%,
3/05/27
..........................
United
States
200,000
201,450
Senior
Note,
4.125%,
8/17/27
........................
United
States
290,000
286,630
b
Gabx
Leasing
LLC
,
Senior
Note
,
144A,
4.625
%
,
4/15/31
......
United
States
360,000
355,455
General
Motors
Financial
Co.,
Inc.
,
Senior
Note
,
4.2
%
,
10/27/28
United
States
115,000
114,081
b
Jefferson
Capital
Holdings
LLC
,
Senior
Note,
144A,
9.5%,
2/15/29
.....................
United
States
500,000
526,421
Senior
Note,
144A,
8.25%,
5/15/30
....................
United
States
660,000
691,047
OneMain
Finance
Corp.
,
Senior
Note
,
7.125
%
,
11/15/31
......
United
States
720,000
730,554
b
PROG
Holdings,
Inc.
,
Senior
Note
,
144A,
6
%
,
11/15/29
.......
United
States
760,000
743,052
6,441,654
Containers
&
Packaging
0.2%
AptarGroup,
Inc.
,
Senior
Note
,
4.75
%
,
3/30/31
.............
United
States
225,000
223,485
b
Clydesdale
Acquisition
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/32
...............................
United
States
435,000
409,616
633,101
Distributors
0.2%
b
Gates
Corp.
,
Senior
Note
,
144A,
6.875
%
,
7/01/29
...........
United
States
510,000
525,294
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
Senior
Bond
,
3.375
%
,
8/15/30
....
United
States
380,000
353,672
Diversified
REITs
0.3%
VICI
Properties
LP
,
Senior
Note
,
4.95
%
,
2/15/30
............
United
States
935,000
935,345
Diversified
Telecommunication
Services
1.1%
b
APLD
ComputeCo
LLC
,
Senior
Secured
Note
,
144A,
9.25
%
,
12/15/30
........................................
United
States
800,000
860,328
AT&T,
Inc.
,
Senior
Note
,
4.1
%
,
2/15/28
...................
United
States
910,000
906,761
b
Black
Pearl
Compute
LLC
,
Senior
Secured
Note
,
144A,
6.125
%
,
2/15/31
.........................................
United
States
515,000
523,156
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)
Diversified
Telecommunication
Services
(continued)
b
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
,
Senior
Bond
,
144A,
4.75
%
,
2/01/32
...............................
United
States
941,000
$
843,277
b
Cipher
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.125
%
,
11/15/30
........................................
United
States
495,000
513,691
b
IHS
Holding
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
11/29/31
.......
Nigeria
400,000
418,763
b
WULF
Compute
LLC
,
Senior
Secured
Note
,
144A,
7.75
%
,
10/15/30
........................................
United
States
485,000
510,031
4,576,007
Electric
Utilities
1.9%
b
Buffalo
Energy
Mexico
Holdings
/
Buffalo
Energy
Infrastructure
/
Buffalo
Energy
,
Senior
Secured
Bond
,
144A,
7.875
%
,
2/15/39
Mexico
525,410
563,419
Duke
Energy
Carolinas
LLC
,
A
,
Senior
Bond
,
6
%
,
12/01/28
....
United
States
435,000
452,868
b
Enel
Finance
International
NV
,
Senior
Note
,
144A,
4.375
%
,
9/30/30
.........................................
Italy
410,000
403,409
Eversource
Energy
,
Senior
Note
,
5.45
%
,
3/01/28
............
United
States
450,000
456,867
b
NRG
Energy,
Inc.
,
Senior
Bond,
144A,
6.25%,
11/01/34
...................
United
States
875,000
885,745
Senior
Bond,
144A,
6%,
1/15/36
......................
United
States
390,000
387,522
Pacific
Gas
and
Electric
Co.
,
Senior
Note
,
6.1
%
,
1/15/29
......
United
States
440,000
454,820
Southern
Co.
(The)
,
Senior
Note
,
5.5
%
,
3/15/29
............
United
States
570,000
586,185
Virginia
Electric
and
Power
Co.
,
A
,
Senior
Bond
,
2.875
%
,
7/15/29
United
States
1,000,000
956,583
b
Vistra
Operations
Co.
LLC
,
Senior
Note,
144A,
4.375%,
5/01/29
...................
United
States
590,000
579,974
Senior
Note,
144A,
4.7%,
1/31/31
.....................
United
States
235,000
231,474
Senior
Note,
144A,
6.875%,
4/15/32
...................
United
States
465,000
485,636
6,444,502
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
Senior
Note
,
3.9
%
,
11/15/28
..............
United
States
260,000
257,963
Energy
Equipment
&
Services
0.6%
b
Kodiak
Gas
Services
LLC
,
Senior
Bond,
144A,
6.75%,
10/01/35
...................
United
States
155,000
161,088
Senior
Note,
144A,
6.5%,
10/01/33
....................
United
States
520,000
532,187
b
Transocean
International
Ltd.
,
Senior
Note,
144A,
7.875%,
10/15/32
..................
United
States
320,000
343,041
Senior
Secured
Note,
144A,
8.75%,
2/15/30
.............
United
States
458,500
480,447
b
Weatherford
International
Ltd.
,
Senior
Note
,
144A,
6.75
%
,
10/15/33
........................................
United
States
835,000
866,613
2,383,376
Entertainment
0.5%
b
Banijay
Entertainment
SAS
,
Senior
Secured
Note
,
144A,
8.125
%
,
5/01/29
.........................................
France
795,000
821,089
Discovery
Global
Holdings,
Inc.
,
Senior
Bond
,
5.05
%
,
3/15/42
..
United
States
500,000
358,015
b
OAK-Eagle
Acquireco
,
Inc.
,
Senior
Note,
144A,
8.75%,
7/01/34
....................
United
States
340,000
354,021
Senior
Secured
Note,
144A,
7.25%,
7/01/33
.............
United
States
410,000
422,657
1,955,782
Financial
Services
0.6%
b
Freedom
Mortgage
Corp.
,
Senior
Note
,
144A,
12.25
%
,
10/01/30
United
States
780,000
846,916
b
Osaic
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
6.75
%
,
8/01/32
United
States
730,000
741,832
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)
Financial
Services
(continued)
b
Rocket
Cos.,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/33
.......
United
States
725,000
$
734,748
2,323,496
Food
Products
0.6%
b
Chobani
LLC
/
Chobani
Finance
Corp.,
Inc.
,
Senior
Note
,
144A,
7.625
%
,
7/01/29
...................................
United
States
425,000
439,252
b
Froneri
Lux
FinCo
SARL
,
Senior
Secured
Note
,
144A,
6
%
,
8/01/32
.........................................
United
Kingdom
750,000
742,215
b
Industrial
F&B
Investments
III,
Inc.
,
Senior
Secured
Note
,
144A,
7.75
%
,
2/11/33
....................................
United
States
720,000
728,162
JBS
NV
/
JBS
USA
Foods
Group
Holdings,
Inc.
/
JBS
USA
Food
Co.
Holdings
,
Senior
Note
,
3
%
,
2/02/29
.................
United
States
244,000
234,498
McCormick
&
Co.,
Inc.
,
Senior
Note
,
4.15
%
,
2/15/29
.........
United
States
130,000
128,877
2,273,004
Ground
Transportation
0.5%
b
Ashtead
Capital,
Inc.
,
Senior
Note
,
144A,
4
%
,
5/01/28
........
United
Kingdom
475,000
468,631
b
Transnet
SOC
Ltd.
,
Senior
Note
,
Reg
S,
8.25
%
,
2/06/28
......
South
Africa
650,000
678,902
b
Watco
Cos.
LLC
/
Watco
Finance
Corp.
,
Senior
Note
,
144A,
7.125
%
,
8/01/32
...................................
United
States
710,000
738,401
1,885,934
Health
Care
Equipment
&
Supplies
0.6%
GE
HealthCare
Technologies,
Inc.
,
Senior
Note,
4.15%,
12/15/28
........................
United
States
190,000
188,828
Senior
Note,
4.8%,
8/14/29
..........................
United
States
460,000
463,679
b
Insulet
Corp.
,
Senior
Note
,
144A,
6.5
%
,
4/01/33
............
United
States
520,000
531,153
b
Medline
Borrower
LP
,
Senior
Secured
Note
,
144A,
3.875
%
,
4/01/29
.........................................
United
States
905,000
879,716
2,063,376
Health
Care
Providers
&
Services
1.0%
b
CHS/Community
Health
Systems,
Inc.
,
Senior
Secured
Note
,
144A,
9.75
%
,
1/15/34
...............................
United
States
725,000
748,679
CVS
Health
Corp.
,
Junior
Sub.
Bond,
7%
to
3/09/30,
FRN
thereafter,
3/10/55
...
United
States
395,000
410,084
Senior
Bond,
1.875%,
2/28/31
........................
United
States
135,000
118,407
b
DaVita,
Inc.
,
Senior
Note,
144A,
6.875%,
9/01/32
...................
United
States
690,000
712,653
Senior
Note,
144A,
6.75%,
7/15/33
....................
United
States
55,000
56,742
Icon
Investments
Six
DAC
,
Senior
Secured
Note
,
5.849
%
,
5/08/29
.........................................
United
States
200,000
203,827
b
Kedrion
SpA
,
Senior
Secured
Note
,
144A,
6.5
%
,
9/01/29
......
Italy
1,120,000
1,097,584
3,347,976
Health
Care
REITs
0.2%
b
Diversified
Healthcare
Trust
,
Senior
Secured
Note
,
144A,
7.25
%
,
10/15/30
........................................
United
States
710,000
725,337
Health
Care
Technology
0.2%
b
IQVIA,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
6/01/32
.............
United
States
850,000
866,699
Hotel
&
Resort
REITs
0.4%
b
RHP
Hotel
Properties
LP
/
RHP
Finance
Corp.
,
Senior
Note,
144A,
4.5%,
2/15/29
.....................
United
States
180,000
177,311
Senior
Note,
144A,
6.5%,
4/01/32
.....................
United
States
455,000
467,165
Senior
Note,
144A,
6.5%,
6/15/33
.....................
United
States
160,000
164,899
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)
Hotel
&
Resort
REITs
(continued)
b
XHR
LP
,
Senior
Note
,
144A,
6.625
%
,
5/15/30
..............
United
States
715,000
$
732,485
1,541,860
Hotels,
Restaurants
&
Leisure
2.2%
b
1011778
BC
ULC
/
New
Red
Finance,
Inc.
,
Secured
Bond
,
144A,
4
%
,
10/15/30
.....................................
Canada
920,000
875,746
Airbnb,
Inc.
,
Senior
Note
,
4.65
%
,
3/16/31
.................
United
States
160,000
159,775
b
Carnival
Corp.
,
Senior
Note,
144A,
5.125%,
5/01/29
...................
United
States
440,000
438,910
Senior
Note,
144A,
5.75%,
3/15/30
....................
United
States
155,000
157,332
b
Carnival
plc
,
Senior
Note
,
144A,
4.125
%
,
7/15/31
...........
United
States
300,000
EUR
346,449
b
Hilton
Domestic
Operating
Co.,
Inc.
,
Senior
Note,
144A,
3.75%,
5/01/29
....................
United
States
360,000
347,608
Senior
Note,
144A,
5.75%,
9/15/33
....................
United
States
405,000
407,942
b
Mohegan
Tribal
Gaming
Authority
/
MS
Digital
Entertainment
Holdings
LLC
,
Senior
Secured
Note
,
144A,
8.25
%
,
4/15/30
..
United
States
825,000
859,188
b
NCL
Corp.
Ltd.
,
Senior
Note,
144A,
5.875%,
1/15/31
...................
United
States
540,000
525,893
Senior
Note,
144A,
6.25%,
9/15/33
....................
United
States
420,000
406,783
b
Rivers
Enterprise
Borrower
LLC
,
Senior
Secured
Note
,
144A,
6.25
%
,
10/15/30
...................................
United
States
720,000
732,778
b
Royal
Caribbean
Cruises
Ltd.
,
Senior
Note,
144A,
5.625%,
9/30/31
...................
United
States
175,000
177,435
Senior
Note,
144A,
6.25%,
3/15/32
....................
United
States
267,000
272,985
Senior
Note,
144A,
6%,
2/01/33
......................
United
States
548,000
556,544
b
Station
Casinos
LLC
,
Senior
Bond
,
144A,
4.625
%
,
12/01/31
...
United
States
780,000
734,858
b
Viking
Cruises
Ltd.
,
Senior
Note,
144A,
9.125%,
7/15/31
...................
United
States
330,000
347,862
Senior
Note,
144A,
5.875%,
10/15/33
..................
United
States
450,000
451,366
7,799,454
Household
Durables
0.5%
b
Taylor
Morrison
Communities,
Inc.
,
Senior
Bond
,
144A,
5.125
%
,
8/01/30
.........................................
United
States
1,056,000
1,052,463
Toll
Brothers
Finance
Corp.
,
Senior
Bond
,
3.8
%
,
11/01/29
.....
United
States
485,000
472,705
b
Weekley
Homes
LLC
/
Weekley
Finance
Corp.
,
Senior
Note
,
144A,
4.875
%
,
9/15/28
..............................
United
States
450,000
440,677
1,965,845
Independent
Power
and
Renewable
Electricity
Producers
1.0%
b
AES
Andes
SA
,
Senior
Note
,
144A,
6.25
%
,
3/14/32
..........
Chile
950,000
984,920
b
Clearway
Energy
Operating
LLC
,
Senior
Bond
,
144A,
3.75
%
,
1/15/32
.........................................
United
States
575,000
530,516
Constellation
Energy
Generation
LLC
,
Senior
Note,
5.6%,
3/01/28
..........................
United
States
445,000
454,120
Senior
Note,
4.4%,
1/15/31
..........................
United
States
155,000
153,425
Southern
Power
Co.
,
A
,
Senior
Note
,
4.25
%
,
10/01/30
........
United
States
170,000
168,032
b
Talen
Energy
Supply
LLC
,
Senior
Note,
144A,
6.125%,
5/01/31
...................
United
States
270,000
270,592
Senior
Note,
144A,
6.25%,
2/01/34
....................
United
States
725,000
720,032
3,281,637
Insurance
1.3%
b
Acrisure
LLC
/
Acrisure
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
7.5
%
,
11/06/30
....................................
United
States
710,000
721,483
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)
Insurance
(continued)
b
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
,
Senior
Secured
Note
,
144A,
6.75
%
,
4/15/28
..............
United
States
715,000
$
724,561
b
Asurion
LLC
/
Asurion
Co-Issuer,
Inc.
,
Senior
Secured
Note
,
144A,
8
%
,
12/31/32
................................
United
States
290,000
303,108
b
Athene
Global
Funding
,
Secured
Note
,
144A,
5.583
%
,
1/09/29
.
United
States
450,000
456,327
F&G
Annuities
&
Life,
Inc.
