Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38924-Q3PH

See

Notes

to

Schedule

of

Investments

1

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

2

Notes

to

Schedule

of

Investments

32

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited),

April

30,

2025

Putnam

Premier

Income

Trust

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

1.6%

Capital

Markets

1.6%

a

Franklin

Ultra

Short

Bond

ETF

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

United

States

231,380

$

5,781,029

Total

Management

Investment

Companies

(Cost

$5,751,839)

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

5,781,029

Principal

Amount

*

Convertible

Bonds

2.9%

Aerospace

&

Defense

0.0%

†

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

48,000

130,270

Automobile

Components

0.0%

†

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

83,000

109,724

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

122,000

124,898

Biotechnology

0.3%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

1

%

,

9/15/27

.....

United

States

139,000

159,706

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25

%

,

5/15/27

United

States

109,000

101,670

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75

%

,

4/15/31

.....

United

States

226,000

197,614

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

143,000

179,003

Sarepta

Therapeutics,

Inc.

,

Senior

Note

,

1.25

%

,

9/15/27

......

United

States

45,000

42,770

680,763

Broadline

Retail

0.1%

Etsy,

Inc.

,

Senior

Note

,

0.25

%

,

6/15/28

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

United

States

243,000

207,583

Capital

Markets

0.0%

†

Coinbase

Global,

Inc.

,

Senior

Note

,

0.25

%

,

4/01/30

..........

United

States

89,000

88,867

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

72,000

69,156

158,023

Communications

Equipment

0.1%

Lumentum

Holdings,

Inc.

,

Senior

Note

,

0.5

%

,

6/15/28

........

United

States

245,000

226,918

Construction

&

Engineering

0.0%

†

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

141,000

148,508

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

88,000

126,755

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

258,000

268,733

Electric

Utilities

0.3%

NRG

Energy,

Inc.

,

Senior

Bond

,

2.75

%

,

6/01/48

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

United

States

54,000

144,045

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

202,000

210,363

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

201,000

229,441

Southern

Co.

(The)

,

Senior

Note

,

3.875

%

,

12/15/25

.........

United

States

206,000

231,390

815,239

Electronic

Equipment,

Instruments

&

Components

0.1%

b

Itron,

Inc.

,

Senior

Note

,

144A,

1.375

%

,

7/15/30

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

United

States

203,000

222,049

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

2.25

%

,

8/01/29

.......

United

States

109,000

138,703

360,752

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Energy

Equipment

&

Services

0.0%

†

Nabors

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

6/15/29

.........

United

States

138,000

$

77,763

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

199,000

242,165

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

155,000

218,395

b

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

164,000

169,986

630,546

Financial

Services

0.2%

Block,

Inc.

,

Senior

Note

,

0.25

%

,

11/01/27

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

United

States

100,000

88,975

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

177,000

157,707

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

158,000

160,686

407,368

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

158,000

186,451

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

198,000

260,469

Health

Care

Equipment

&

Supplies

0.2%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

248,000

225,302

b

Haemonetics

Corp.

,

Senior

Note

,

144A,

2.5

%

,

6/01/29

.......

United

States

107,000

102,239

Insulet

Corp.

,

Senior

Note

,

0.375

%

,

9/01/26

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

United

States

130,000

161,278

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875

%

,

3/15/30

...

United

States

144,000

152,784

Lantheus

Holdings,

Inc.

,

Senior

Note

,

2.625

%

,

12/15/27

......

United

States

100,000

148,657

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

82,000

104,591

894,851

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

111,000

181,041

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

109,000

145,460

326,501

Hotels,

Restaurants

&

Leisure

0.0%

†

Carnival

Corp.

,

Senior

Note

,

5.75

%

,

12/01/27

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

United

States

91,000

145,736

c

Shake

Shack,

Inc.

,

Senior

Note

,

2.74%

,

3/01/28

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

United

States

137,000

126,896

272,632

Household

Durables

0.0%

†

b

Meritage

Homes

Corp.

,

Senior

Note

,

144A,

1.75

%

,

5/15/28

....

United

States

144,000

140,184

Household

Products

0.0%

†

b

Spectrum

Brands,

Inc.

,

Senior

Note

,

144A,

3.375

%

,

6/01/29

...

United

States

72,000

66,926

IT

Services

0.2%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

183,000

181,124

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

10/01/27

......

United

States

220,000

270,270

451,394

Life

Sciences

Tools

&

Services

0.0%

†

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

109,000

111,819

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Multi-Utilities

0.0%

†

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

112,000

$

124,040

Oil,

Gas

&

Consumable

Fuels

0.0%

†

Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625

%

,

4/15/29

.......

United

States

133,000

127,899

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

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

United

States

89,000

94,251

Semiconductors

&

Semiconductor

Equipment

0.1%

Impinj,

Inc.

,

Senior

Note

,

1.125

%

,

5/15/27

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

United

States

53,000

61,254

b

Microchip

Technology,

Inc.

,

Senior

Note

,

144A,

0.75

%

,

6/01/30

.

United

States

105,000

98,940

b

MKS

Instruments,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

6/01/30

....

United

States

144,000

124,190

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

194,000

168,149

Wolfspeed,

Inc.

,

Senior

Note

,

1.875

%

,

12/01/29

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

United

States

182,000

52,871

505,404

Software

0.5%

Bentley

Systems,

Inc.

,

Senior

Note

,

0.375

%

,

7/01/27

.........

United

States

161,000

147,379

b

Box,

Inc.

,

Senior

Note

,

144A,

1.5

%

,

9/15/29

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

United

States

136,000

133,620

b,c

Datadog,

Inc.

,

Senior

Note

,

144A,

2.23%

,

12/01/29

..........

United

States

181,000

163,621

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

216,000

238,032

b,c

MicroStrategy,

Inc.

,

Senior

Note

,

144A,

0.385%

,

3/01/30

......

United

States

231,000

259,598

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

145,000

156,870

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

124,000

141,246

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

199,000

235,119

b

Vertex,

Inc.

,

Senior

Note

,

144A,

0.75

%

,

5/01/29

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

United

States

112,000

146,373

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

85,000

80,261

1,702,119

Specialty

Retail

0.1%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

76,000

97,736

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

176,000

164,032

261,768

Technology

Hardware,

Storage

&

Peripherals

0.1%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

223,000

282,513

Total

Convertible

Bonds

(Cost

$10,139,285)

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

10,283,064

Corporate

Bonds

27.6%

Aerospace

&

Defense

0.7%

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

31,000

28,466

Senior

Note,

2.7%,

2/01/27

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

United

States

303,000

292,860

Senior

Note,

6.298%,

5/01/29

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

United

States

89,000

93,646

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

1,020,000

1,033,241

b

Spirit

AeroSystems,

Inc.

,

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

275,000

304,743

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

206,000

219,479

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

420,000

433,080

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

145,000

148,713

2,554,228

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Automobile

Components

0.0%

†

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.

United

States

80,000

$

75,872

Automobiles

0.2%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55

%

,

9/26/29

..

United

States

470,000

460,560

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

510,000

470,423

930,983

Banks

1.5%

b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

435,000

460,148

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

955,000

994,264

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

470,000

467,622

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

445,000

463,044

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

1,810,000

1,855,882

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

325,000

329,848

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

895,000

921,016

5,491,824

Building

Products

0.8%

b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.375

%

,

6/15/32

.

United

States

530,000

533,554

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

455,000

455,612

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

360,000

361,662

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

165,000

166,069

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

965,000

990,955

b

Standard

Building

Solutions,

Inc.

,

Senior

Note

,

144A,

6.5

%

,

8/15/32

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

United

States

290,000

293,870

2,801,722

Capital

Markets

1.3%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

905,000

930,360

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

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

United

States

200,000

218,162

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

945,000

950,160

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

1,350,000

1,371,637

UBS

AG

,

Senior

Note

,

7.5

%

,

2/15/28

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

Switzerland

265,000

286,852

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

375,000

384,158

4,141,329

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Chemicals

0.3%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

100,000

$

99,014

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

500,000

386,650

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.629

%

,

7/15/32

....

United

States

213,000

209,551

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

480,000

452,686

1,147,901

Commercial

Services

&

Supplies

1.3%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

450,000

460,078

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

400,000

391,260

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

459,000

452,108

b

GFL

Environmental,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

6/15/29

...

United

States

466,000

452,611

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25

%

,

1/15/28

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

United

States

455,000

455,119

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

630,000

600,558

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

1,310,000

EUR

1,494,840

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

95,000

99,351

b

VM

Consolidated,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

4/15/29

.....

United

States

560,000

540,644

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

105,000

107,392

5,053,961

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

455,000

462,541

Construction

&

Engineering

0.0%

†

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

115,000

117,293

Consumer

Finance

0.7%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

670,000

665,210

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

555,000

586,546

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

814,000

833,838

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

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

United

States

200,000

198,927

Senior

Note,

4.125%,

8/17/27

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

United

States

290,000

278,181

2,562,702

Containers

&

Packaging

0.2%

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

435,000

445,143

b

Intelligent

Packaging

Ltd.

Finco,

Inc.

/

Intelligent

Packaging

Ltd.

Co-Issuer

LLC

,

Senior

Secured

Note

,

144A,

6

%

,

9/15/28

....

Canada

460,000

457,279

902,422

Distributors

0.2%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

607,000

637,188

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

935,000

929,098

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

910,000

$

906,954

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

941,000

852,410

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

11/29/31

.......

Nigeria

400,000

386,180

b

Level

3

Financing,

Inc.

,

Senior

Secured

Note

,

144A,

10.75

%

,

12/15/30

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

United

States

350,000

389,236

2,534,780

Electric

Utilities

2.0%

b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875

%

,

2/15/39

Mexico

530,000

537,664

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

435,000

458,829

b

Energo-Pro

A/S

,

Senior

Note

,

144A,

11

%

,

11/02/28

..........

Czech

Republic

700,000

734,208

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

450,000

461,170

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25

%

,

11/01/34

.......

United

States

875,000

874,325

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

440,000

454,952

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

1,045,000

1,007,664

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

570,000

591,797

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

1,000,000

944,103

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

590,000

568,064

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

465,000

482,016

7,114,792

Energy

Equipment

&

Services

0.3%

b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25

%

,

4/01/30

..

United

States

460,000

456,905

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875

%

,

2/01/27

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

United

States

236,250

234,726

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

194,524

192,878

884,509

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

795,000

815,566

Financial

Services

1.2%

b

Benteler

International

AG

,

Senior

Secured

Note

,

144A,

10.5

%

,

5/15/28

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

Austria

750,000

766,511

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

780,000

858,918

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

995,000

1,043,941

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75

%

,

11/15/31

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

United

States

1,100,000

1,105,253

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

840,000

852,707

4,627,330

Food

Products

0.3%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

425,000

445,675

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note,

3%,

2/02/29

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

United

States

244,000

229,543

Senior

Note,

5.5%,

1/15/30

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

United

States

460,000

467,387

1,142,605

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Ground

Transportation

0.3%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

475,000

$

465,161

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

650,000

655,751

1,120,912

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

460,000

463,468

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

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

United

States

395,000

400,549

b

DaVita,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

9/01/32

...........

United

States

390,000

394,056

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,120,000

1,074,505

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75

%

,

5/15/31

..

United

States

1,005,000

1,030,943

2,900,053

Health

Care

REITs

0.2%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

535,000

543,990

Hotel

&

Resort

REITs

0.1%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note

,

144A,

6.5

%

,

4/01/32

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

United

States

455,000

453,934

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

80,000

78,902

532,836

Hotels,

Restaurants

&

Leisure

1.3%

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

490,000

457,312

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

509,000

521,353

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75

%

,

3/15/30

..........

United

States

155,000

154,019

b

Light

&

Wonder

International,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

11/15/29

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

United

States

995,000

1,015,404

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

175,000

173,784

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

267,000

271,229

Senior

Note,

144A,

6%,

2/01/33

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

United

States

548,000

549,887

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25

%

,

5/15/31

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

United

States

610,000

618,868

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

625,000

565,473

b

Viking

Cruises

Ltd.

,

Senior

Note

,

144A,

9.125

%

,

7/15/31

......

United

States

400,000

428,014

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

155,000

160,054

4,915,397

Household

Durables

0.5%

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

1,056,000

1,024,134

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

485,000

464,891

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

450,000

421,325

1,910,350

Independent

Power

and

Renewable

Electricity

Producers

0.3%

b

AES

Andes

SA

,

Senior

Note

,

144A,

6.25

%

,

3/14/32

..........

Chile

550,000

550,581

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

445,000

459,872

1,010,453

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Insurance

0.8%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

435,000

$

443,507

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

450,000

460,685

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

440,000

459,811

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

500,000

497,729

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

420,000

443,419

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

455,000

465,178

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

585,000

607,067

3,377,396

Interactive

Media

&

Services

0.2%

b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/33

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

United

States

736,000

735,691

IT

Services

0.3%

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

990,000

929,544

Leisure

Products

0.2%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

585,000

551,617

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

258,000

258,120

Machinery

0.1%

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

475,000

455,109

Media

1.0%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

625,000

625,908

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

260,000

254,966

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

339,000

346,741

b

News

Corp.

,

Senior

Note

,

144A,

3.875

%

,

5/15/29

...........