,
Senior
Note
,
7.4
%
,
1/13/28
.......
United
States
440,000
448,950
b
GA
Global
Funding
Trust
,
Secured
Note
,
144A,
4.4
%
,
9/23/27
..
United
States
500,000
497,433
b
HUB
International
Ltd.
,
Senior
Secured
Note
,
144A,
7.25
%
,
6/15/30
.........................................
United
States
840,000
869,426
b
New
York
Life
Global
Funding
,
Senior
Secured
Note
,
144A,
4.9
%
,
6/13/28
.........................................
United
States
455,000
460,323
b
Protective
Life
Global
Funding
,
Secured
Note
,
144A,
5.467
%
,
12/08/28
........................................
United
States
585,000
597,909
5,079,520
Interactive
Media
&
Services
0.3%
Alphabet,
Inc.
,
Senior
Note,
4.1%,
11/15/30
.........................
United
States
530,000
525,633
Senior
Note,
4.1%,
2/15/31
..........................
United
States
410,000
405,296
930,929
IT
Services
0.3%
b
Cogent
Communications
Group
LLC
/
Cogent
Finance,
Inc.
,
Senior
Secured
Note
,
144A,
6.5
%
,
7/01/32
...............
United
States
785,000
728,951
b
CoreWeave
,
Inc.
,
Senior
Note
,
144A,
9.75
%
,
10/01/31
.......
United
States
180,000
181,183
910,134
Leisure
Products
0.2%
b
Mattel,
Inc.
,
Senior
Note
,
144A,
3.75
%
,
4/01/29
.............
United
States
585,000
567,805
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
Senior
Note
,
4.65
%
,
9/09/26
................
United
States
258,000
258,174
Machinery
0.3%
b
ESAB
Corp.
,
Senior
Note
,
144A,
5.625
%
,
4/01/31
...........
United
States
735,000
743,606
b
Terex
Corp.
,
Senior
Note
,
144A,
6.25
%
,
10/15/32
...........
United
States
275,000
279,735
1,023,341
Media
0.7%
b
Clear
Channel
Outdoor
Holdings,
Inc.
,
Senior
Secured
Note
,
144A,
7.875
%
,
4/01/30
..............................
United
States
625,000
651,146
b
Nexstar
Media,
Inc.
,
Senior
Note,
144A,
7.25%,
4/15/34
....................
United
States
320,000
322,274
Senior
Secured
Note,
144A,
6.5%,
9/15/33
..............
United
States
420,000
423,503
b
Sinclair
Television
Group,
Inc.
,
Senior
Secured
Note
,
144A,
8.125
%
,
2/15/33
...................................
United
States
550,000
569,918
b
Univision
Communications,
Inc.
,
Senior
Secured
Note
,
144A,
8.875
%
,
4/15/33
...................................
United
States
145,000
145,898
b
VZ
Secured
Financing
BV
,
Senior
Secured
Note
,
144A,
5
%
,
1/15/32
.........................................
Netherlands
605,000
530,604
2,643,343
Metals
&
Mining
0.9%
b
Alumina
Pty.
Ltd.
,
Senior
Note
,
144A,
6.125
%
,
3/15/30
.......
United
States
515,000
526,776
b
Cleveland-Cliffs,
Inc.
,
Senior
Note
,
144A,
7
%
,
3/15/32
........
United
States
120,000
120,075
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)
Metals
&
Mining
(continued)
Commercial
Metals
Co.
,
Senior
Bond,
4.375%,
3/15/32
........................
United
States
595,000
$
560,529
b
Senior
Note,
144A,
5.75%,
11/15/33
...................
United
States
175,000
175,392
b
Constellium
SE
,
Senior
Note
,
Reg
S,
3.125
%
,
7/15/29
........
United
States
650,000
EUR
743,180
b
Mineral
Resources
Ltd.
,
Senior
Note
,
144A,
7
%
,
4/01/31
......
Australia
520,000
540,211
b
Novelis
Corp.
,
Senior
Note
,
144A,
6.875
%
,
1/30/30
..........
United
States
429,000
440,103
3,106,266
Multi-Utilities
0.1%
Ameren
Corp.
,
Senior
Note
,
5
%
,
1/15/29
..................
United
States
325,000
329,954
Oil,
Gas
&
Consumable
Fuels
3.6%
b
Aker
BP
ASA
,
Senior
Note
,
144A,
5.6
%
,
6/13/28
............
Norway
450,000
458,491
b
Antero
Resources
Corp.
,
Senior
Note
,
144A,
5.375
%
,
3/01/30
..
United
States
555,000
558,656
b
Crescent
Energy
Finance
LLC
,
Senior
Note
,
144A,
8.375
%
,
1/15/34
.........................................
United
States
700,000
740,645
Energy
Transfer
LP
,
Junior
Sub.
Bond,
8%
to
5/14/29,
FRN
thereafter,
5/15/54
...
United
States
490,000
519,663
Senior
Bond,
5.25%,
4/15/29
.........................
United
States
905,000
922,766
b
Hess
Midstream
Operations
LP
,
Senior
Note,
144A,
5.875%,
3/01/28
...................
United
States
140,000
141,452
Senior
Note,
144A,
4.25%,
2/15/30
....................
United
States
590,000
572,520
Senior
Note,
144A,
5.5%,
10/15/30
....................
United
States
184,000
184,185
b
Hilcorp
Energy
I
LP
/
Hilcorp
Finance
Co.
,
Senior
Bond
,
144A,
6.875
%
,
5/15/34
...................................
United
States
705,000
708,925
b
KazMunayGas
National
Co.
JSC
,
Senior
Bond
,
Reg
S,
5.375
%
,
4/24/30
.........................................
Kazakhstan
960,000
977,883
Kinder
Morgan,
Inc.
,
Senior
Note
,
5
%
,
2/01/29
.............
United
States
555,000
563,492
b
Kinetik
Holdings
LP
,
Senior
Note
,
144A,
5.875
%
,
6/15/30
......
United
States
1,005,000
1,008,953
Murphy
Oil
Corp.
,
Senior
Note
,
6
%
,
10/01/32
...............
United
States
95,000
95,683
b
Pertamina
Hulu
Energi
PT
,
Senior
Note
,
144A,
5.25
%
,
5/21/30
.
Indonesia
770,000
778,562
b
Raizen
Fuels
Finance
SA
,
Senior
Note
,
144A,
6.25
%
,
7/08/32
..
Brazil
700,000
385,000
South
Bow
USA
Infrastructure
Holdings
LLC
,
Senior
Note
,
5.026
%
,
10/01/29
..................................
Canada
460,000
463,371
b
Sunoco
LP
,
Senior
Note,
144A,
6.25%,
7/01/33
....................
United
States
693,000
708,636
Senior
Note,
144A,
5.625%,
7/15/34
...................
United
States
80,000
78,967
Targa
Resources
Corp.
,
Senior
Note,
6.15%,
3/01/29
.........................
United
States
440,000
458,383
Senior
Note,
4.35%,
4/15/31
.........................
United
States
180,000
176,501
b
Venture
Global
Calcasieu
Pass
LLC
,
Senior
Secured
Bond
,
144A,
6
%
,
5/01/36
......................................
United
States
140,000
141,155
b
Venture
Global
LNG,
Inc.
,
Senior
Secured
Note
,
144A,
8.375
%
,
6/01/31
.........................................
United
States
1,165,000
1,215,216
b
Venture
Global
Plaquemines
LNG
LLC
,
Senior
Secured
Bond,
144A,
7.75%,
5/01/35
.............
United
States
70,000
78,762
Senior
Secured
Bond,
144A,
6.75%,
1/15/36
.............
United
States
145,000
154,210
Senior
Secured
Note,
144A,
7.5%,
5/01/33
..............
United
States
625,000
693,374
Senior
Secured
Note,
144A,
6.5%,
1/15/34
..............
United
States
95,000
99,644
Viper
Energy
Partners
LLC
,
Senior
Bond
,
5.7
%
,
8/01/35
......
United
States
56,000
56,881
12,941,976
Paper
&
Forest
Products
0.2%
b
Georgia-Pacific
LLC
,
Senior
Note
,
144A,
4.6
%
,
5/15/31
.......
United
States
510,000
509,669
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
Corporate
Bonds
(continued)
Paper
&
Forest
Products
(continued)
b
Magnera
Corp.
,
Senior
Secured
Note
,
144A,
4.75
%
,
11/15/29
..
United
States
505,000
$
462,996
972,665
Passenger
Airlines
0.1%
b
United
Airlines,
Inc.
,
Senior
Secured
Note
,
144A,
4.625
%
,
4/15/29
United
States
516,000
509,671
Personal
Care
Products
0.3%
Haleon
US
Capital
LLC
,
Senior
Note
,
3.375
%
,
3/24/29
.......
United
States
485,000
471,646
b
Opal
Bidco
SAS
,
Senior
Secured
Note
,
144A,
6.5
%
,
3/31/32
...
France
880,000
896,436
1,368,082
Pharmaceuticals
1.2%
Novartis
Capital
Corp.
,
Senior
Note,
4.1%,
11/05/30
.........................
United
States
765,000
755,202
Senior
Note,
4.4%,
3/18/31
..........................
United
States
620,000
619,243
Pharmacia
LLC
,
Senior
Bond
,
6.6
%
,
12/01/28
..............
United
States
955,000
1,008,557
Royalty
Pharma
plc
,
Senior
Note
,
4.45
%
,
3/25/31
...........
United
States
565,000
558,642
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
Senior
Note
,
8.125
%
,
9/15/31
...................................
Israel
989,000
1,116,768
4,058,412
Professional
Services
0.2%
b
CACI
International,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
6/15/33
..
United
States
715,000
731,948
Semiconductors
&
Semiconductor
Equipment
0.4%
b
Foundry
JV
Holdco
LLC
,
Senior
Secured
Note
,
144A,
5.9
%
,
1/25/30
.........................................
United
States
480,000
498,230
b
Qnity
Electronics,
Inc.
,
Senior
Note,
144A,
6.25%,
8/15/33
....................
United
States
75,000
76,828
Senior
Secured
Note,
144A,
5.75%,
8/15/32
.............
United
States
875,000
884,512
1,459,570
Software
0.7%
b
Gen
Digital,
Inc.
,
Senior
Note
,
144A,
6.25
%
,
4/01/33
.........
United
States
760,000
741,065
Oracle
Corp.
,
Senior
Note,
4.55%,
2/04/29
.........................
United
States
755,000
745,991
Senior
Note,
4.45%,
9/26/30
.........................
United
States
220,000
212,243
Senior
Note,
4.95%,
2/04/31
.........................
United
States
420,000
410,943
Salesforce,
Inc.
,
Senior
Note
,
4.5
%
,
3/15/28
...............
United
States
450,000
450,528
2,560,770
Specialized
REITs
0.5%
American
Tower
Corp.
,
Senior
Note
,
2.75
%
,
1/15/27
.........
United
States
910,000
901,160
b
Millrose
Properties,
Inc.
,
Senior
Note
,
144A,
6.375
%
,
8/01/30
..
United
States
730,000
739,858
1,641,018
Specialty
Retail
0.4%
b
Dick's
Sporting
Goods,
Inc.
,
Senior
Note
,
144A,
4
%
,
10/01/29
..
United
States
875,000
852,682
b
PetSmart
LLC
/
PetSmart
Finance
Corp.
,
Senior
Secured
Note
,
144A,
7.5
%
,
9/15/32
...............................
United
States
735,000
744,815
1,597,497
Technology
Hardware,
Storage
&
Peripherals
0.1%
b
Seagate
Data
Storage
Technology
Pte.
Ltd.
,
Senior
Note
,
144A,
5.875
%
,
7/15/30
...................................
United
States
330,000
337,401
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
Corporate
Bonds
(continued)
Textiles,
Apparel
&
Luxury
Goods
0.2%
b
Beach
Acquisition
Bidco
LLC
,
e
Senior
Note,
144A,
PIK,
10%,
7/15/33
..................
United
States
458,511
$
490,101
Senior
Secured
Note,
144A,
5.25%,
7/15/32
.............
United
States
225,000
EUR
263,418
753,519
Tobacco
0.5%
BAT
Capital
Corp.
,
Senior
Bond,
4.906%,
4/02/30
........................
United
Kingdom
120,000
121,282
Senior
Note,
6.343%,
8/02/30
........................
United
Kingdom
335,000
357,226
Philip
Morris
International,
Inc.
,
Senior
Note
,
5.125
%
,
2/15/30
..
United
States
900,000
919,346
1,397,854
Trading
Companies
&
Distributors
1.0%
b
Aviation
Capital
Group
LLC
,
Senior
Note
,
144A,
5.375
%
,
7/15/29
United
States
455,000
462,591
b
EquipmentShare.com,
Inc.
,
Secured
Note,
144A,
9%,
5/15/28
.....................
United
States
355,000
368,488
Secured
Note,
144A,
8.625%,
5/15/32
..................
United
States
395,000
419,417
b
Herc
Holdings,
Inc.
,
Senior
Note,
144A,
6.625%,
6/15/29
...................
United
States
140,000
143,528
Senior
Note,
144A,
5.75%,
3/15/31
....................
United
States
540,000
541,618
Sumisho
Air
Lease
Corp.
,
Senior
Note
,
5.85
%
,
12/15/27
......
United
States
1,000,000
1,019,284
b
WESCO
Distribution,
Inc.
,
Senior
Note,
144A,
6.625%,
3/15/32
...................
United
States
515,000
534,011
Senior
Note,
144A,
6.375%,
3/15/33
...................
United
States
100,000
103,364
3,592,301
Wireless
Telecommunication
Services
0.7%
b
Connect
Finco
SARL
/
Connect
US
Finco
LLC
,
Senior
Secured
Note
,
144A,
9
%
,
9/15/29
............................
United
Kingdom
335,000
353,739
T-Mobile
USA,
Inc.
,
Senior
Note,
2.05%,
2/15/28
.........................
United
States
500,000
480,112
Senior
Note,
3.375%,
4/15/29
........................
United
States
1,820,000
1,766,636
2,600,487
Total
Corporate
Bonds
(Cost
$134,096,631)
...................................
134,546,012
Senior
Floating
Rate
Interests
6.5%
Aerospace
&
Defense
0.1%
f
TransDigm
,
Inc.,
First
Lien,
CME
Term
Loan,
J,
6.152%,
(1-month
SOFR
+
2.5%),
2/28/31
.............................
United
States
262,652
263,340
Air
Freight
&
Logistics
0.1%
f
Rand
Parent
LLC,
First
Lien,
CME
Term
Loan,
B,
6.7%,
(3-month
SOFR
+
3%),
3/18/30
...............................
United
States
265,022
266,423
Automobile
Components
0.0%
†
f
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
CME
Term
Loan,
6.402%,
(1-month
SOFR
+
2.75%),
1/28/32
.........
United
States
130,920
131,712
Biotechnology
0.1%
f,g
BioMarin
Pharmaceutical,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.174%,
(12-month
SOFR
+
1.75%),
1/28/33
.............
United
States
182,457
183,199
Broadline
Retail
0.1%
f
Peer
Holding
III
BV,
First
Lien,
CME
Term
Loan,
B8,
5.95%,
(3-month
SOFR
+
2.25%),
9/29/32
.....................
Netherlands
269,758
270,332
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
Building
Products
0.2%
EMRLD
Borrower
LP,
First
Lien,
Second
Amendment
Incremental
CME
Term
Loan,
5.95%,
(1-month
SOFR
+
2.25%),
8/04/31
..
United
States
424,525
$
425,597
Quikrete
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B2,
5.902%,
(1-month
SOFR
+
2.25%),
3/19/29
.....................
United
States
449,653
450,635
Smyrna
Ready
Mix
Concrete
LLC,
First
Lien,
2025
CME
Term
Loan,
6.652%,
(1-month
SOFR
+
3%),
3/30/29
............
United
States
66,939
67,086
943,318
a
a
a
a
a
a
f
Chemicals
0.4%
Albaugh
LLC,
First
Lien,
Initial
CME
Term
Loan,
7.413%,
(1-month
SOFR
+
3.75;
3-month
SOFR
+
3.75),
4/06/29
.....
United
States
595,349
579,188
g
INEOS
US
Finance
LLC,
First
Lien,
2030
Dollar
CME
Term
Loan,
6.902%,
(1-month
SOFR
+
3.25%),
2/18/30
..............
Luxembourg
200,000
186,750
Lummus
Technology
Holdings
V
LLC,
First
Lien,
Amendment
No.
4
Refinancing
CME
Term
Loan,
B,
6.152%,
(1-month
SOFR
+
2.5%),
12/31/29
...................................
United
States
525,522
524,584
1,290,522
a
a
a
a
a
a
f
Commercial
Services
&
Supplies
0.4%
Clean
Harbors,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.168%,
(1-month
SOFR
+
1.5%),
10/11/32
.....................
United
States
298,422
300,953
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
CME
Term
Loan,
B,
6.152%,
(1-month
SOFR
+
2.5%),
10/23/28
...
United
States
426,078
427,295
Garda
World
Security
Corp.,
First
Lien,
Fifteenth
Additional
CME
Term
Loan,
6.419%,
(3-month
SOFR
+
2.75%),
2/01/29
.....
Canada
478,241
478,540
PG
Polaris
BidCo
SARL,
First
Lien,
Second
Amendment
Refinancing
CME
Term
Loan,
5.95%,
(3-month
SOFR
+
2.25%),
3/26/31
.........................................
Luxembourg
197,509
198,758
1,405,546
a
a
a
a
a
a
Consumer
Staples
Distribution
&
Retail
0.1%
f
Boots
Group
Finco
LP,
First
Lien,
Closing
Date
Dollar
CME
Term
Loan,
6.924%,
(3-month
SOFR
+
3.25%),
8/30/32
.........
United
Kingdom
187,203
188,520
f
Containers
&
Packaging
0.2%
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
2025
Incremental
Closing
Date
CME
Term
Loan,
B,
6.902%,
(1-month
SOFR
+
3.25%),
4/01/32
...................................
United
States
446,460
415,422
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.902%,
(1-month
SOFR
+
2.25%),
1/26/33
..............
United
States
74,691
74,644
Owens-Brockway
Glass
Container,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.652%,
(1-month
SOFR
+
3%),
9/30/32
.........
United
States
291,061
287,786
777,852
a
a
a
a
a
a
Distributors
0.0%
†
f
Verde
Purchaser
LLC,
First
Lien,
Second
Refinancing
CME
Term
Loan,
7.7%,
(3-month
SOFR
+
4%),
11/30/30
.............
United
States
72,097
69,967
Electrical
Equipment
0.1%
f
Pinnacle
Buyer
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.182%,
(3-month
SOFR
+
2.5%),
10/01/32
..............
United
States
174,902
175,893
f
Entertainment
0.1%
Banijay
Entertainment
SAS,
First
Lien,
CME
Term
Loan,
B3,
6.415%,
(1-month
SOFR
+
2.75%),
3/01/28
..............
France
173,230
174,314
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
Entertainment
(continued)
Playtika
Holding
Corp.,
First
Lien,
CME
Term
Loan,
B1,
6.517%,
(1-month
SOFR
+
2.75%),
3/13/28
.....................
United
States
430,469
$
415,030
589,344
a
a
a
a
a
a
Financial
Services
0.1%
f
First
Eagle
Holdings,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
8/16/32
......................
United
States
511,219
510,651
Food
Products
0.2%
f
Froneri
US,
Inc.,
First
Lien,
CME
Term
Loan,
B6,
5.877%,
(6-month
SOFR
+
2.25%),
9/30/32
.....................
United
States
588,525
585,368
Ground
Transportation
0.1%
f
Genesee
&
Wyoming,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.45%,
(3-month
SOFR
+
1.75%),
4/10/31
...............
United
States
295,500
296,087
f
Health
Care
Equipment
&
Supplies
0.3%
Bausch
+
Lomb
Corp.,
First
Lien,
2025-2
Refinancing
CME
Term
Loan,
7.402%,
(1-month
SOFR
+
3.75%),
1/15/31
.........
United
States
482,681
486,076
Hologic,
Inc.,
First
Lien,
CME
Term
Loan,
B,
5.924%,
(3-month
SOFR
+
2.25%),
4/07/33
............................
United
States
580,000
577,465
Medline
Borrower
LP,
First
Lien,
2028
Refinancing
CME
Term
Loan,
5.402%,
(1-month
SOFR
+
1.75%),
10/23/28
........
United
States
72,816
73,151
1,136,692
a
a
a
a
a
a
f
Health
Care
Providers
&
Services
0.2%
Paradigm
Parent
LLC,
First
Lien,
Initial
CME
Term
Loan,
8.2%,
(3-month
SOFR
+
4.5%),
4/16/32
......................
United
States
199,499
174,126
Phoenix
Guarantor,
Inc.,
First
Lien,
CME
Term
Loan,
B5,
6.152%,
(1-month
SOFR
+
2.5%),
2/21/31
......................
United
States
450,835
452,881
627,007
a
a
a
a
a
a
f
Hotels,
Restaurants
&
Leisure
0.5%
Caesars
Entertainment,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
5.902%,
(1-month
SOFR
+
2.25%),
2/06/31
..............
United
States
485,100
471,003
Fertitta
Entertainment
LLC,
First
Lien,
Initial
CME
Term
Loan,
B,
6.902%,
(1-month
SOFR
+
3.25%),
1/29/29
..............
United
States
464,035
460,845
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/02/30
.......
Ireland
234,600
234,307
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
CME
Term
Loan,
B,
6.154%,
(1-month
SOFR
+
2.5%),
12/16/30
.......
United
States
574,785
576,941
1,743,096
a
a
a
a
a
a
Household
Durables
0.1%
f
Hunter
Douglas,
Inc.,
First
Lien,
CME
Term
Loan,
B1,
6.7%,
(3-month
SOFR
+
3%),
1/16/32
.......................
Netherlands
396,418
393,373
Insurance
0.2%
f
CRC
Insurance
Group
LLC,
First
Lien,
CME
Term
Loan,
B,
6.45%,
(3-month
SOFR
+
2.75%),
5/06/31
...............
United
States
590,000
587,050
IT
Services
0.1%
f
Ahead
DB
Holdings
LLC,
First
Lien,
CME
Term
Loan,
B3,
6.2%,
(3-month
SOFR
+
2.5%),
2/03/31
......................
United
States
199,912
198,537
f
Machinery
0.3%
Chart
Industries,
Inc.,
First
Lien,
Amendment
No.
7
CME
Term
Loan,
6.182%,
(3-month
SOFR
+
2.5%),
3/15/30
..........
United
States
847,552
850,467
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
Senior
Floating
Rate
Interests
(continued)
f
Machinery
(continued)
Columbus
McKinnon
Corp.,
First
Lien,
Initial
CME
Term
Loan,
7.2%,
(3-month
SOFR
+
3.5%),
2/03/33
.................
United
States
74,164
$
74,380
TK
Elevator
Midco
GmbH,
First
Lien,
CME
Term
Loan,
B1,
6.377%,
(6-month
SOFR
+
2.75%),
4/30/30
..............
Germany
288,693
291,480
1,216,327
a
a
a
a
a
a
f
Media
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.767%,
(1-month
SOFR
+
4%),
8/23/28
.........................................
United
States
180,000
180,919
DIRECTV
Financing
LLC,
First
Lien,
2024
Refinancing
CME
Term
Loan,
B,
9.175%,
(3-month
SOFR
+
5.25%),
8/02/29
.......
United
States
830,230
833,668
1,014,587
a
a
a
a
a
a
f
Oil,
Gas
&
Consumable
Fuels
0.6%
CQP
Holdco
LP,
First
Lien,
CME
Term
Loan,
B,
5.45%,
(3-month
SOFR
+
1.75%),
12/31/32
...........................
United
States
1,510,378
1,511,420
Delek
US
Holdings,
Inc.,
First
Lien,
CME
Term
Loan,
B,
7.268%,
(1-month
SOFR
+
3.5%),
11/19/29
.....................
United
States
586,967
588,481
2,099,901
a
a
a
a
a
a
f
Passenger
Airlines
0.3%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
2025
Incremental
CME
Term
Loan,
6.425%,
(3-month
SOFR
+
2.75%),
5/28/32
.....
United
States
44,550
44,434
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
CME
Term
Loan,
5.925%,
(3-month
SOFR
+
2.25%),
4/20/28
.....................
United
States
765,050
761,913
WestJet
Loyalty
LP,
First
Lien,
Initial
CME
Term
Loan,
6.45%,
(3-month
SOFR
+
2.75%),
2/14/31
.....................
Canada
367,500
359,634
1,165,981
a
a
a
a
a
a
f
Pharmaceuticals
0.3%
Endo
Finance
Holdings
LP,
First
Lien,
2024
Refinancing
CME
Term
Loan,
7.418%,
(1-month
SOFR
+
3.75%),
4/23/31
.....
United
States
381,131
377,700
Southern
Veterinary
Partners
LLC,
First
Lien,
2025
New
CME
Term
Loan,
6.154%,
(1-month
SOFR
+
2.5%),
12/04/31
.....
United
States
587,050
586,651
964,351
a
a
a
a
a
a
Semiconductors
&
Semiconductor
Equipment
0.1%
f
Altar
Bidco
,
Inc.,
First
Lien,
CME
Term
Loan,
6.608%,
(12-month
SOFR
+
3.1%),
2/01/29
.............................
United
States
487,096
487,096
f
Software
0.6%
EverCommerce
Solutions,
Inc.,
First
Lien,
CME
Term
Loan,
5.902%,
(1-month
SOFR
+
2.25%),
7/07/31
..............
United
States
596,875
585,684
Ping
Identity
Holding
Corp.,
First
Lien,
Initial
CME
Term
Loan,
6.402%,
(1-month
SOFR
+
2.75%),
11/15/32
.............
United
States
142,180
140,699
Proofpoint,
Inc.,
First
Lien,
2024
Refinancing
CME
Term
Loan,
6.7%,
(3-month
SOFR
+
3%),
8/31/28
..................
United
States
515,445
501,350
g
Tuple
US
Bidco
LLC,
First
Lien,
USD
CME
Term
Loan,
B1,
7.385%,
(6-month
SOFR
+
3.75%),
1/14/33
..............
United
States
285,963
280,244
UKG,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.163%,
(3-month
SOFR
+
2.5%),
2/10/31
.............................
United
States
453,123
438,002
Waystar
Technologies,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
5.652%,
(1-month
SOFR
+
2%),
10/22/29
................
United
States
200,765
201,267
2,147,246
a
a
a
a
a
a
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
Senior
Floating
Rate
Interests
(continued)
Specialty
Retail
0.3%
f
White
Cap
Supply
Holdings
LLC,
First
Lien,
CME
Term
Loan,
C,
6.918%,
(1-month
SOFR
+
3.25%),
10/19/29
.............
United
States
1,024,380
$
1,021,271
Trading
Companies
&
Distributors
0.0%
†
f
DXP
Enterprises,
Inc.,
First
Lien,
Initial
CME
Term
Loan,
6.902%,
(1-month
SOFR
+
3.25%),
10/11/30
....................
United
States
144,275
145,718
Water
Utilities
0.0%
†
f
Deep
Blue
Operating
I
LLC,
First
Lien,
Initial
CME
Term
Loan,
6.411%,
(1-month
SOFR
+
2.75%),
10/01/32
.............
United
States
119,332
120,077
Total
Senior
Floating
Rate
Interests
(Cost
$23,072,742)
........................
23,016,384
Foreign
Government
and
Agency
Securities
9.4%
b
Angola
Government
Bond
,
Senior
Bond
,
144A,
8.75
%
,
4/14/32
.
Angola
800,000
834,612
b
Argentina
Provincia
de
Cordoba
,
Senior
Note
,
144A,
8.6
%
,
2/03/35
.........................................
Argentina
200,000
193,500
b
Argentina
Provincia
del
Chubut
,
Senior
Secured
Bond
,
144A,
9.45
%
,
4/29/36
...................................
Argentina
200,000
206,500
b
Armenia
Government
Bond
,
Senior
Bond
,
Reg
S,
3.6
%
,
2/02/31
Armenia
650,000
598,562
b
Benin
Government
Bond
,
Senior
Bond
,
Reg
S,
4.95
%
,
1/22/35
.
Benin
850,000
EUR
902,542
Brazil
Government
Bond
,
Senior
Bond,
3.875%,
6/12/30
........................
Brazil
1,660,000
1,594,845
Senior
Bond,
6%,
10/20/33
...........................
Brazil
390,000
394,407
b
Bulgaria
Government
Bond
,
Senior
Bond,
Reg
S,
5%,
3/05/37
......................
Bulgaria
260,000
253,845
Senior
Note,
Reg
S,
3.625%,
9/05/32
...................
Bulgaria
360,000
EUR
427,441
b
Cameroon
Government
Bond
,
Senior
Bond
,
Reg
S,
5.95
%
,
7/07/32
.........................................
Cameroon
500,000
EUR
523,727
Chile
Government
Bond
,
Senior
Note,
4.85%,
1/22/29
.........................
Chile
720,000
729,900
Colombia
Government
Bond
,
Senior
Bond,
7.5%,
2/02/34
..........................
Colombia
740,000
775,890
Senior
Note,
4.5%,
11/26/30
..........................
Colombia
410,000
EUR
473,521
b
Costa
Rica
Government
Bond
,
Senior
Bond
,
Reg
S,
6.125
%
,
2/19/31
.........................................
Costa
Rica
560,000
583,492
b
Dominican
Republic
Government
Bond
,
Senior
Bond,
Reg
S,
6%,
7/19/28
......................