United

States

590,000

555,827

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note,

144A,

5%,

8/15/27

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

United

States

565,000

554,136

Senior

Secured

Note,

144A,

7.375%,

2/15/31

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

United

States

168,000

176,065

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

550,000

544,805

3,058,448

Metals

&

Mining

1.2%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

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

Luxembourg

515,000

560,955

ATI,

Inc.

,

Senior

Note

,

4.875

%

,

10/01/29

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

United

States

1,080,000

1,032,902

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

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

United

States

220,000

206,962

Senior

Note,

144A,

7.375%,

5/01/33

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

United

States

225,000

211,677

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

595,000

541,332

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

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

United

States

650,000

EUR

696,497

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

385,000

379,295

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

429,000

435,638

4,065,258

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

325,000

329,874

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Oil,

Gas

&

Consumable

Fuels

3.0%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

450,000

$

459,145

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

555,000

537,610

b

Chord

Energy

Corp.

,

Senior

Note

,

144A,

6.75

%

,

3/15/33

......

United

States

315,000

306,949

b

Civitas

Resources,

Inc.

,

Senior

Note

,

144A,

8.75

%

,

7/01/31

....

United

States

370,000

352,158

b

Encino

Acquisition

Partners

Holdings

LLC

,

Senior

Note

,

144A,

8.5

%

,

5/01/28

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

United

States

405,000

405,651

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

905,000

916,826

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

140,000

140,411

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

590,000

554,438

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

184,000

179,873

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375

%

,

4/24/30

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

Kazakhstan

1,000,000

978,861

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

555,000

560,862

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

1,005,000

982,965

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

731,000

727,627

Petrobras

Global

Finance

BV

,

Senior

Bond

,

6.5

%

,

7/03/33

.....

Brazil

683,000

690,786

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026

%

,

10/01/29

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

Canada

460,000

456,441

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

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

United

States

403,000

402,792

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

440,000

458,916

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

476,000

437,900

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

985,000

950,807

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

70,000

71,940

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

70,000

71,871

10,644,829

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

295,000

257,438

Passenger

Airlines

0.4%

b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

500,000

EUR

637,088

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

446,000

450,894

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

311,000

292,515

1,380,497

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

485,000

466,741

Pharmaceuticals

0.6%

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

955,000

1,028,092

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

989,000

1,090,111

2,118,203

Semiconductors

&

Semiconductor

Equipment

0.1%

Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875

%

,

1/15/27

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

United

States

455,000

451,930

Specialized

REITs

0.2%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

910,000

884,266

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

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)

Specialty

Retail

0.6%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

985,000

$

986,938

b,d

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

9

%

,

12/01/28

..

United

States

440,000

452,912

b

Dufry

One

BV

,

Senior

Note

,

Reg

S,

3.375

%

,

4/15/28

.........

Switzerland

560,000

EUR

631,533

2,071,383

Technology

Hardware,

Storage

&

Peripherals

0.1%

Seagate

HDD

Cayman

,

Senior

Bond

,

9.625

%

,

12/01/32

......

United

States

339,000

382,935

Textiles,

Apparel

&

Luxury

Goods

0.4%

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

640,000

560,254

Levi

Strauss

&

Co.

,

Senior

Note

,

3.375

%

,

3/15/27

...........

United

States

668,000

EUR

753,170

1,313,424

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

900,000

923,624

Trading

Companies

&

Distributors

0.9%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

1,000,000

1,030,600

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25

%

,

8/11/25

...........

United

States

455,000

454,319

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

455,000

459,568

b

Beacon

Roofing

Supply,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

525,000

527,670

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

475,000

449,049

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

9

%

,

5/15/28

..

United

States

435,000

443,288

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

140,000

138,469

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

196,000

182,798

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

100,000

101,256

3,787,017

Wireless

Telecommunication

Services

0.9%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

500,000

470,273

Senior

Note,

3.375%,

4/15/29

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

United

States

1,820,000

1,735,074

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

610,000

EUR

643,507

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

435,000

463,856

3,312,710

Total

Corporate

Bonds

(Cost

$98,530,969)

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

100,082,159

Senior

Floating

Rate

Interests

6.6%

Aerospace

&

Defense

0.1%

e

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.799%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

265,325

263,015

Automobile

Components

0.0%

†

e

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

7.072%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

131,578

129,221

e

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.799%,

(3-month

SOFR

+

2.5%),

8/04/31

..

United

States

428,810

424,434

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Building

Products

(continued)

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.572%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

454,241

$

447,973

872,407

a

a

a

a

a

a

Chemicals

0.1%

e

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.736%,

(3-month

EURIBOR

+

3.5%),

4/03/28

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

Netherlands

440,000

EUR

495,545

e

Commercial

Services

&

Supplies

0.3%

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

CME

Term

Loan,

6.072%,

(1-month

SOFR

+

1.75%),

1/03/29

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

United

States

191,140

191,094

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.762%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

440,436

437,051

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

7.299%,

(3-month

SOFR

+

3%),

3/26/31

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

Luxembourg

199,001

198,703

826,848

a

a

a

a

a

a

Communications

Equipment

0.1%

e

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.572%,

(1-month

SOFR

+

5.25%),

12/18/29

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

United

States

405,000

398,544

Distributors

0.0%

†

e

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.299%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

72,829

72,357

Electrical

Equipment

0.1%

e

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.574%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

441,663

438,213

Entertainment

0.0%

†

e

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

7.069%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

174,984

174,255

Food

Products

0.1%

e,f

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.822%,

(1-month

SOFR

+

2.5%),

10/25/27

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

United

States

505,000

505,525

Ground

Transportation

0.1%

e

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.049%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

298,500

295,115

e

Health

Care

Equipment

&

Supplies

0.4%

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

CME

Term

Loan,

7.67%,

(1-month

SOFR

+

3.25%),

5/10/27

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

United

States

736,965

729,551

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

8.322%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

273,529

271,934

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

CME

Term

Loan,

6.572%,

(1-month

SOFR

+

2.25%),

10/23/28

........

United

States

400,278

398,046

1,399,531

a

a

a

a

a

a

e

Health

Care

Providers

&

Services

0.6%

DaVita,

Inc.,

First

Lien,

Extended

CME

Term

Loan,

B1,

6.322%,

(1-month

SOFR

+

2%),

4/25/31

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

United

States

258,700

257,634

Pacific

Dental

Services,

Inc.,

First

Lien,

CME

Term

Loan,

7.07%,

(1-month

SOFR

+

2.75%),

3/17/31

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

United

States

391,050

388,149

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.825%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

455,412

452,975

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.822%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

538,264

535,877

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

e

Health

Care

Providers

&

Services

(continued)

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.572%,

(1-month

SOFR

+

2.25%),

10/22/29

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

United

States

205,748

$

205,234

1,839,869

a

a

a

a

a

a

e

Hotels,

Restaurants

&

Leisure

0.8%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.563%,

(3-month

SOFR

+

2.25%),

2/06/31

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

United

States

490,050

483,312

Carnival

Corp.,

First

Lien,

2025

Repricing

Advance

CME

Term

Loan,

6.329%,

(1-month

SOFR

+

2%),

10/18/28

...........