Dominican
Republic
760,000
772,274
Senior
Bond,
Reg
S,
4.875%,
9/23/32
..................
Dominican
Republic
820,000
775,679
b
Eagle
Funding
Luxco
SARL
,
Senior
Note
,
144A,
5.5
%
,
8/17/30
.
Mexico
800,000
807,160
Ecopetrol
SA
,
Senior
Bond
,
4.625
%
,
11/02/31
..............
Colombia
440,000
396,684
b
Egypt
Government
Bond
,
Senior
Bond,
Reg
S,
7.6%,
3/01/29
....................
Egypt
550,000
565,475
Senior
Note,
144A,
8.625%,
2/04/30
....................
Egypt
700,000
740,823
b
El
Salvador
Government
Bond
,
Senior
Bond,
144A,
7.65%,
6/15/35
....................
El
Salvador
380,000
390,944
Senior
Bond,
Reg
S,
8.625%,
2/28/29
..................
El
Salvador
360,000
383,765
b,h
Electricite
de
France
SA
,
Junior
Sub
.
Bond
,
144A,
9.125%
to
6/14/33,
FRN
thereafter
,
Perpetual
.....................
France
535,000
624,046
b
Gabon
Government
Bond
,
Senior
Bond
,
Reg
S,
6.625
%
,
2/06/31
Gabon
590,000
498,849
b
Ghana
Government
Bond
,
Senior
Bond
,
144A,
5
%
,
7/03/35
....
Ghana
400,000
368,110
b
Guatemala
Government
Bond
,
Senior
Bond,
Reg
S,
6.6%,
6/13/36
....................
Guatemala
1,110,000
1,193,250
Senior
Note,
144A,
7.05%,
10/04/32
....................
Guatemala
400,000
436,690
b
Hungary
Government
Bond
,
Senior
Note
,
Reg
S,
5.25
%
,
6/16/29
Hungary
740,000
753,229
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
Foreign
Government
and
Agency
Securities
(continued)
b
Indonesia
Government
Bond
,
Senior
Bond
,
144A,
4.35
%
,
1/08/27
Indonesia
900,000
$
902,105
b
Iraq
Government
Bond
,
Senior
Bond
,
Reg
S,
5.8
%
,
1/15/28
....
Iraq
715,000
701,301
b
Istanbul
Metropolitan
Municipality
,
Senior
Note
,
Reg
S,
10.5
%
,
12/06/28
........................................
Turkiye
650,000
704,626
b
Ivory
Coast
Government
Bond
,
Senior
Bond,
144A,
6.125%,
6/15/33
...................
Ivory
Coast
200,000
195,836
Senior
Bond,
Reg
S,
4.875%,
1/30/32
..................
Ivory
Coast
1,010,000
EUR
1,140,275
b
Jordan
Government
Bond
,
Senior
Note
,
Reg
S,
7.5
%
,
1/13/29
..
Jordan
450,000
467,320
Mexico
Government
Bond
,
Senior
Bond
,
2.659
%
,
5/24/31
.....
Mexico
300,000
267,045
b
Montenegro
Government
Bond
,
Senior
Note
,
144A,
4.875
%
,
4/01/32
.........................................
Montenegro
320,000
EUR
378,068
b
Nigeria
Government
Bond
,
Senior
Bond
,
144A,
8.631
%
,
1/13/36
Nigeria
740,000
811,909
b
North
Macedonia
Government
Bond
,
Senior
Note
,
144A,
4.75
%
,
1/21/34
.........................................
North
Macedonia
300,000
EUR
343,454
b
Paraguay
Government
Bond
,
Senior
Bond
,
Reg
S,
3.849
%
,
6/28/33
.........................................
Paraguay
1,400,000
1,314,950
Peru
Government
Bond
,
Senior
Bond
,
2.783
%
,
1/23/31
.......
Peru
950,000
875,378
Petroleos
Mexicanos
,
Senior
Note
,
6.7
%
,
2/16/32
...........
Mexico
460,000
461,787
b
Power
Finance
Corp.
Ltd.
,
Senior
Bond
,
Reg
S,
3.95
%
,
4/23/30
.
India
890,000
861,946
b
Romania
Government
Bond
,
Senior
Bond,
Reg
S,
5.625%,
2/22/36
..................
Romania
1,010,000
EUR
1,156,016
Senior
Note,
144A,
3%,
2/27/27
.......................
Romania
1,000,000
985,363
b
Serbia
Government
Bond
,
Senior
Bond,
Reg
S,
6.5%,
9/26/33
....................
Serbia
430,000
458,156
Senior
Note,
Reg
S,
6.25%,
5/26/28
....................
Serbia
510,000
523,924
South
Africa
Government
Bond
,
Senior
Bond
,
5.875
%
,
4/20/32
.
South
Africa
770,000
781,582
b
Suriname
Government
Bond
,
Senior
Bond
,
144A,
8.5
%
,
11/06/35
Suriname
730,000
793,291
Turkiye
Government
Bond
,
Senior
Note,
9.125%,
7/13/30
.........................
Turkiye
1,260,000
1,395,186
b
Uzbekistan
Government
Bond
,
Senior
Note
,
Reg
S,
6.9
%
,
2/28/32
.........................................
Uzbekistan
720,000
773,233
Total
Foreign
Government
and
Agency
Securities
(Cost
$32,086,181)
............
33,492,513
Asset-Backed
Securities
2.4%
Financial
Services
2.4%
b,f
Allegro
CLO
XIII
Ltd.
,
2021-1A
,
D1R
,
144A,
FRN
,
6.825
%
,
(
3-month
SOFR
+
3.15
%
),
7/20/38
.
....................
United
States
1,175,000
1,181,390
b,f
Black
Diamond
CLO
Ltd.
,
2024-1A
,
D1
,
144A,
FRN
,
8.117
%
,
(
3-month
SOFR
+
4.45
%
),
10/25/37
.
...................
Jersey
900,000
906,739
f
Citigroup
Mortgage
Loan
Trust,
Inc.
,
2007-AMC3
,
A2D
,
FRN
,
4.119
%
,
(
1-month
SOFR
+
0.464
%
),
3/25/37
.
.............
United
States
1,319,265
1,157,618
b
DataBank
Issuer
II
LLC
,
2025-1A
,
A2
,
144A,
5.18
%
,
9/27/55
.
...
United
States
703,000
693,259
b
Lendbuzz
Securitization
Trust
,
2026-1A,
C,
144A,
5.74%,
9/15/31
.....................
United
States
175,513
174,186
2026-1A,
D,
144A,
6.86%,
2/15/33
.....................
United
States
264,634
265,209
b
MAST
Ltd.
,
2026-1A
,
A
,
144A,
5.134
%
,
2/15/51
.
............
United
States
494,048
486,287
b
New
Economy
Assets
-
Phase
1
Sponsor
LLC
,
2021-1
,
A1
,
144A,
1.91
%
,
10/20/61
.
..................................
United
States
546,000
463,008
b
PK
ALIFT
Loan
Funding
7
LP
,
2025-2
,
A
,
144A,
4.75
%
,
3/15/43
.
United
States
233,210
231,021
b
PRET
LLC
,
2026-NPL3
,
A1
,
144A,
4.968
%
,
2/25/56
.
.........
United
States
1,368,288
1,358,815
b
Sabey
Data
Center
Issuer
LLC
,
2026-1
,
A2
,
144A,
5.482
%
,
1/20/51
.
.........................................
United
States
681,000
676,047
b
Stack
Infrastructure
Issuer
LLC
,
2026-1A
,
A2
,
144A,
5
%
,
3/27/56
.
United
States
781,000
755,432
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
Asset-Backed
Securities
(continued)
Financial
Services
(continued)
b
VCAT
LLC
,
2026-NPL1
,
A1
,
144A,
5.101
%
,
1/25/56
.
.........
United
States
200,933
$
200,147
8,549,158
a
a
a
a
a
a
Total
Asset-Backed
Securities
(Cost
$8,523,054)
..............................
8,549,158
Commercial
Mortgage-Backed
Securities
10.5%
Financial
Services
10.5%
BANK
,
b
2018-BN11,
D,
144A,
3%,
3/15/61
.....................
United
States
275,000
234,898
i
2019-BN19,
C,
FRN,
4.165%,
8/15/61
..................
United
States
253,000
188,613
i,j
2024-BNK48,
XA,
IO,
FRN,
1.347%,
10/15/57
............
United
States
9,510,358
728,454
i,j
BANK5
Trust
,
2024-5YR10,
XA,
IO,
FRN,
1.4%,
10/15/57
..............
United
States
14,825,590
522,418
2024-5YR12,
XA,
IO,
FRN,
0.694%,
12/15/57
.............
United
States
11,022,942
179,375
2024-5YR7,
XA,
IO,
FRN,
1.57%,
6/15/57
...............
United
States
10,892,278
391,134
i,j
BBCMS
Mortgage
Trust
,
2022-C14,
XA,
IO,
FRN,
0.798%,
2/15/55
................
United
States
10,326,342
304,485
2024-5C29,
XA,
IO,
FRN,
1.819%,
9/15/57
...............
United
States
16,296,489
759,252
2024-5C31,
XA,
IO,
FRN,
1.281%,
12/15/57
..............
United
States
4,846,603
163,206
2024-C26,
XA,
IO,
FRN,
1.24%,
5/15/57
.................
United
States
5,694,228
383,256
Benchmark
Mortgage
Trust
,
b
2018-B1,
D,
144A,
2.75%,
1/15/51
.....................
United
States
1,029,000
402,243
i
2018-B6,
B,
FRN,
4.738%,
10/10/51
....................
United
States
377,000
358,529
i,j
2024-V10,
XA,
IO,
FRN,
1.522%,
9/15/57
................
United
States
14,078,423
537,807
i,j
2024-V11,
XA,
IO,
FRN,
0.773%,
11/15/57
...............
United
States
20,385,939
380,220
2026-V21,
AS,
5.506%,
3/15/59
.......................
United
States
434,000
442,032
i,j
2026-V21,
XA,
IO,
FRN,
1.648%,
3/15/59
................
United
States
3,883,817
239,008
i,j
BMO
Mortgage
Trust
,
2024-5C6,
XA,
IO,
FRN,
1.574%,
9/15/57
................
United
States
12,358,728
474,251
2024-5C8,
XA,
IO,
FRN,
1.239%,
12/15/57
...............
United
States
5,933,706
198,421
b,i
BWAY
Mortgage
Trust
,
2022-26BW
,
E
,
144A,
FRN
,
5.029
%
,
2/10/44
.........................................
United
States
665,000
368,251
b,f
BX
Commercial
Mortgage
Trust
,
2026-CSMO
,
B
,
144A,
FRN
,
5.355
%
,
(
1-month
SOFR
+
1.7
%
),
2/15/43
...............
United
States
509,000
510,839
b,i
BX
Trust
,
2025-ARIA
,
C
,
144A,
FRN
,
5.701
%
,
12/13/42
.......
United
States
715,000
718,285
i
CD
Mortgage
Trust
,
2017-CD4
,
B
,
FRN
,
3.947
%
,
5/10/50
.....
United
States
1,032,000
947,402
CFCRE
Commercial
Mortgage
Trust
,
b,i
2011-C2,
E,
144A,
FRN,
5.08%,
12/15/47
................
United
States
424,000
401,229
2016-C7,
A3,
3.839%,
12/10/54
.......................
United
States
908,000
903,466
Citigroup
Commercial
Mortgage
Trust
,
b,i
2015-GC27,
D,
144A,
FRN,
4.522%,
2/10/48
.............
United
States
789,146
771,624
i
2015-GC33,
C,
FRN,
4.48%,
9/10/58
...................
United
States
471,000
410,594
2015-GC33,
D,
3.172%,
9/10/58
.......................
United
States
221,000
135,915
COMM
Mortgage
Trust
,
b,d,i
2012-CR3,
F,
144A,
FRN,
4.75%,
10/15/45
...............
United
States
424,048
22,227
2012-CR4,
AM,
3.251%,
10/15/45
.....................
United
States
559,000
546,665
2013-CR12,
AM,
4.3%,
10/10/46
......................
United
States
219,253
210,312
b,i
2013-CR13,
D,
144A,
FRN,
5.003%,
11/10/46
............
United
States
733,687
415,457
i
2014-CR14,
C,
FRN,
3.246%,
2/10/47
..................
United
States
552,000
541,287
i
2014-CR16,
C,
FRN,
4.887%,
4/10/47
..................
United
States
912,000
886,368
b,i
2014-CR17,
D,
144A,
FRN,
5.006%,
5/10/47
.............
United
States
725,000
637,997
i
2014-UBS5,
AM,
FRN,
4.193%,
9/10/47
.................
United
States
302,980
299,156
b,i
2014-UBS6,
D,
144A,
FRN,
3.959%,
12/10/47
............
United
States
371,676
360,034
i
2015-CR22,
B,
FRN,
3.926%,
3/10/48
..................
United
States
332,336
319,367
2015-DC1,
AM,
3.724%,
2/10/48
......................
United
States
188,718
185,870
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
COMM
Mortgage
Trust,
(continued)
i
2015-DC1,
B,
FRN,
4.035%,
2/10/48
...................
United
States
906,000
$
869,018
b,i
DBUBS
Mortgage
Trust
,
2011-LC3A
,
D
,
144A,
FRN
,
5.535
%
,
8/10/44
.........................................
United
States
423,967
414,680
i
GS
Mortgage
Securities
Trust
,
b
2013-GC13,
AS,
144A,
FRN,
3.983%,
7/10/46
............
United
States
264,552
262,629
b
2013-GC13,
B,
144A,
FRN,
3.983%,
7/10/46
.............
United
States
551,000
540,661
2014-GC24,
B,
FRN,
4.447%,
9/10/47
..................
United
States
427,712
414,182
b
2014-GC24,
D,
144A,
FRN,
4.468%,
9/10/47
.............
United
States
485,000
337,070
j
2019-GC42,
XA,
IO,
FRN,
0.941%,
9/10/52
..............
United
States
13,578,975
307,498
b,i
IRV
Trust
,
2025-200P
,
C
,
144A,
FRN
,
5.921
%
,
3/14/47
.......
United
States
537,000
537,983
i
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
b
2007-CB20,
E,
144A,
FRN,
7.608%,
2/12/51
.............
United
States
11,066
15,629
b
2012-C6,
E,
144A,
FRN,
5.129%,
5/15/45
...............
United
States
90,680
89,788
2013-LC11,
D,
FRN,
3.993%,
4/15/46
...................
United
States
124,075
933
i
JPMBB
Commercial
Mortgage
Securities
Trust
,
2013-C12,
D,
FRN,
4.072%,
7/15/45
...................
United
States
521,000
495,967
b
2013-C14,
D,
144A,
FRN,
4.171%,
8/15/46
..............
United
States
500,000
400,283
b
2014-C18,
D,
144A,
FRN,
4.659%,
2/15/47
..............
United
States
513,000
469,997
2014-C23,
B,
FRN,
4.673%,
9/15/47
...................
United
States
325,424
321,640
2014-C23,
C,
FRN,
4.673%,
9/15/47
...................
United
States
436,000
423,066
b
2014-C23,
D,
144A,
FRN,
4.173%,
9/15/47
..............
United
States
287,000
262,396
JPMDB
Commercial
Mortgage
Securities
Trust
,
2018-C8,
B,
4.522%,
6/15/51
.........................
United
States
504,000
482,453
i
2018-C8,
C,
FRN,
4.913%,
6/15/51
....................
United
States
402,000
369,632
b
LSTAR
Commercial
Mortgage
Trust
,
2017-5
,
A5
,
144A,
3.549
%
,
3/10/50
.........................................
United
States
1,149,000
1,140,601
b,i
MAD
Commercial
Mortgage
Trust
,
2025-11MD
,
D
,
144A,
FRN
,
6.571
%
,
10/15/42
..................................
United
States
700,000
708,977
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
i
2013-C10,
B,
FRN,
4.082%,
7/15/46
...................
United
States
337,324
320,965
i
2013-C10,
C,
FRN,
4.082%,
7/15/46
...................
United
States
512,000
474,597
b,i
2013-C10,
F,
144A,
FRN,
4.082%,
7/15/46
...............
United
States
1,988,000
323,942
b,i
2013-C12,
D,
144A,
FRN,
4.85%,
10/15/46
..............
United
States
416,000
398,017
i
2015-C22,
B,
FRN,
3.883%,
4/15/48
...................
United
States
587,000
536,958
i
2015-C22,
C,
FRN,
4.104%,
4/15/48
...................
United
States
1,263,000
1,073,556
b
2015-C26,
D,
144A,
3.06%,
10/15/48
...................
United
States
448,561
430,881
i
Morgan
Stanley
Capital
I
Trust
,
2016-UB11,
C,
FRN,
3.691%,
8/15/49
..................
United
States
663,000
657,405
2018-H3,
C,
FRN,
5.017%,
7/15/51
....................
United
States
404,000
387,553
i,j
Real
Estate
Asset
Liquidity
Trust
,
2024-RONA
,
X
,
IO,
FRN
,
1.051
%
,
12/12/41
..................................
Canada
19,186,889
CAD
376,576
SG
Commercial
Mortgage
Securities
Trust
,
2016-C5
,
A4
,
3.055
%
,
10/10/48
........................................
United
States
1,034,000
1,031,863
b,d
TIAA
Real
Estate
CDO
Ltd.
,
2003-1A
,
E
,
144A,
8
%
,
12/28/38
..
United
States
1,081,996
131
i
UBS
Commercial
Mortgage
Trust
,
2017-C3
,
C
,
FRN
,
4.496
%
,
8/15/50
.........................................
United
States
498,000
471,410
b
VCAT
LLC
,
2026-NPL2
,
A1
,
144A,
5.062
%
,
2/25/56
..........
United
States
2,252,394
2,246,565
b,i
VEGAS
,
2024-GCS
,
D
,
144A,
FRN
,
6.424
%
,
7/10/36
.........
United
States
358,000
356,047
Wells
Fargo
Commercial
Mortgage
Trust
,
b,i
2013-LC12,
D,
144A,
FRN,
3.867%,
7/15/46
.............
United
States
356,000
241,194
b
2014-LC16,
D,
144A,
3.938%,
8/15/50
..................
United
States
615,012
74,411
2015-C31,
D,
3.852%,
11/15/48
.......................
United
States
262,000
237,904
b
2016-C33,
D,
144A,
3.123%,
3/15/59
...................
United
States
344,183
336,654
b,i
2016-C34,
D,
144A,
FRN,
5.294%,
6/15/49
..............
United
States
366,297
357,823
b
2019-C50,
D,
144A,
3%,
5/15/52
......................
United
States
243,000
194,997
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
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
Wells
Fargo
Commercial
Mortgage
Trust,
(continued)
i,j
2019-C52,
XA,
IO,
FRN,
1.706%,
8/15/52
................
United
States
6,575,181
$
259,236
i,j
2024-5C1,
XA,
IO,
FRN,
1.255%,
7/15/57
................
United
States
6,386,953
174,777
i
WFRBS
Commercial
Mortgage
Trust
,
b
2013-C15,
D,
144A,
FRN,
4.287%,
8/15/46
..............
United
States
515,444
363,496
2014-C21,
C,
FRN,
4.234%,
8/15/47
...................
United
States
365,000
352,927
2014-C23,
B,
FRN,
4.408%,
10/15/57
...................
United
States
275,000
270,328
37,295,243
a
a
a
a
a
a
Total
Commercial
Mortgage-Backed
Securities
(Cost
$38,463,679)
..............
37,295,243
Mortgage-Backed
Securities
24.8%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
19.3%
FNMA,
30
Year,
5%,
1/01/49
-
8/01/49
....................
United
States
97,353
97,639
k
Uniform
Mortgage-Backed
Securities,
2.5%,
TBA,
5/25/56
.....
United
States
2,000,000
1,675,031
k
Uniform
Mortgage-Backed
Securities,
3%,
TBA,
5/25/56
......
United
States
2,000,000
1,751,210
k
Uniform
Mortgage-Backed
Securities,
4.5%,
TBA,
5/25/56
.....
United
States
21,000,000
20,202,841
k
Uniform
Mortgage-Backed
Securities,
5%,
TBA,
5/25/56
......
United
States
16,000,000
15,893,266
k
Uniform
Mortgage-Backed
Securities,
5.5%,
TBA,
5/25/56
.....
United
States
21,000,000
21,107,743
k
Uniform
Mortgage-Backed
Securities,
6%,
TBA,
5/25/56
......
United
States
8,000,000
8,167,910
68,895,640
Government
National
Mortgage
Association
(GNMA)
Fixed
Rate
5.5%
GNMA
II,
Single-family,
30
Year,
3.5%,
8/20/49
-
3/20/50
......
United
States
309,660
277,718
GNMA
II,
Single-family,
30
Year,
4.5%,
10/20/49
-
1/20/50
.....
United
States
73,908
71,084
GNMA
II,
Single-family,
30
Year,
5%,
5/20/49
...............
United
States
82,547
82,795
k
GNMA
II,
Single-family,
30
Year,
5%,
5/15/56
...............
United
States
8,000,000
7,931,804
GNMA
II,
Single-family,
30
Year,
5.5%,
5/20/49
.............
United
States
31,879
32,600
k
GNMA
II,
Single-family,
30
Year,
5.5%,
5/15/56
.............
United
States
11,000,000
11,079,018
19,475,019
Total
Mortgage-Backed
Securities
(Cost
$88,688,390)
..........................
88,370,659
Residential
Mortgage-Backed
Securities
7.3%
Financial
Services
7.3%
b
A&D
Mortgage
Trust
,
2024-NQM1
,
A1
,
144A,
6.195
%
,
2/25/69
.
United
States
968,935
974,359
Alternative
Loan
Trust
,
f
2005-38,
A3,
FRN,
4.469%,
(1-month
SOFR
+
0.814%),
9/25/35
United
States
289,076
270,928
f
2005-59,
1A1,
FRN,
4.432%,
(1-month
SOFR
+
0.774%),
11/20/35
........................................
United
States
822,653
792,327
f
2006-OA10,
1A1,
FRN,
4.469%,
(12-month
average
of
1-year
CMT
+
0.96%),
8/25/46
.............................
United
States
163,809
152,510
f
2006-OA10,
3A1,
FRN,
4.149%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
394,813
380,925
f
2006-OA10,
4A1,
FRN,
4.149%,
(1-month
SOFR
+
0.494%),
8/25/46
.........................................
United
States
2,147,862
1,917,516
i
2006-OA7,
1A1,
FRN,
3.021%,
6/25/46
.................
United
States
710,489
666,364
f
2006-OA7,
1A2,
FRN,
4.449%,
(
12-month
average
of
1-year
CMT
+
0.94%),
6/25/46
.............................
United
States
241,007
239,940
f
2007-OH1,
A1D,
FRN,
3.979%,
(1-month
SOFR
+
0.324%),
4/25/47
.........................................
United
States
290,868
260,230
f
Bear
Stearns
ALT-A
Trust
,
2005-10
,
11A1
,
FRN
,
4.269
%
,
(
1-month
SOFR
+
0.614
%
),
1/25/36
....................
United
States
77,713
76,147
b,f
Chevy
Chase
Funding
LLC
,
2006-4A
,
A2
,
144A,
FRN
,
3.949
%
,
(
1-month
SOFR
+
0.294
%
),
11/25/47
...................
United
States
395,913
356,803
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,i
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
,
2017-3,
M2,
144A,
FRN,
4.75%,
7/25/56
................
United
States
310,279
$
305,573
2019-2,
M,
144A,
FRN,
4.75%,
8/25/58
.................
United
States
616,102
602,647
2019-4,
M,
144A,
FRN,
4.5%,
2/25/59
..................
United
States
324,292
315,302
b,f
FHLMC
STACR
REMIC
Trust
,
2020-DNA4,
B2,
144A,
FRN,
13.76%,
(30-day
SOFR
Average
+
10.114%),
8/25/50
.................................
United
States
966,000
1,272,839
2020-DNA5,
B2,
144A,
FRN,
15.145%,
(30-day
SOFR
Average
+
11.5%),
10/25/50
.................................
United
States
491,000
674,289
2020-HQA2,
B2,
144A,
FRN,
11.36%,
(30-day
SOFR
Average
+
7.714%),
3/25/50
..................................
United
States
625,000
748,482
2020-HQA3,
B2,
144A,
FRN,
13.76%,
(30-day
SOFR
Average
+
10.114%),
7/25/50
.................................
United
States
1,027,000
1,346,255
2021-DNA3,
B2,
144A,
FRN,
9.895%,
(30-day
SOFR
Average
+
6.25%),
10/25/33
..................................
United
States
299,000
375,516
2022-DNA2,
M2,
144A,
FRN,
7.395%,
(30-day
SOFR
Average
+
3.75%),
2/25/42
.................................
United
States
450,000
459,595
2023-HQA2,
M1B,
144A,
FRN,
6.995%,
(30-day
SOFR
Average
+
3.35%),
6/25/43
.................................
United
States
700,000
718,844
b,f
FHLMC
STACR
Trust
,
2018-DNA3,
B2,
144A,
FRN,
11.51%,
(30-day
SOFR
Average
+
7.864%),
9/25/48
..................................
United
States
389,000
441,253
2018-HQA2,
B2,
144A,
FRN,
14.76%,
(30-day
SOFR
Average
+
11.114%),
10/25/48
................................
United
States
1,619,000
1,970,230
2019-DNA1,
B2,
144A,
FRN,
14.51%,
(30-day
SOFR
Average
+
10.864%),
1/25/49
.................................
United
States
315,000
381,654
2019-FTR3,
B2,
144A,
FRN,
8.56%,
(30-day
SOFR
Average
+
4.914%),
9/25/47
..................................
United
States
257,000
281,145
2019-HQA1,
B2,
144A,
FRN,
16.01%,
(30-day
SOFR
Average
+
12.364%),
2/25/49
.................................
United
States
254,000
303,405
2019-HQA2,
B2,
144A,
FRN,
15.01%,
(
30-day
SOFR
Average
+
11.364%),
4/25/49
.................................
United
States
298,000
353,627
f
FNMA
Connecticut
Avenue
Securities
Trust
,
2016-C04,
1B,
FRN,
14.01%,
(30-day
SOFR
Average
+
10.364%),
1/25/29
.................................
United
States
264,925
270,151
2016-C05,
2B,
FRN,
14.51%,
(
30-day
SOFR
Average
+
10.864%),
1/25/29
.................................
United
States
264,775
269,981
2016-C06,
1B,
FRN,
13.01%,
(30-day
SOFR
Average
+
9.364%),
4/25/29
..................................
United
States
393,105
406,092
b
2020-R01,
1B1,
144A,
FRN,
7.01%,
(30-day
SOFR
Average
+
3.364%),
1/25/40
..................................
United
States
459,000
465,205
b
2020-SBT1,
1B1,
144A,
FRN,
10.51%,
(30-day
SOFR
Average
+
6.864%),
2/25/40
................................
United
States
355,000
368,894
b
2022-R02,
2B1,
144A,
FRN,
8.145%,
(30-day
SOFR
Average
+
4.5%),
1/25/42
....................................
United
States
402,000
411,328
b
2022-R02,
2M2,
144A,
FRN,
6.645%,
(30-day
SOFR
Average
+
3%),
1/25/42
.....................................
United
States
1,559,621
1,579,468
b
2026-R01,
2M2,
144A,
FRN,
4.995%,
(30-day
SOFR
Average
+
1.35%),
1/25/46
...................................
United
States
350,000
349,935
f
GSR
Mortgage
Loan
Trust
,
2007-OA1
,
2A3A
,
FRN
,
4.079
%
,
(
1-month
SOFR
+
0.424
%
),
5/25/37
....................
United
States
476,394
263,011
f
HarborView
Mortgage
Loan
Trust
,
2005-2
,
1A
,
FRN
,
4.295
%
,
(
1-month
SOFR
+
0.634
%
),
5/19/35
....................
United
States
399,745
103,194
b,f
Home
RE
Ltd.
,
2021-2
,
B1
,
144A,
FRN
,
7.795
%
,
(
30-day
SOFR
Average
+
4.15
%
),
1/25/34
...........................
United
States
300,000
302,779
b,f
J.P.
Morgan
Mortgage
Trust
,
2024-9,
A11,
144A,
FRN,
4.995%,
(30-day
SOFR
Average
+
1.35%),
2/25/55
...................................
United
States
229,702
230,396
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
Residential
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
b,f
J.P.
Morgan
Mortgage
Trust,
(continued)
2025-2,
A11,
144A,
FRN,
4.895%,
(30-day
SOFR
Average
+
1.25%),
7/25/55
...................................
United
States
323,089
$
324,196
MFA
Trust
,
2024-NPL1
,
A1
,
6.33
%
,
9/25/54
................
United
States
576,805
578,104
b,f
Morgan
Stanley
Re-REMIC
Trust
,
2010-R4
,
4B
,
144A,
FRN
,
2.807
%
,
(
1-month
SOFR
+
0.344
%
),
2/26/37
.............
United
States
309,558
299,846
b,f
Morgan
Stanley
Residential
Mortgage
Loan
Trust
,
2024-4
,
AF
,
144A,
FRN
,
4.995
%
,
(
30-day
SOFR
Average
+
1.35
%
),
9/25/54
United
States
107,705
107,915
f
MortgageIT
Trust
,
2005-3
,
M2
,
FRN
,
4.564
%
,
(
1-month
SOFR
+
0.909
%
),
8/25/35
..................................