United

States

802,768

802,017

f

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.822%,

(1-month

SOFR

+

3.5%),

1/29/29

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

United

States

468,869

457,881

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.049%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

237,000

233,964

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.822%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

586,866

583,245

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.285%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

456,541

453,117

3,013,536

a

a

a

a

a

a

Household

Durables

0.1%

e

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.549%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

400,432

391,507

Insurance

0.1%

e

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.073%,

(1-month

SOFR

+

2.75%),

9/19/31

.........

United

States

435,606

433,088

e

IT

Services

0.2%

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

7.299%,

(3-month

SOFR

+

3%),

2/03/31

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

United

States

202,145

201,103

f

Fortress

Intermediate

3,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.072%,

(1-month

SOFR

+

3.75%),

6/27/31

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

United

States

405,000

397,406

598,509

a

a

a

a

a

a

e

Machinery

0.6%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.788%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

953,044

950,961

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.824%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

366,600

355,754

f

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.322%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

455,000

455,123

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

C,

7.737%,

(6-month

SOFR

+

3.5%),

4/30/30

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

Germany

291,598

290,815

2,052,653

a

a

a

a

a

a

e

Media

0.6%

f

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.436%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

370,000

359,918

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

9%,

(PRIME

+

1.5%),

4/15/27

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

United

States

458,945

442,853

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.791%,

(3-month

SOFR

+

5.25%),

8/02/29

.......

United

States

923,924

896,558

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D,

7.438%,

(1-month

SOFR

+

3%),

12/01/28

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

United

States

520,515

482,301

2,181,630

a

a

a

a

a

a

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Oil,

Gas

&

Consumable

Fuels

0.4%

e

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.299%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

1,521,791

$

1,516,518

Paper

&

Forest

Products

0.1%

e

Glatfelter

Corp.,

First

Lien,

CME

Term

Loan,

8.563%,

(3-month

SOFR

+

4.25%),

11/04/31

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

United

States

199,500

191,583

Passenger

Airlines

0.2%

e

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.522%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

772,778

758,114

Pharmaceuticals

0.1%

e,f

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.322%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

385,000

373,931

e

Professional

Services

0.2%

Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2,

6.57%,

(1-month

SOFR

+

2.25%),

1/18/29

.......

United

States

435,600

434,783

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.549%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

371,250

354,718

789,501

a

a

a

a

a

a

e

Software

0.6%

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan,

B,

7.799%,

(3-month

SOFR

+

3.5%),

3/30/29

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

United

States

748,899

740,983

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.319%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

482,578

454,931

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.322%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

520,705

518,200

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.32%,

(1-month

SOFR

+

3%),

2/10/31

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

United

States

456,550

455,514

2,169,628

a

a

a

a

a

a

e

Specialty

Retail

0.4%

PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.172%,

(1-month

SOFR

+

3.75%),

2/11/28

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

United

States

448,298

443,161

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.575%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

1,034,754

1,011,198

1,454,359

a

a

a

a

a

a

Textiles,

Apparel

&

Luxury

Goods

0.1%

e

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.791%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

436,700

398,626

Total

Senior

Floating

Rate

Interests

(Cost

$24,313,112)

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

24,033,628

Foreign

Government

and

Agency

Securities

8.6%

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

500,000

423,847

b

Benin

Government

Bond

,

Senior

Bond,

144A,

7.96%,

2/13/38

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

Benin

850,000

766,109

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

258,000

EUR

256,453

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

600,000

EUR

549,754

Brazil

Government

Bond

,

Senior

Bond,

6%,

10/20/33

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

Brazil

430,000

424,386

Senior

Bond,

6.125%,

3/15/34

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

Brazil

1,600,000

1,571,687

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

260,000

251,944

Senior

Bond,

Reg

S,

1.375%,

9/23/50

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

Bulgaria

632,000

EUR

423,706

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

700,000

EUR

$

581,202

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

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

Chile

300,000

307,473

Senior

Note,

4.85%,

1/22/29

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

Chile

520,000

527,384

Colombia

Government

Bond

,

Senior

Bond

,

8

%

,

11/14/35

......

Colombia

1,240,000

1,218,995

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

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

Costa

Rica

710,000

728,157

b

Dominican

Republic

Government

Bond

,

Senior

Bond,

144A,

6.95%,

3/15/37

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

Dominican

Republic

310,000

308,233

Senior

Bond,

Reg

S,

6%,

7/19/28

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

Dominican

Republic

1,350,000

1,361,070

Ecopetrol

SA

,

Senior

Bond

,

8.875

%

,

1/13/33

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

Colombia

500,000

500,819

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

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

Egypt

930,000

875,084

Senior

Note,

144A,

8.625%,

2/04/30

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

Egypt

700,000

668,804

b,g

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

535,000

599,722

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

....

Gabon

810,000

577,579

b

Guatemala

Government

Bond

,

Senior

Bond

,

Reg

S,

6.6

%

,

6/13/36

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

Guatemala

1,480,000

1,482,613

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

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

Jordan

450,000

449,508

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

420,000

420,005

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

900,000

899,387

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

847,500

822,869

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875

%

,

1/30/32

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

Ivory

Coast

1,660,000

EUR

1,628,606

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

750,000

638,931

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

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

Montenegro

490,000

EUR

539,507

Panama

Government

Bond

,

Senior

Bond,

8%,

3/01/38

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

Panama

200,000

207,515

Senior

Note,

7.5%,

3/01/31

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

Panama

780,000

811,262

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

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

Paraguay

970,000

873,727

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

950,000

843,198

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

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

Indonesia

400,000

407,197

Petroleos

Mexicanos

,

Senior

Note,

6.49%,

1/23/27

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

Mexico

410,000

400,870

Senior

Note,

6.7%,

2/16/32

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

Mexico

460,000

394,581

Philippine

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

.....

Philippines

790,000

815,187

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

890,000

845,125

b

Romania

Government

Bond

,

Senior

Bond

,

Reg

S,

5.625

%

,

2/22/36

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

Romania

800,000

EUR

832,212

b

Serbia

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

9/26/33

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

Serbia

830,000

858,125

Senior

Note,

Reg

S,

6.25%,

5/26/28

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

Serbia

950,000

975,303

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

6/22/30

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

South

Africa

450,000

437,091

Senior

Bond,

5%,

10/12/46

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

South

Africa

600,000

400,427

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

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

Azerbaijan

800,000

$

808,620

Turkiye

Government

Bond

,

Senior

Note

,

9.125

%

,

7/13/30

.....