United
States
40,869
40,165
b
PRET
LLC
,
2026-NPL1
,
A1
,
144A,
5.18
%
,
1/25/56
..........
United
States
238,978
237,350
b
PRPM
LLC
,
2026-1
,
A1
,
144A,
5.185
%
,
2/25/31
............
United
States
516,270
511,805
f
Structured
Asset
Mortgage
Investments
II
Trust
,
2007-AR1
,
2A1
,
FRN
,
4.129
%
,
(
1-month
SOFR
+
0.474
%
),
1/25/37
.........
United
States
419,181
382,316
b,i
Towd
Point
Mortgage
Trust
,
2018-5,
M1,
144A,
FRN,
3.25%,
7/25/58
................
United
States
815,000
699,358
2019-2,
A2,
144A,
FRN,
3.75%,
12/25/58
................
United
States
1,033,000
945,191
f
WaMu
Mortgage
Pass-Through
Certificates
Trust
,
2005-AR13
,
A1C3
,
FRN
,
4.749
%
,
(
1-month
SOFR
+
1.094
%
),
10/25/45
..
United
States
161,367
156,323
25,941,708
a
a
a
a
a
a
Total
Residential
Mortgage-Backed
Securities
(Cost
$24,214,558)
...............
25,941,708
Agency
Commercial
Mortgage-Backed
Securities
12.8%
Financial
Services
12.8%
j
FHLMC
,
304,
C37,
IO,
3.5%,
12/15/27
.........................
United
States
12,484
161
4000,
PI,
IO,
4.5%,
1/15/42
..........................
United
States
232,266
29,753
4077,
IK,
IO,
5%,
7/15/42
............................
United
States
706,018
146,742
4105,
HI,
IO,
3.5%,
7/15/41
..........................
United
States
217,246
9,431
f
4839,
WS,
IO,
FRN,
2.346%,
(-1
x
30-day
SOFR
Average
+
5.986%),
8/15/56
..................................
United
States
4,079,680
536,855
f
4945,
SL,
IO,
FRN,
2.29%,
(-1
x
30-day
SOFR
Average
+
5.936%),
1/25/50
..................................
United
States
3,893,874
441,248
4984,
IL,
IO,
4.5%,
6/25/50
...........................
United
States
3,871,151
895,789
f
5002,
SJ,
IO,
FRN,
2.34%,
(-1
x
30-day
SOFR
Average
+
5.986%),
7/25/50
..................................
United
States
5,921,813
666,141
f
5011,
SA,
IO,
FRN,
2.49%,
(-1
x
30-day
SOFR
Average
+
6.136%),
9/25/50
..................................
United
States
6,446,617
776,442
5024,
HI,
IO,
4.5%,
10/25/50
.........................
United
States
7,397,538
1,695,027
5036,
IB,
IO,
5%,
10/25/48
...........................
United
States
3,018,505
730,942
5093,
YI,
IO,
4.5%,
12/25/50
.........................
United
States
3,076,547
725,802
5134,
IC,
IO,
4%,
8/25/51
............................
United
States
6,280,304
1,246,448
5349,
IB,
IO,
4%,
12/15/46
...........................
United
States
3,664,694
769,020
b,f
FHLMC
Multi-family
Structured
Credit
Risk
Trust
,
2021-MN1,
M2,
144A,
FRN,
7.395%,
(30-day
SOFR
Average
+
3.75%),
1/25/51
...................................
United
States
555,000
576,339
2021-MN3,
M2,
144A,
FRN,
7.645%,
(30-day
SOFR
Average
+
4%),
11/25/51
....................................
United
States
1,746,000
1,809,061
j
FNMA
,
f
2010-35,
SG,
IO,
FRN,
2.64%,
(-1
x
30-day
SOFR
Average
+
6.286%),
4/25/40
..................................
United
States
428,089
44,699
f
2011-101,
SA,
IO,
FRN,
2.14%,
(-1
x
30-day
SOFR
Average
+
5.786%),
10/25/41
.................................
United
States
989,937
89,404
2012-127,
BI,
IO,
4.5%,
11/25/42
......................
United
States
218,646
44,009
2015-30,
IO,
5.5%,
5/25/45
..........................
United
States
1,618,984
207,594
2016-3,
NI,
IO,
6%,
2/25/46
..........................
United
States
1,075,965
148,730
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
FNMA,
(continued)
f
2017-32,
SA,
IO,
FRN,
2.39%,
(-1
x
30-day
SOFR
Average
+
6.036%),
5/25/47
..................................
United
States
4,923,956
$
508,826
f
2018-20,
SB,
IO,
FRN,
2.49%,
(-1
x
30-day
SOFR
Average
+
6.136%),
3/25/48
..................................
United
States
2,246,068
200,011
f
2018-38,
SA,
IO,
FRN,
2.44%,
(-1
x
30-day
SOFR
Average
+
6.086%),
6/25/48
..................................
United
States
4,197,339
473,238
f
2019-43,
JS,
IO,
FRN,
2.29%,
(-1
x
30-day
SOFR
Average
+
5.936%),
8/25/49
..................................
United
States
2,175,338
206,716
f
2019-61,
S,
IO,
FRN,
2.24%,
(-1
x
30-day
SOFR
Average
+
5.886%),
11/25/49
.................................
United
States
4,591,208
565,214
2020-76,
BI,
IO,
4.5%,
11/25/50
.......................
United
States
5,574,682
1,273,239
2021-14,
CI,
IO,
4.5%,
11/25/49
.......................
United
States
7,311,824
1,633,842
374,
6,
IO,
5.5%,
8/25/36
............................
United
States
55,611
8,875
378,
19,
IO,
5%,
Strip,
6/25/35
........................
United
States
144,465
18,930
427,
C93,
IO,
4.5%,
8/25/42
..........................
United
States
5,265,616
898,820
b,f
FNMA
Multi-family
Connecticut
Avenue
Securities
Trust
,
2019-01,
M10,
144A,
FRN,
7.01%,
(30-day
SOFR
Average
+
3.364%),
10/25/49
.................................
United
States
901,855
916,134
2020-01,
M10,
144A,
FRN,
7.51%,
(
30-day
SOFR
Average
+
3.864%),
3/25/50
..................................
United
States
1,236,221
1,257,080
j
GNMA
,
2012-113,
ID,
IO,
3.5%,
9/20/42
.......................
United
States
628,872
89,001
2012-128,
IA,
IO,
3.5%,
10/20/42
......................
United
States
1,518,802
240,144
2012-140,
IC,
IO,
3.5%,
11/20/42
......................
United
States
1,519,190
239,436
2012-146,
IO,
5%,
12/20/42
..........................
United
States
400,411
84,232
2013-34,
IH,
IO,
4.5%,
3/20/43
........................
United
States
788,129
143,980
i
2013-H08,
CI,
IO,
FRN,
1.491%,
2/20/63
................
United
States
1,115,827
39,667
f
2014-119,
SA,
IO,
FRN,
1.825%,
(-1
x
1-month
SOFR
+
5.486%),
8/20/44
..................................
United
States
1,183,530
105,206
f
2014-60,
SD,
IO,
FRN,
2.405%,
(-1
x
1-month
SOFR
+
6.066%),
4/20/44
..................................
United
States
2,759,493
316,519
2014-76,
IO,
5%,
5/20/44
............................
United
States
558,146
112,883
i
2014-H21,
BI,
IO,
FRN,
1.55%,
10/20/64
................
United
States
1,454,639
41,101
2015-52,
KI,
IO,
3.5%,
11/20/40
.......................
United
States
419,192
11,889
2015-53,
MI,
IO,
4%,
4/16/45
.........................
United
States
1,345,845
262,874
2015-64,
YI
,
IO,
4%,
11/20/44
........................
United
States
824,902
117,184
2015-79,
GI,
IO,
5%,
10/20/39
........................
United
States
335,911
67,266
i
2015-H10,
BI,
IO,
FRN,
2.621%,
4/20/65
................
United
States
1,064,487
49,237
i
2015-H20,
AI,
IO,
FRN,
1.854%,
8/20/65
................
United
States
1,096,518
39,807
i
2015-H20,
CI,
IO,
FRN,
2.565%,
8/20/65
................
United
States
1,205,324
69,858
i
2015-H23,
BI,
IO,
FRN,
1.765%,
9/20/65
................
United
States
1,082,364
29,540
i
2015-H25,
EI,
IO,
FRN,
1.855%,
10/20/65
...............
United
States
594,594
24,316
2016-42,
IO,
5%,
2/20/46
............................
United
States
1,353,591
260,458
i
2016-H03,
AI,
IO,
FRN,
1.972%,
1/20/66
................
United
States
3,636,067
153,891
i
2016-H03,
DI,
IO,
FRN,
1.887%,
12/20/65
...............
United
States
673,377
20,737
i
2016-H06,
DI,
IO,
FRN,
2.222%,
7/20/65
................
United
States
2,225,689
85,522
i
2016-H09,
BI,
IO,
FRN,
2.323%,
4/20/66
................
United
States
1,738,418
67,870
i
2016-H10,
AI,
IO,
FRN,
1.759%,
4/20/66
................
United
States
2,454,361
72,085
i
2016-H18,
QI,
IO,
FRN,
2.757%,
6/20/66
................
United
States
972,083
56,542
i
2016-H22,
AI,
IO,
FRN,
2.742%,
10/20/66
...............
United
States
1,273,313
70,846
i
2016-H23,
NI,
IO,
FRN,
2.748%,
10/20/66
...............
United
States
3,863,884
190,864
i
2016-H24,
CI,
IO,
FRN,
1.667%,
10/20/66
...............
United
States
854,555
23,457
2017-26,
MI,
IO,
5%,
11/20/39
........................
United
States
1,888,008
343,568
2017-42,
IC,
IO,
4.5%,
8/20/41
........................
United
States
703,645
138,238
i
2017-H02,
BI,
IO,
FRN,
2.312%,
1/20/67
................
United
States
1,008,489
42,193
i
2017-H06,
BI,
IO,
FRN,
2.389%,
2/20/67
................
United
States
1,582,481
57,307
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
26
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
i
2017-H08,
NI,
IO,
FRN,
2.197%,
3/20/67
................
United
States
2,224,084
$
81,606
i
2017-H09,
IO,
FRN,
1.676%,
4/20/67
...................
United
States
2,785,969
88,234
i
2017-H11,
DI,
IO,
FRN,
2.053%,
5/20/67
................
United
States
1,795,508
87,628
i
2017-H12,
QI,
IO,
FRN,
2.08%,
5/20/67
.................
United
States
1,595,110
62,449
i
2017-H16,
IG,
IO,
FRN,
1.771%,
7/20/67
................
United
States
4,213,438
105,589
i
2017-H16,
JI,
IO,
FRN,
2.269%,
8/20/67
.................
United
States
5,356,711
218,291
i
2017-H19,
MI,
IO,
FRN,
2.05%,
4/20/67
.................
United
States
1,034,686
37,335
2018-127,
IC,
IO,
5%,
10/20/44
.......................
United
States
2,371,652
459,795
2018-94,
AI,
IO,
4.5%,
7/20/48
........................
United
States
1,009,116
207,749
i
2018-H02,
EI,
IO,
FRN,
2.511%,
1/20/68
................
United
States
4,597,260
191,019
i
2018-H05,
BI,
IO,
FRN,
2.394%,
2/20/68
................
United
States
3,064,455
124,638
i
2018-H15,
KI,
IO,
FRN,
2%,
8/20/68
....................
United
States
2,146,244
80,414
f
2019-110,
SQ,
IO,
FRN,
2.275%,
(-1
x
1-month
SOFR
+
5.936%),
9/20/49
..................................
United
States
3,381,684
376,708
f
2019-152,
ES,
IO,
FRN,
2.275%,
(-1
x
1-month
SOFR
+
5.936%),
12/20/49
.................................
United
States
2,049,493
224,180
f
2019-83,
SY,
IO,
FRN,
2.325%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
.........................................
United
States
3,048,335
344,511
f
2019-89,
PS,
IO,
FRN,
2.325%,
(-1
x
1-month
SOFR
+
5.986%),
7/20/49
..................................
United
States
3,706,830
417,860
f
2019-96,
SY,
IO,
FRN,
2.325%,
(-1
x
1-month
SOFR
+
5.986%),
8/20/49
.........................................
United
States
3,453,282
399,380
2020-13,
AI,
IO,
4%,
3/20/46
.........................
United
States
7,109,540
917,689
2020-167,
PI,
IO,
3.5%,
11/20/50
......................
United
States
4,384,112
1,002,523
2020-175,
NI,
IO,
3%,
11/20/50
.......................
United
States
4,708,070
784,240
f
2020-63,
AS,
IO,
FRN,
2.225%,
(-1
x
1-month
SOFR
+
5.886%),
8/20/43
.........................................
United
States
3,669,637
395,764
f
2020-63,
PS,
IO,
FRN,
2.325%,
(-1
x
1-month
SOFR
+
5.986%),
4/20/50
..................................
United
States
4,385,018
526,824
f
2020-63,
SP,
IO,
FRN,
2.325%,
(-1
x
1-month
SOFR
+
5.986%),
5/20/50
.........................................
United
States
3,469,371
406,835
f
2020-96,
KS,
IO,
FRN,
2.375%,
(-1
x
1-month
SOFR
+
6.036%),
7/20/50
..................................
United
States
10,703,403
1,310,564
f
2020-97,
QS,
IO,
FRN,
2.375%,
(-1
x
1-month
SOFR
+
6.036%),
7/20/50
..................................
United
States
3,023,846
388,787
f
2021-116,
ES,
IO,
FRN,
2.421%,
(-1
x
1-month
SOFR
+
6.086%),
11/20/47
.................................
United
States
5,667,717
603,417
2021-122,
GI,
IO,
4.5%,
11/20/47
......................
United
States
5,812,450
1,326,835
2021-156,
IO,
3.5%,
7/20/51
.........................
United
States
7,131,586
1,348,205
2021-214,
AI,
IO,
4%,
12/20/51
.......................
United
States
4,500,547
891,579
2021-59,
IP,
IO,
3%,
4/20/51
.........................
United
States
6,035,162
1,011,471
f
2021-59,
SM,
IO,
FRN,
2.525%,
(-1
x
1-month
SOFR
+
6.186%),
4/20/51
..................................
United
States
10,465,016
1,296,567
f
2021-59,
SQ,
IO,
FRN,
2.525%,
(-1
x
1-month
SOFR
+
6.186%),
4/20/51
..................................
United
States
3,552,002
439,455
f
2021-77,
SM,
IO,
FRN,
2.525%,
(-1
x
1-month
SOFR
+
6.186%),
5/20/51
..................................
United
States
5,245,713
674,670
f
2021-98,
SK,
IO,
FRN,
2.525%,
(-1
x
1-month
SOFR
+
6.186%),
6/20/51
..................................
United
States
8,234,868
1,062,682
f
2023-35,
SH,
IO,
FRN,
2.81%,
(-1
x
30-day
SOFR
Average
+
6.45%),
2/20/53
...................................
United
States
10,275,406
803,580
2024-186,
IO,
3%,
9/20/51
...........................
United
States
7,089,694
1,043,012
i
2024-32,
IO,
FRN,
0.7%,
6/16/63
......................
United
States
10,466,861
549,561
2024-4,
IG,
IO,
5%,
12/20/52
.........................
United
States
3,275,903
618,396
f
2025-120,
SD,
IO,
FRN,
2.225%,
(-1
x
1-month
SOFR
+
5.886%),
10/20/49
.................................
United
States
8,898,597
951,791
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
27
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
Agency
Commercial
Mortgage-Backed
Securities
(continued)
Financial
Services
(continued)
j
GNMA,
(continued)
f
2026-2,
SB,
IO,
FRN,
2.48%,
(-1
x
30-day
SOFR
Average
+
6.12%),
1/20/56
...................................
United
States
6,085,168
$
672,545
45,752,658
a
a
a
a
a
a
Total
Agency
Commercial
Mortgage-Backed
Securities
(Cost
$45,562,191)
.......
45,752,658
Total
Long
Term
Investments
(Cost
$415,301,257)
.............................
418,839,917
a
Short
Term
Investments
4.4%
a
a
Country
Principal
Amount
*
a
Value
a
a
a
a
a
a
Certificates
of
Deposit
0.9%
Wells
Fargo
Bank
NA
,
3.8%,
9/16/26
......................................
United
States
1,500,000
1,499,523
3.75%,
12/17/26
....................................
United
States
1,500,000
1,497,934
2,997,457
Total
Certificates
of
Deposit
(Cost
$3,000,000)
................................
2,997,457
a
a
a
Commercial
Papers
2.4%
b,c
BPCE
SA
,
144A,
3
.94%
,
11/12/26
.......................
France
2,000,000
1,958,020
b,c
Gotham
Funding
Corp.
,
144A,
3.83%
,
6/16/26
..............
United
States
1,500,000
1,492,545
b,c
Nestle
Finance
International
Ltd.
,
144A,
3.64%
,
5/15/26
......
United
States
1,750,000
1,747,350
c
Royal
Bank
of
Canada
,
3.78%
,
6/01/26
...................
Canada
1,750,000
1,744,147
b,c
Skandinaviska
Enskilda
Banken
AB
,
144A,
3.87%
,
8/10/26
....
Sweden
1,750,000
1,731,031
Total
Commercial
Papers
(Cost
$8,676,674)
...................................
8,673,093
a
a
a
U.S.
Government
and
Agency
Securities
0.6%
c,l
U.S.
Treasury
Bills,
3.56%,
7/16/26
......................
United
States
2,100,000
2,084,123
Total
U.S.
Government
and
Agency
Securities
(Cost
$2,084,298)
................
2,084,123
Shares
Management
Investment
Companies
0.5%
a,m
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
.......
United
States
1,806,761
1,806,761
Total
Management
Investment
Companies
(Cost
$1,806,761)
...................
1,806,761
Total
Short
Term
Investments
(Cost
$15,567,733
)
..............................
15,561,434
a
Total
Investments
(Cost
$430,868,990)
122.1%
................................
$434,401,351
TBA
Sale
Commitments
(4.2)%
..............................................
(14,860,547)
Other
Assets,
less
Liabilities
(17.9)%
........................................
(63,656,846)
Net
Assets
100.0%
.........................................................
$355,883,958
a
a
a
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
28
At
April
30,
2026,
the
Fund
had
the
following futures
contracts
outstanding.
a
a
a
Country
Principal
Amount
*
a
Value
n
TBA
Sale
Commitments
(4.2)%
Mortgage-Backed
Securities
(4.2)%
Federal
National
Mortgage
Association
(FNMA)
Fixed
Rate
(4.2)%
Uniform
Mortgage-Backed
Securities
,
4%,
TBA,
5/25/56
..................................
United
States
(1,000,000)
$
(937,930)
5%,
TBA,
5/25/56
..................................
United
States
(14,000,000)
(13,922,617)
Total
TBA
Sale
Commitments
(Proceeds
$(14,830,586))
........................
$(14,860,547)
*
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
April
30,
2026,
the
aggregate
value
of
these
securities
was
$177,039,668,
representing
49.7%
of
net
assets.
c
The
rate
shown
represents
the
yield
at
period
end.
d
Defaulted
security
or
security
for
which
income
has
been
deemed
uncollectible.
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
A
portion
or
all
of
the
security
purchased
on
a
delayed
delivery
basis.
h
Perpetual
security
with
no
stated
maturity
date.
i
Adjustable
rate
security
with
an
interest
rate
that
is
not
based
on
a
published
reference
index
and
spread.
The
rate
is
based
on
the
structure
of
the
agreement
and
current
market
conditions.
The
coupon
rate
shown
represents
the
rate
at
period
end.
j
Investment
in
an
interest-only
security
entitles
holders
to
receive
only
the
interest
payment
on
the
underlying
instruments.
The
principal
amount
shown
is
the
notional
amount
of
the
underlying
instruments.
k
Security
purchased
on
a
to-be-announced
(TBA)
basis.
l
A
portion
or
all
of
the
security
has
been
segregated
as
collateral
for
certain
derivative
contracts
and
TBA
securities.
At
April
30,
2026,
the
aggregate
value
of
these
securities
pledged
amounted
to
$1,338,802,
representing
0.4%
of
net
assets.
m
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
n
Security
sold
on
a
to-be-announced
(TBA)
basis
resulting
in
a
short
position.
As
such,
the
Fund
is
not
subject
to
fees
and
expenses
associated
with
short
sale
transactions.
Futures
Contracts
Description
Type
Number
of
Contracts
Notional
Amount
*
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Interest
rate
contracts
Euro-
Bobl
..................................
Short
47
$
6,368,401
6/08/26
$
89,762
U.S.
Treasury
10
Year
Ultra
Notes
................
Short
25
2,821,484
6/18/26
80,424
U.S.
Treasury
2
Year
Notes
.....................
Short
156
32,311,500
6/30/26
286,185
Total
Futures
Contracts
......................................................................
$456,371
*
As
of
period
end.
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
29
At
April
30,
2026,
the
Fund
had
the
following
forward
exchange
contracts
outstanding.
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
958,584
5/20/26
$
—
$
(14,946)
Japanese
Yen
......
GSCO
Buy
400,266,300
2,600,905
5/20/26
—
(
40,568)
Japanese
Yen
......
HSBK
Buy
207,856,300
1,336,664
5/20/26
8,254
(15,348)
Japanese
Yen
......
TDOM
Buy
1,366,800
8,883
5/20/26
—
(140)
Japanese
Yen
......
UBSW
Buy
125,971,100
818,427
5/20/26
—
(12,643)
British
Pound
......
CITI
Buy
347,700
468,028
6/17/26
5,064
—
British
Pound
......
CITI
Sell
1,419,000
1,906,726
6/17/26
—
(24,011)
British
Pound
......
HSBK
Buy
868,100
1,177,843
6/17/26
3,322
—
British
Pound
......
HSBK
Sell
1,016,100
1,348,409
6/17/26
—
(34,130)
British
Pound
......
JPHQ
Sell
1,000
1,323
6/17/26
—
(38)
Euro
.............
BZWS
Buy
484,700
568,003
6/17/26
2,054
—
Euro
.............
HSBK
Buy
1,794,100
2,117,548
6/17/26
582
(8,084)
Euro
.............
HSBK
Sell
9,843,000
11,348,831
6/17/26
—
(227,550)
Euro
.............
MSCO
Buy
105,100
124,568
6/17/26
144
(1,103)
Euro
.............
SSBT
Buy
1,323,700
1,557,159
6/17/26
—
(352)
Euro
.............
SSBT
Sell
311,900
361,108
6/17/26
—
(5,718)
Euro
.............
TDOM
Buy
7,700
8,907
6/17/26
149
—
Euro
.............
UBSW
Buy
571,200
660,693
6/17/26
11,097
—
Euro
.............
UBSW
Sell
241,500
278,446
6/17/26
—
(
5,583)
Euro
.............
WPAC
Sell
1,701,400
2,008,955
6/17/26
7,934
—
Norwegian
Krone
...
BOFA
Sell
961,600
98,901
6/17/26
—
(4,837)
Norwegian
Krone
...
MSCO
Sell
13,864,000
1,424,665
6/17/26
—
(70,989)
Swedish
Krona
.....
MSCO
Sell
14,243,300
1,527,560
6/17/26
—
(18,811)
Swedish
Krona
.....
UBSW
Buy
241,300
25,677
6/17/26
520
—
Swiss
Franc
.......
SSBT
Buy
18,000
22,721
6/17/26
430
—
Swiss
Franc
.......
TDOM
Buy
727,100
933,256
6/17/26
1,888
—
Swiss
Franc
.......
UBSW
Buy
1,818,000
2,333,674
6/17/26
4,508
—
Australian
Dollar
....
BOFA
Buy
696,600
492,809
7/15/26
7,996
—
Australian
Dollar
....
BZWS
Sell
221,400
156,672
7/15/26
—
(2,499)
Australian
Dollar
....
CITI
Sell
1,089,500
770,753
7/15/26
—
(12,519)
Australian
Dollar
....
HSBK
Sell
129,100
91,314
7/15/26
—
(1,499)
Australian
Dollar
....
JPHQ
Sell
1,591,100
1,125,906
7/15/26
—
(17,980)
Australian
Dollar
....
MSCO
Buy
18,200
12,954
7/15/26
131
—
Australian
Dollar
....
MSCO
Sell
1,705,500
1,206,880
7/15/26
—
(19,252)
Australian
Dollar
....
UBSW
Sell
48,200
34,108
7/15/26
—
(545)
Australian
Dollar
....
WPAC
Sell
30,200
21,371
7/15/26
—
(341)
Canadian
Dollar
....
BOFA
Sell
600
437
7/15/26
—
(7)
Canadian
Dollar
....
BZWS
Sell
182,500
132,728
7/15/26
—
(2,046)
Canadian
Dollar
....
CITI
Buy
3,664,500
2,671,528
7/15/26
34,660
—
Canadian
Dollar
....
CITI
Sell
3,760,000
2,753,481
7/15/26
—
(23,232)
Canadian
Dollar
....
GSCO
Sell
19,800
14,401
7/15/26
—
(221)
Canadian
Dollar
....
HSBK
Sell
1,480,900
1,077,065
7/15/26
—
(16,561)
Canadian
Dollar
....
JPHQ
Sell
431,300
313,677
7/15/26
—
(4,832)
Canadian
Dollar
....
TDOM
Sell
1,420,200
1,032,993
7/15/26
—
(15,807)
Canadian
Dollar
....
UBSW
Sell
1,176,000
855,441
7/15/26
—
(13,020)
New
Zealand
Dollar
.
BOFA
Sell
43,500
25,564
7/15/26
—
(195)
New
Zealand
Dollar
.
CITI
Sell
1,033,100
607,066
7/15/26
—
(4,689)
New
Zealand
Dollar
.
MSCO
Sell
1,660,200
975,668
7/15/26
—
(7,427)
New
Zealand
Dollar
.
UBSW
Sell
166,600
97,901
7/15/26
—
(752)
Total
Forward
Exchange
Contracts
...................................................
$88,733
$(628,275)
Net
unrealized
appreciation
(depreciation)
............................................
$(539,542)
*
In
U.S.
dollars
unless
otherwise
indicated.
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.
30
At
April
30,
2026,
the
Fund
had
the
following forward
premium
swap
options contracts
outstandin
g.
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
3.625%/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
3.625%
1,201,500
$
55,629
$
(32,696)
(4.125%)/1-day
SOFR/Nov-37/(Purchased)
BNDP
11/12/27
/
4.125%
1,201,500
55,629
(16,619)
(4.225%)/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
4.225%
4,605,400
235,796
(176,277)
3.725%/1-day
SOFR/Nov-36/(Purchased)
BOFA
11/23/26
/
3.725%
4,605,400
225,204
(175,499)
(2.765%)/3-month
EURIBOR/Mar-28/
(Purchased)
BOFA
3/19/27
/
2.765%
EUR
66,490,000
278,085
8,906
(3.565%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.565%
EUR
66,490,000
(114,007)
(1,899)
(3.165%)/3-month
EURIBOR/Mar-28/(Written)
BOFA
3/19/27
/
3.165%
EUR
66,490,000
(171,781)
(6,668)
(4.2%)/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
(1,884)
4.2%/1-day
SOFR/Aug-60/(Purchased)
BOFA
8/26/30
/
4.2%
259,100
32,310
(5,496)
3.165%/1-day
SOFR/Mar-52/(Purchased)
BOFA
3/22/32
/
3.165%
4,099,200
293,093
(
125,437)
(4.608%)/1-day
SOFR/May-56/(Purchased)
CITI
5/26/26
/
4.608%
2,170,500
78,789
(77,801)
(4.3%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
4.3%
13,276,000
34,850
3,241
(4.09%)/1-day
SOFR/Jul-36/(Written)
CITI
7/10/26
/
4.09%
19,914,000
(113,842)
(19,546)
(3.88%)/1-day
SOFR/Jul-36/(Purchased)
CITI
7/10/26
/
3.88%
6,638,000
80,652
17,317
(2.495%)/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
970,281
2.495%/6-month
AUD
BBR/Nov-46/
(Purchased)
JPHQ
11/23/26
/
2.495%
AUD
5,302,300
328,897
(320,689)
(4.13%)/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
1,814,700
142,182
(5,917)
4.13%/1-day
SOFR/Dec-57/(Purchased)
JPHQ
12/09/27
/
4.13%
1,814,700
142,182
(38,215)
1.201%/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
1.201%
EUR
10,390,700
206,241
(158,816)
(4.201%)/6-month
EURIBOR/Apr-39/
(Purchased)
JPHQ
4/11/29
/
4.201%
EUR
10,390,700
259,753
(30,774)
1.445%/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
(132,302)
(1.445%)/6-month
AUD
BBR/Mar-40/
(Purchased)
JPHQ
3/27/30
/
1.445%
AUD
4,317,900
165,123
658,604
(4.384%)/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
4.384%
4,030,200
185,591
(75,440)
3.884%/1-day
SOFR/Feb-38/(Purchased)
MCM
1/31/28
/
3.884%
4,030,200
178,135
(64,523)
(4.2%)/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
2,590,000
115,255
2,237
4.2%/1-day
SOFR/Feb-39/(Purchased)
MCM
2/05/29
/
4.2%
2,590,000
115,255
–
4.01%/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
(24,134)
(4.01%)/1-day
SOFR/Mar-52/(Purchased)
MCM
3/29/32
/
4.01%
614,500
73,679
5,997
(2.952%)/6-month
EURIBOR/Jun-49/
(Purchased)
MSCO
6/18/29
/
2.952%
EUR
4,848,800
386,533
170,376
(2.98%)/6-month
EURIBOR/May-55/
(Purchased)
MSCO
5/08/35
/
2.98%
EUR
260,500
27,195
10,440
(4.825%)/1-day
SOFR/May-57/(Purchased)
NATW
4/30/27
/
4.825%
2,708,400
98,044
(46,881)
(2%)/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
390,776
2%/6-month
AUD
BBR/Sep-46/(Purchased)
UBSW
9/10/36
/
2%
AUD
4,626,600
245,400
(139,331)
2.7%/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
(70,746)
(2.7%)/6-month
AUD
BBR/Apr-47/(Purchased)
UBSW
4/01/37
/
2.7%
AUD
2,202,100
133,601
122,012
Unrealized
appreciation
2,360,187
Unrealized
(depreciation)
(1,747,590)
Total
$612,597
*
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
31
At
April
30,
2026,
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
Buy
Protection
c
Traded
Index
iTraxx
Europe
Main
45
....