Turkiye

660,000

716,398

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

720,000

721,152

Total

Foreign

Government

and

Agency

Securities

(Cost

$30,991,930)

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

31,151,824

U.S.

Government

and

Agency

Securities

0.1%

h

U.S.

Treasury

Bonds

,

1.625

%,

11/15/50

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

United

States

242,000

129,198

h

U.S.

Treasury

Notes

,

2.25%,

11/15/25

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

United

States

113,000

111,860

0.75%,

1/31/28

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

United

States

165,000

152,848

Total

U.S.

Government

and

Agency

Securities

(Cost

$393,906)

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

393,906

Asset-Backed

Securities

0.5%

Financial

Services

0.5%

b,e

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.504

%

,

(

1-month

SOFR

+

1.184

%

),

11/16/38

.

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

United

States

258,346

256,783

e

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2D

,

FRN

,

4.791

%

,

(

1-month

SOFR

+

0.464

%

),

3/25/37

.

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

United

States

1,426,192

1,205,522

b,e

Ready

Capital

Mortgage

Financing

LLC

,

2022-FL9

,

A

,

144A,

FRN

,

6.794

%

,

(

1-month

SOFR

+

2.467

%

),

6/25/37

.

........

United

States

216,928

217,385

1,679,690

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$1,677,591)

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

1,679,690

Commercial

Mortgage-Backed

Securities

11.0%

Financial

Services

11.0%

i,j

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.352

%

,

10/15/57

........

United

States

9,721,444

823,421

i,j

BANK5

,

2024-5YR10,

XA,

IO,

FRN,

1.403%,

10/15/57

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

United

States

14,869,061

688,621

2024-5YR12,

XA,

IO,

FRN,

0.696%,

12/15/57

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

United

States

11,031,977

234,784

2024-5YR7,

XA,

IO,

FRN,

1.57%,

6/15/57

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

United

States

10,894,922

529,115

i,j

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.815%,

2/15/55

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

United

States

10,460,803

365,803

2024-5C29,

XA,

IO,

FRN,

1.822%,

9/15/57

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

United

States

16,435,642

1,000,801

2024-5C31,

XA,

IO,

FRN,

1.281%,

12/15/57

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

United

States

4,847,652

210,293

2024-C26,

XA,

IO,

FRN,

1.242%,

5/15/57

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

United

States

5,709,245

427,612

i,j

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.522%,

9/15/57

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

United

States

14,079,486

708,325

2024-V11,

XA,

IO,

FRN,

0.773%,

11/15/57

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

United

States

20,387,000

482,721

i,j

BMO

Mortgage

Trust

,

2024-5C6,

XA,

IO,

FRN,

1.575%,

9/15/57

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

United

States

12,365,271

620,657

2024-5C8,

XA,

IO,

FRN,

1.24%,

12/15/57

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

United

States

5,935,421

247,157

j

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

1,008,000

948,501

CFCRE

Commercial

Mortgage

Trust

,

b,j

2011-C2,

E,

144A,

FRN,

5.08%,

12/15/47

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

United

States

424,000

393,940

2016-C7,

A3,

3.839%,

12/10/54

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

United

States

908,000

894,248

b,j

Citigroup

Commercial

Mortgage

Trust

,

2015-GC27

,

D

,

144A,

FRN

,

4.541

%

,

2/10/48

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

United

States

1,147,707

1,106,612

COMM

Mortgage

Trust

,

b,j,k

2012-CR3,

F,

144A,

FRN,

4.75%,

10/15/45

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

United

States

395,189

24,150

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

380,828

359,725

b,j

2013-CR13,

D,

144A,

FRN,

5.109%,

11/10/46

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

United

States

1,233,000

704,536

j

2014-CR16,

C,

FRN,

4.937%,

4/10/47

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

United

States

912,000

861,462

b,j

2014-CR17,

D,

144A,

FRN,

5.004%,

5/10/47

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

United

States

725,000

592,967

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

b,j

2014-CR19,

D,

144A,

FRN,

4.661%,

8/10/47

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

United

States

1,053,035

$

1,013,469

j

2014-CR20,

C,

FRN,

4.826%,

11/10/47

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

United

States

845,489

818,420

2014-UBS3,

AM,

4.012%,

6/10/47

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

United

States

597,858

573,880

j

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

497,099

491,798

j

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

370,000

360,441

2015-DC1,

AM,

3.724%,

2/10/48

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

United

States

304,870

302,362

j

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

906,000

878,319

j

2015-LC19,

B,

FRN,

3.829%,

2/10/48

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

United

States

621,000

613,109

CSAIL

Commercial

Mortgage

Trust

,

j

2015-C1,

AS,

FRN,

3.791%,

4/15/50

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

United

States

509,778

506,828

j

2015-C2,

AS,

FRN,

3.849%,

6/15/57

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

United

States

617,000

613,612

j

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

471,000

459,137

2016-C5,

A5,

3.757%,

11/15/48

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

United

States

468,000

464,026

b,j

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.531

%

,

8/10/44

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

United

States

442,984

427,851

j

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

4.009%,

7/10/46

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

United

States

648,762

639,314

2014-GC24,

B,

FRN,

4.521%,

9/10/47

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

United

States

1,080,000

1,014,622

b

2014-GC24,

D,

144A,

FRN,

4.542%,

9/10/47

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

United

States

485,000

266,288

i

2019-GC42,

XA,

IO,

FRN,

0.93%,

9/10/52

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

United

States

13,755,386

390,002

j

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

8.046%,

2/12/51

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

United

States

20,896

26,585

b

2012-C6,

E,

144A,

FRN,

5.129%,

5/15/45

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

United

States

432,000

418,970

2013-LC11,

D,

FRN,

4.296%,

4/15/46

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

United

States

574,000

141,213

b,k

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

1,390,000

60,569

JPMBB

Commercial

Mortgage

Securities

Trust

,

j

2013-C12,

D,

FRN,

4.071%,

7/15/45

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

United

States

521,000

481,004

b,j

2013-C14,

D,

144A,

FRN,

4.173%,

8/15/46

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

United

States

500,000

387,235

b,j

2014-C18,

D,

144A,

FRN,

4.652%,

2/15/47

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

United

States

513,000

451,350

j

2014-C23,

B,

FRN,

4.7%,

9/15/47

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

United

States

364,000

352,021

j

2014-C23,

C,

FRN,

4.7%,

9/15/47

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

United

States

436,000

411,007

b,j

2014-C23,

D,

144A,

FRN,

4.2%,

9/15/47

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

United

States

287,000

247,096

2015-C31,

A3,

3.801%,

8/15/48

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

United

States

318,322

316,109

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

275,000

271,749

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

B,

4.522%,

6/15/51

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

United

States

504,000

469,091

j

2018-C8,

C,

FRN,

4.915%,

6/15/51

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

United

States

402,000

359,471

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

1,149,000

1,117,196

j

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

b

2013-C10,

F,

144A,

FRN,

4.112%,

7/15/46

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

United

States

1,988,000

159,680

b

2013-C12,

D,

144A,

FRN,

4.862%,

10/15/46

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

United

States

416,000

379,725

2015-C22,

C,

FRN,

4.245%,

4/15/48

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

United

States

1,263,000

1,138,976

j

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

663,000

638,156

2018-H3,

C,

FRN,

5.013%,

7/15/51

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

United

States

404,000

377,885

b,e

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.718%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

1,102,149

1,104,614

2020-01,

M10,

144A,

FRN,

8.218%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

1,450,320

1,475,640

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

1,034,000

$

1,009,203

b,k

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

1,081,996

88

j

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.504

%

,

8/15/50

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

United

States

498,000

467,326

Wells

Fargo

Commercial

Mortgage

Trust

,

b,j

2013-LC12,

D,

144A,

FRN,

3.958%,

7/15/46

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

United

States

356,000

203,098

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

638,456

77,295

b,j

2015-C30,

D,

144A,

FRN,

4.629%,

9/15/58

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

United

States

265,000

260,881

2015-C31,

A4,

3.695%,

11/15/48

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

United

States

891,000

885,404

j

2015-LC22,

AS,

FRN,

4.207%,

9/15/58

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

United

States

360,000

357,706

2015-NXS3,

A4,

3.617%,

9/15/57

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

United

States

866,000

860,413

2015-NXS4,

A4,

3.718%,

12/15/48

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

United

States

383,000

380,026

j

2015-SG1,

B,

FRN,

4.595%,

9/15/48

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

United

States

559,000

539,423

i,j

2019-C52,

XA,

IO,

FRN,

1.704%,

8/15/52

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

United

States

6,819,683

352,760

i,j

2024-5C1,

XA,

IO,

FRN,

1.258%,

7/15/57

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

United

States

12,853,051

491,395

j

WFRBS

Commercial

Mortgage

Trust

,

b

2012-C9,

E,

144A,

FRN,

4.876%,

11/15/45

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

United

States

371,627

369,657

b

2013-C15,

D,

144A,

FRN,

4.286%,

8/15/46

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

United

States

515,444

274,165

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

365,000

349,044

2014-C23,

B,

FRN,

4.425%,

10/15/57

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

United

States

275,000

257,911

39,980,066

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$42,529,731)

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

39,980,066

Mortgage-Backed

Securities

19.0%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

10.6%

FNMA,

30

Year,

5%,

1/01/49

-

8/01/49

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

United

States

106,853

106,359

l

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

5/25/55

.....

United

States

3,000,000

2,494,450

l

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

5/25/55

......

United

States

2,000,000

1,736,029

l

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

5/25/55

......

United

States

4,000,000

3,916,202

l

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

5/25/55

.....

United

States

21,000,000

20,957,947

l

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

5/25/55

......

United

States

9,000,000

9,131,107

38,342,094

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

8.4%

l

GNMA

II,

Single-family,

30

Year,

2.5%,

5/15/55

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

United

States

3,000,000

2,557,262

GNMA

II,

Single-family,

30

Year,

3.5%,

8/20/49

-

3/20/50

......

United

States

317,691

286,241

GNMA

II,

Single-family,

30

Year,

4.5%,

10/20/49

-

1/20/50

.....

United

States

102,956

98,863

l

GNMA

II,

Single-family,

30

Year,

4.5%,

5/15/55

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

United

States

9,000,000

8,616,787

GNMA

II,

Single-family,

30

Year,

5%,

5/20/49

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

United

States

110,270

109,247

l

GNMA

II,

Single-family,

30

Year,

5%,

5/15/55

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

United

States

8,000,000

7,849,286

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/49

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

United

States

37,689

38,335

l

GNMA

II,

Single-family,

30

Year,

5.5%,

5/15/55

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

United

States

11,000,000

10,997,550

30,553,571

Total

Mortgage-Backed

Securities

(Cost

$68,624,163)

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

68,895,665

Residential

Mortgage-Backed

Securities

11.3%

Financial

Services

11.3%

b

A&D

Mortgage

Trust

,

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

.

United

States

1,374,172

1,384,711

Alternative

Loan

Trust

,

e

2005-38,

A3,

FRN,

5.141%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

347,727

307,819

e

2005-59,

1A1,

FRN,

5.093%,

(1-month

SOFR

+

0.774%),

11/20/35

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

United

States

903,942

865,252

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Alternative

Loan

Trust,

(continued)