(1.00)%
Quarterly
6/20/31
13,890,000
EUR
$
(334,649)
$
(204,897)
$
(129,752)
Contracts
to
Sell
Protection
c,d
Traded
Index
CDX.NA.HY.46
.
5.00%
Quarterly
6/20/31
26,569,000
2,048,419
1,474,757
573,662
Non-
Investment
Grade
CDX.NA.IG.46
..
1.00%
Quarterly
6/20/31
16,000,000
354,744
253,902
100,842
Investment
Grade
Total
Centrally
Cleared
Swap
Contracts
.....................................
$2,068,514
$1,523,762
$544,752
OTC
Swap
Contracts
Contracts
to
Buy
Protection
c
Traded
Index
CMBX.NA.BB.10
(5.00)%
Monthly
CITI
11/17/59
1,969,000
1,107,368
820,324
287,044
CMBX.NA.BB.10
(5.00)%
Monthly
MLCO
11/17/59
584,000
328,442
33,229
295,213
CMBX.NA.BB.13
(5.00)%
Monthly
GSCO
12/16/72
289,000
113,521
108,736
4,785
CMBX.NA.BB.6
.
(5.00)%
Monthly
CITI
5/11/63
234,000
31,285
30,905
380
CMBX.NA.BB.6
.
(5.00)%
Monthly
GSCO
5/11/63
405,000
54,148
18,248
35,900
CMBX.NA.BB.8
.
(5.00)%
Monthly
CITI
10/17/57
358,000
132,560
155,013
(22,453)
CMBX.NA.BB.8
.
(5.00)%
Monthly
GSCO
10/17/57
134,000
49,618
54,714
(5,096)
CMBX.NA.BB.8
.
(5.00)%
Monthly
MSCO
10/17/57
25,000
9,257
10,981
(1,724)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
CITI
11/17/59
1,129,000
303,039
339,336
(36,297)
CMBX.
NA.BBB-.10
..
(3.00)%
Monthly
MSCO
11/17/59
1,053,000
282,640
340,501
(57,861)
CMBX.
NA.BBB-.11
..
(3.00)%
Monthly
GSCO
11/18/54
1,326,000
155,452
165,603
(10,151)
CMBX.
NA.BBB-.12
..
(3.00)%
Monthly
GSCO
8/17/61
442,000
85,704
80,223
5,481
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
GSCO
12/16/72
884,000
185,072
185,345
(273)
CMBX.
NA.BBB-.13
..
(3.00)%
Monthly
JPHQ
12/16/72
1,150,000
240,763
222,765
17,998
CMBX.NA.BBB-.6
(3.00)%
Monthly
CITI
5/11/63
766,000
52,754
143,487
(90,733)
CMBX.NA.BBB-.9
(3.00)%
Monthly
MSCO
9/17/58
442,000
102,580
79,394
23,186
Contracts
to
Sell
Protection
c,d
Traded
Index
CMBX.NA.A.13
.
2.00%
Monthly
MLCO
12/16/72
804,000
(46,877)
(105,907)
59,030
Investment
Grade
CMBX.NA.BB.10
5.00%
Monthly
JPHQ
11/17/59
215,000
(120,916)
(17,251)
(103,665)
Non-
Investment
Grade
CMBX.NA.BB.13
5.00%
Monthly
CITI
12/16/72
289,000
(113,521)
(
123,564)
10,043
Non-
Investment
Grade
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
32
At
April
30,
2026,
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
CITI
5/11/63
1,391,000
$
(185,976)
$
(241,859)
$
55,883
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
GSCO
5/11/63
186,000
(24,868)
(32,290)
7,422
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
JPHQ
5/11/63
21,000
(2,808)
(10,811)
8,003
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MLCO
5/11/63
256,000
(34,227)
(28,625)
(5,602)
Non-
Investment
Grade
CMBX.NA.BB.6
.
5.00%
Monthly
MSCO
5/11/63
921,000
(123,138)
(163,951)
40,813
Non-
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
CITI
4/17/65
63,000
(11,012)
(14,321)
3,309
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
GSCO
4/17/65
33,000
(5,768)
(6,777)
1,009
Investment
Grade
CMBX.
NA.BBB-.16
..
3.00%
Monthly
MSCO
4/17/65
34,000
(5,943)
(7,729)
1,786
Investment
Grade
CMBX.NA.BBB-.6
3.00%
Monthly
BOFA
5/11/63
766,000
(52,754)
(47,650)
(5,104)
Investment
Grade
Total
OTC
Swap
Contracts
..............................................
$2,506,395
$1,988,069
$518,326
Total
Credit
Default
Swap
Contracts
....................................
$4,574,909
$
3,511,831
$1,063,078
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
3.3%
.....
Annual
3/18/28
305,481,000
$
2,579,518
$
(267,280)
$
2,846,798
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
See
Notes
to
Schedule
of
Investments.
Quarterly
Schedule
of
Investments
33
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
3.5%
...
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/17/28
6,481,000
$
(29,267)
$
(23,271)
$
(5,996)
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.6%
.....
Quarterly
6/17/28
4,586,000
AUD
7,548
6,955
593
Receive
Floating
6-month
EURIBOR
...........
Semi-Annual
Pay
Fixed
2.7%
.....
Annual
6/17/28
8,438,000
EUR
36,046
53,785
(17,739)
Receive
Fixed
3.45%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
3/18/31
292,584,000
(3,679,606)
(185,261)
(3,494,345)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.55%
....
Annual
6/17/31
47,696,000
402,830
214,147
188,683
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
4.9%
.....
Semi-Annual
6/17/31
3,044,000
AUD
4,863
(1,088)
5,951
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.75%
....
Annual
3/18/36
64,065,000
1,051,838
327,586
724,252
Receive
Fixed
0.65%
..
Annual
Pay
Floating
1-day
SARON
..........
Annual
6/17/36
2,455,000
CHF
10,609
11,185
(576)
Receive
Floating
1-day
REPO_CORRA
.......
Semi-Annual
Pay
Fixed
3.3%
.....
Semi-Annual
6/17/36
680,000
CAD
1,020
3,114
(2,094)
Receive
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
3.8%
.....
Annual
6/17/36
30,545,000
417,976
317,901
100,075
Receive
Fixed
3.05%
..
Annual
Pay
Floating
6-month
EURIBOR
.........
Semi-Annual
6/17/36
3,258,000
EUR
(12,589)
(23,180)
10,591
Receive
Floating
3-month
AUD
BBR
...........
Quarterly
Pay
Fixed
4.4%
.....
Semi-Annual
6/17/36
2,843,000
NZD
2,040
2,574
(534)
Receive
Floating
3-month
STIBOR
............
Quarterly
Pay
Fixed
3%
......
Annual
6/17/36
2,601,000
SEK
1,804
2,193
(389)
Receive
Fixed
4.4%
...
Annual
Pay
Floating
1-day
SONIA
...........
Annual
6/17/36
1,547,000
GBP
(26,885)
(531)
(26,354)
Receive
Fixed
5.05%
..
Semi-Annual
Pay
Floating
6-month
AUD
BBR
.........
Semi-Annual
6/17/36
6,440,000
AUD
(25,475)
(15,911)
(9,564)
Receive
Floating
6-month
NIBOR
.............
Semi-Annual
Pay
Fixed
4.4%
.....
Annual
6/17/36
63,407,000
NOK
28,292
5,604
22,688
Putnam
Premier
Income
Trust
Schedule
of
Investments
(unaudited)
Quarterly
Schedule
of
Investments
See
Notes
to
Schedule
of
Investments.
34
See
Abbreviations
on
page
38
.
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
Floating
1-day
SOFR
..............
Annual
Pay
Fixed
4.1%
.....
Annual
3/18/56
6,770,000
$
127,361
$
22,658
$
104,703
Receive
Fixed
4.05%
..
Annual
Pay
Floating
1-day
SOFR
............
Annual
6/17/56
2,820,000
(78,959)
5,476
(84,435)
Receive
Floating
6-month
AUD
BBR
...........
Semi-Annual
Pay
Fixed
5.1%
.....
Semi-Annual
6/17/56
758,000
AUD
916
(3,860)
4,776
Total
Interest
Rate
Swap
Contracts
.................................
$819,880
$
452,796
$367,084
*
In
U.S.
dollars
unless
otherwise
indicated.
Putnam
Premier
Income
Trust
35
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.
On
May
15,
2026,
the
Fund's
Board
of
Trustees
approved
a
proposal
to
change
the
name
of
the
Fund
to
Franklin
Premier
Income
Trust,
effective
July
15,
2026.
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.
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.
Securities
denominated
in
a
foreign
currency
are
converted
into
their
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
date
that
the
values
of
the
foreign
debt
securities
are
determined.
Investments
in
open-end
mutual
funds
are
valued
at
the
closing
NAV.
Certain
derivative
financial
instruments
are
centrally
cleared
or
trade
in
the
OTC
market.
The Fund’s
pricing
services
use
various
techniques
including
industry
standard
option
pricing
models
and
proprietary
discounted
cash
flow
models
to
determine
the
fair
value
of
those
instruments.
The Fund’s
net
benefit
or
obligation
under
the
derivative
contract,
as
measured
by
the
fair
value
of
the
contract,
is
included
in
net
assets. 
The
Fund
has procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Fund
primarily employs
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
Putnam
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
36
Quarterly
Schedule
of
Investments
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. 
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
April
30,
2026,
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
April
30,
2026,
the
Fund
held
investments
in
affiliated
management
investment
companies
as
follows:
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.)
Borrower
Unfunded
Commitment
First
Eagle
Holdings,
Inc.
$
87,500
Pinnacle
Buyer
LLC
33,719
$
121,219
    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
$—
$—
$—
$(1,840)
$9,209,362
368,080
$300,646
Putnam
Government
Money
Market
Fund,
Class
P,
3.484%
.
3,081,736
70,103,490
(73,185,226)
—
—
—
—
154,568
Putnam
Short
Term
Investment
Fund,
Class
P,
3.843%
......
17,854,912
21,442,058
(37,490,209)
—
—
1,806,761
1,806,761
502,860
Total
Non-Controlled
Affiliates
$30,147,850
$91,545,548
$(110,675,435)
$—
$(1,840)
$11,016,123
$958,074
Total
Affiliated
Securities
...
$30,147,850
$91,545,548
$(110,675,435)
$—
$(1,840)
$11,016,123
$958,074
2. Financial
Instrument
Valuation
(continued)
Putnam
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
37
Quarterly
Schedule
of
Investments
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
April
30,
2026,
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:
a
Management
Investment
Companies
.........
$
9,209,362
$
—
$
—
$
9,209,362
Convertible
Bonds
.......................
—
12,666,220
—
12,666,220
Corporate
Bonds
........................
—
134,546,012
—
134,546,012
Senior
Floating
Rate
Interests
...............
—
23,016,384
—
23,016,384
Foreign
Government
and
Agency
Securities
....
—
33,492,513
—
33,492,513
Asset-Backed
Securities
...................
—
8,549,158
—
8,549,158
Commercial
Mortgage-Backed
Securities
......
—
37,295,243
—
37,295,243
Mortgage-Backed
Securities
................
—
88,370,659
—
88,370,659
Residential
Mortgage-Backed
Securities
.......
—
25,941,708
—
25,941,708
Agency
Commercial
Mortgage-Backed
Securities
—
45,752,658
—
45,752,658
Short
Term
Investments
...................
1,806,761
13,754,673
—
15,561,434
Total
Investments
in
Securities
...........
$11,016,123
$423,385,228
$—
$434,401,351
Other
Financial
Instruments:
Forward
Exchange
Contracts
...............
$—
$88,733
$—
$88,733
Forward
Premium
Swap
Option
Contracts
.....
—
2,360,187
—
2,360,187
Futures
Contracts
.......................
456,371
—
—
456,371
Swap
Contracts
.........................
—
5,540,899
—
5,540,899
Unfunded
Loan
Commitments
..............
—
725
—
725
Total
Other
Financial
Instruments
.........
$456,371
$7,990,544
$—
$8,446,915
–
–
–
–
Liabilities:
Other
Financial
Instruments:
TBA
Sale
Commitments
...................
$
—
$
14,860,547
$
—
$
14,860,547
Forward
Exchange
Contracts
...............
—
628,275
—
628,275
Forward
Premium
Swap
Option
Contracts
......
—
1,747,590
—
1,747,590
Swap
Contracts
.........................
—
4,110,737
—
4,110,737
Total
Other
Financial
Instruments
.........
$—
$21,347,149
$—
$21,347,149
a
For
detailed
categories,
see
the
accompanying
Schedule
of
Investments.
5. Fair
Value
Measurements
(continued)
Putnam
Premier
Income
Trust
Notes
to
Schedule
of
Investments
(unaudited)
38
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
SSBT
State
Street
Bank
and
Trust
Co.
TDOM
Toronto
Dominion
Bank
UBSW
UBS
AG
WPAC
Westpac
Banking
Corp.
Cu
r
rency
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
EUR
Euro
GBP
British
Pound
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
SEK
Swedish
Krona
USD
United
States
Dollar
Index
CDX.NA.HY.
Series
number
CDX
North
America
High
Yield
Index
CDX.NA.IG.
Series
number
CDX
North
America
Investment
Grade
Index
CMBX.NA.
Series
number
CMBX
North
America
Index
Selected
Portfolio
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
.................
2.30%
1-day
SARON
.......................
(0.05)%
1-day
SOFR
........................
3.66%
1-day
SONIA
........................
3.73%
3-month
AUD
BBR
...................
4.37%
3-month
EURIBOR
...................
2.20%
3-month
STIBOR
....................
2.09%
6-month
AUD
BBR
...................
4.77%
6-month
EURIBOR
...................
2.52%
6-month
NIBOR
.....................
4.77%
For
additional
information
on
the
Fund's
significant
accounting
policies,
please
refer
to
the Fund's
most
recent
semiannual
or
annual
shareholder
report.