e

2006-OA10,

1A1,

FRN,

5.535%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

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

United

States

183,129

$

161,242

e

2006-OA10,

3A1,

FRN,

4.821%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

414,372

363,865

e

2006-OA10,

4A1,

FRN,

4.821%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

2,367,672

1,966,132

j

2006-OA7,

1A1,

FRN,

3.261%,

6/25/46

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

United

States

773,007

718,962

e

2006-OA7,

1A2,

FRN,

5.515%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

266,211

256,976

e

2007-OH1,

A1D,

FRN,

4.651%,

(1-month

SOFR

+

0.324%),

4/25/47

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

United

States

312,778

266,062

e

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.631

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

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

United

States

587,967

337,497

e

Bear

Stearns

ALT-A

Trust

,

2005-10

,

11A1

,

FRN

,

4.941

%

,

(

1-month

SOFR

+

0.614

%

),

1/25/36

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

United

States

89,951

84,421

b,e

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.621

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

430,252

370,611

b,e

Connecticut

Avenue

Securities

Trust

,

2019-R03,

1B1,

144A,

FRN,

8.568%,

(30-day

SOFR

Average

+

4.214%),

9/25/31

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

United

States

442,685

461,880

2020-R01,

1B1,

144A,

FRN,

7.718%,

(30-day

SOFR

Average

+

3.364%),

1/25/40

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

United

States

459,000

468,086

2022-R02,

2B1,

144A,

FRN,

8.854%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

402,000

418,075

2022-R02,

2M2,

144A,

FRN,

7.354%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

1,640,000

1,674,169

b,j

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

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

United

States

830,928

813,677

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

685,000

660,383

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

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

United

States

346,000

321,984

e

FHLMC

STACR

Debt

Notes

,

2015-DNA3,

B,

FRN,

13.818%,

(30-day

SOFR

Average

+

9.464%),

4/25/28

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

United

States

1,279,248

1,318,020

2015-HQA2,

B,

FRN,

14.968%,

(30-day

SOFR

Average

+

10.614%),

5/25/28

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

United

States

825,628

858,712

2016-DNA1,

B,

FRN,

14.468%,

(30-day

SOFR

Average

+

10.114%),

7/25/28

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

United

States

2,786,908

2,949,994

b,e

FHLMC

STACR

REMIC

Trust

,

2020-DNA4,

B2,

144A,

FRN,

14.468%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

966,000

1,265,299

2020-DNA5,

B2,

144A,

FRN,

15.854%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

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

United

States

491,000

663,023

2020-HQA2,

B2,

144A,

FRN,

12.068%,

(30-day

SOFR

Average

+

7.714%),

3/25/50

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

United

States

625,000

738,903

2020-HQA3,

B2,

144A,

FRN,

14.468%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

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

United

States

1,027,000

1,341,573

2021-DNA3,

B2,

144A,

FRN,

10.604%,

(30-day

SOFR

Average

+

6.25%),

10/25/33

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

United

States

299,000

358,540

2022-DNA2,

M2,

144A,

FRN,

8.104%,

(30-day

SOFR

Average

+

3.75%),

2/25/42

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

United

States

450,000

467,164

2023-HQA2,

M1B,

144A,

FRN,

7.704%,

(30-day

SOFR

Average

+

3.35%),

6/25/43

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

United

States

700,000

728,805

b,e

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

12.218%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

389,000

441,169

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,e

FHLMC

STACR

Trust,

(continued)

2018-HQA2,

B2,

144A,

FRN,

15.468%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

1,619,000

$

1,973,059

2019-DNA1,

B2,

144A,

FRN,

15.218%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

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

United

States

315,000

389,217

2019-DNA2,

B2,

144A,

FRN,

14.968%,

(30-day

SOFR

Average

+

10.614%),

3/25/49

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

United

States

252,000

296,440

2019-HQA1,

B2,

144A,

FRN,

16.718%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

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

United

States

254,000

312,893

2019-HQA2,

B2,

144A,

FRN,

15.718%,

(30-day

SOFR

Average

+

11.364%),

4/25/49

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

United

States

298,000

359,609

e

FNMA

Connecticut

Avenue

Securities

,

2016-C01,

1B,

FRN,

16.218%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

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

United

States

826,800

881,851

2016-C02,

1B,

FRN,

16.718%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

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

United

States

2,291,869

2,471,883

2016-C03,

1B,

FRN,

16.218%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

1,286,125

1,392,176

2016-C03,

2B,

FRN,

17.218%,

(30-day

SOFR

Average

+

12.864%),

10/25/28

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

United

States

237,889

261,914

2016-C04,

1B,

FRN,

14.718%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

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

United

States

265,555

284,023

2016-C05,

2B,

FRN,

15.218%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

266,936

290,331

2016-C06,

1B,

FRN,

13.718%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

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

United

States

394,106

429,634

e

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.751

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

507,256

277,484

e

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.954

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

400,686

116,545

b,e

Home

RE

Ltd.

,

2021-2

,

B1

,

144A,

FRN

,

8.504

%

,

(

30-day

SOFR

Average

+

4.15

%

),

1/25/34

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

United

States

300,000

305,461

b,e

J.P.

Morgan

Mortgage

Trust

,

2024-9,

A11,

144A,

FRN,

5.704%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

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

United

States

468,277

465,768

2025-2,

A11,

144A,

FRN,

5.604%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

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

United

States

532,731

526,843

b

LHOME

Mortgage

Trust

,

2023-RTL2

,

A1

,

144A,

8

%

,

6/25/28

...

United

States

786,000

791,102

MFA

Trust

,

2024-NPL1

,

A1

,

6.33

%

,

9/25/54

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

United

States

674,291

676,183

b,e

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.043

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

338,589

309,562

b,e

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.704

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

United

States

275,850

272,816

e

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

5.236

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

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

United

States

53,115

50,705

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4,

A1,

144A,

7.5%,

2/25/30

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

United

States

1,227,000

1,229,686

2024-RTL5,

A1,

144A,

7.762%,

4/25/30

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

United

States

1,400,000

1,406,392

e

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.801

%

,

(

1-month

SOFR

+

0.474

%

),

1/25/37

.........

United

States

470,842

405,509

b,j

Towd

Point

Mortgage

Trust

,

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

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

United

States

815,000

684,691

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

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

United

States

1,033,000

930,716

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

e

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.421

%

,

(

1-month

SOFR

+

1.094

%

),

10/25/45

..

United

States

193,564

$

187,448

41,012,947

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$39,299,573)

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

41,012,947

Agency

Commercial

Mortgage-Backed

Securities

13.7%

Financial

Services

13.7%

i

FHLMC

,

304,

C37,

IO,

3.5%,

12/15/27

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

United

States

69,016

1,466

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

279,395

38,530

4077,

IK,

IO,

5%,

7/15/42

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

United

States

796,366

171,809

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

319,914

18,332

e

4839,

WS,

IO,

FRN,

1.641%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

4,388,754

647,491

e

4945,

SL,

IO,

FRN,

1.582%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

4,284,602

543,423

4984,

IL,

IO,

4.5%,

6/25/50

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

United

States

4,328,781

913,827

e

5002,

SJ,

IO,

FRN,

1.632%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

6,542,069

857,731

e

5011,

SA,

IO,

FRN,

1.782%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

7,077,385

1,123,940

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

8,343,289

1,912,511

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

3,482,500

827,366

5134,

IC,

IO,

4%,

8/25/51

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

United

States

7,008,896

1,418,256

5349,

IB,

IO,

4%,

12/15/46

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

United

States

3,997,537

855,994

b,e

FHLMC,

Multi-family

Structured

Pass-Through

Certificates

,

2021-MN1,

M2,

144A,

FRN,

8.104%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

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

United

States

555,000

577,801

2021-MN3,

M2,

144A,

FRN,

8.354%,

(30-day

SOFR

Average

+

4%),

11/25/51

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

United

States

1,746,000

1,818,594

i

FNMA

,

e

2010-35,

SG,

IO,

FRN,

1.932%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

499,259

57,956

e

2011-101,

SA,

IO,

FRN,

1.432%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

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

United

States

1,132,162

116,710

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

255,497

53,222

2015-30,

IO,

5.5%,

5/25/45

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

United

States

2,003,727

283,666

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

1,338,641

202,475

e

2017-32,

SA,

IO,

FRN,

1.682%,

(30-day

SOFR

Average

+

6.036%),

5/25/47

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

United

States

5,601,848

665,960

e

2018-20,

SB,

IO,

FRN,

1.782%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

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

United

States

2,547,704

265,526

e

2018-38,

SA,

IO,

FRN,

1.732%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

4,659,470

595,195

e

2019-43,

JS,

IO,

FRN,

1.582%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

2,556,122

285,064

e

2019-61,

S,

IO,

FRN,

1.532%,

(30-day

SOFR

Average

+

5.886%),

11/25/49

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

United

States

5,011,144

666,663

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

6,158,467

1,406,053

2021-14,

CI,

IO,

4.5%,

11/25/49

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

United

States

8,131,932

1,928,107

374,

6,

IO,

5.5%,

8/25/36

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

United

States

64,679

10,714

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

175,584

25,015

427,

C93,

IO,

4.5%,

8/25/42

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

United

States

6,076,965

1,079,629

i

GNMA

,

2012-113,

ID,

IO,

3.5%,

9/20/42

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

United

States

718,242

111,169

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

1,670,278

259,848

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

GNMA,

(continued)

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

1,706,543

$

281,285

2012-146,

IO,

5%,

12/20/42

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

United

States

453,144

102,422

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

884,557

172,396

j

2013-H08,

CI,

IO,

FRN,

1.562%,

2/20/63

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

United

States

1,505,147

52,630

e

2014-119,

SA,

IO,

FRN,

1.167%,

(1-month

SOFR

+

5.486%),

8/20/44

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

United

States

1,336,327

125,888

e

2014-60,

SD,

IO,

FRN,

1.747%,

(1-month

SOFR

+

6.066%),

4/20/44

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

United

States

3,112,130

382,732

2014-76,

IO,

5%,

5/20/44

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

United

States

633,641

133,679

j

2014-H21,

BI,

IO,

FRN,

1.566%,

10/20/64

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

United

States

3,299,411

73,656

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

572,008

27,865

2015-53,

MI,

IO,

4%,

4/16/45

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

United

States

1,518,461

303,175

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

965,083

146,565

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

379,278

85,095

j

2015-H10,

BI,

IO,

FRN,

2.382%,

4/20/65

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

United

States

2,013,767

93,652

j

2015-H20,

AI,

IO,

FRN,

1.829%,

8/20/65

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

United

States

2,791,730

70,709

j

2015-H20,

CI,

IO,

FRN,

2.995%,

8/20/65

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

United

States

3,120,406

150,650

j

2015-H23,

BI,

IO,

FRN,

1.771%,

9/20/65

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

United

States

2,946,274

61,875

j

2015-H25,

EI,

IO,

FRN,

1.873%,

10/20/65

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

United

States

2,175,219

60,754

2016-42,

IO,

5%,

2/20/46

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

United

States

1,551,335

308,135

j

2016-H03,

AI,

IO,

FRN,

2.008%,

1/20/66

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

United

States

8,316,170

311,815

j

2016-H03,

DI,

IO,

FRN,

1.968%,

12/20/65

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

United

States

2,330,999

80,065

j

2016-H06,

DI,

IO,

FRN,

2.344%,

7/20/65

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

United

States

4,576,804

151,968

j

2016-H09,

BI,

IO,

FRN,

2.312%,

4/20/66

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

United

States

3,875,884

166,679

j

2016-H10,

AI,

IO,

FRN,

1.864%,

4/20/66

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

United

States

5,850,534

144,145

j

2016-H18,

QI,

IO,

FRN,

3.316%,

6/20/66

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

United

States

1,857,530

102,209

j

2016-H22,

AI,

IO,

FRN,

2.954%,

10/20/66

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

United

States

3,083,908

129,459

j

2016-H23,

NI,

IO,

FRN,

3.027%,

10/20/66

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

United

States

8,161,350

354,611

j

2016-H24,

CI,

IO,

FRN,

1.672%,

10/20/66

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

United

States

2,140,389

43,309

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

2,143,220

403,833

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

788,209

148,016

2017-93,

TI,

IO,

4%,

3/20/44

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

United

States

202,654

2,275

j

2017-H02,

BI,

IO,

FRN,

2.364%,

1/20/67

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

United

States

2,061,205

78,120

j

2017-H06,

BI,

IO,

FRN,

2.431%,

2/20/67

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

United

States

3,491,491

110,385

j

2017-H08,

NI,

IO,

FRN,

2.298%,

3/20/67

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

United

States

4,589,990

149,076

j

2017-H09,

IO,

FRN,

1.249%,

4/20/67

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

United

States

5,148,135

155,134

j

2017-H11,

DI,

IO,

FRN,

1.814%,

5/20/67

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

United

States

3,312,541

168,304

j

2017-H12,

QI,

IO,

FRN,

1.744%,

5/20/67

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

United

States

2,942,568

117,108

j

2017-H16,

IG,

IO,

FRN,

1.6%,

7/20/67

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

United

States

6,966,916

179,767

j

2017-H16,

JI,

IO,

FRN,

2.077%,

8/20/67

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

United

States

9,267,648

416,284

j

2017-H19,

MI,

IO,

FRN,

2.081%,

4/20/67

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

United

States

1,714,398

70,356

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

2,692,022

538,941

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

1,168,546

238,903

j

2018-H02,

EI,

IO,

FRN,

2.331%,

1/20/68

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

United

States

7,146,274

329,572

j

2018-H05,

BI,

IO,

FRN,

2.307%,

2/20/68

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

United

States

4,497,123

211,369

j

2018-H15,

KI,

IO,

FRN,

2.299%,

8/20/68

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

United

States

3,482,297

141,639

e

2019-110,

SQ,

IO,

FRN,

1.617%,

(1-month

SOFR

+

5.936%),

9/20/49

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

United

States

3,767,707

448,084

e

2019-152,

ES,

IO,

FRN,

1.617%,

(1-month

SOFR

+

5.936%),

12/20/49

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

United

States

2,260,652

271,382

e

2019-83,

SY,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

3,398,623

425,049

e

2019-89,

PS,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

4,142,211

483,270

e

2019-96,

SY,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

8/20/49

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

United

States

3,839,728

484,047

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

i

GNMA,

(continued)

2020-13,

AI,

IO,

4%,

3/20/46

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

United

States

8,159,765

$

1,090,981

2020-167,

PI,

IO,

3.5%,

11/20/50

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

United

States

4,759,217

855,087

2020-175,

NI,

IO,

3%,

11/20/50

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

United

States

5,209,196

865,224

e

2020-63,

AS,

IO,

FRN,

1.567%,

(1-month

SOFR

+

5.886%),

8/20/43

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

United

States

4,166,319

519,253

e

2020-63,

PS,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

4/20/50

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

United

States

4,977,550

690,538

e

2020-63,

SP,

IO,

FRN,

1.667%,

(1-month

SOFR

+

5.986%),

5/20/50

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

United

States

3,870,757

508,762

e

2020-96,

KS,

IO,

FRN,

1.717%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

11,974,396

1,602,948

e

2020-97,

QS,

IO,

FRN,

1.717%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

3,188,236

436,610

e

2021-116,

ES,

IO,

FRN,

1.765%,

(1-month

SOFR

+

6.086%),

11/20/47

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

United

States

6,172,013

728,480

2021-122,

GI,

IO,

4.5%,

11/20/47

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

United

States

6,582,335

1,446,078

2021-156,

IO,

3.5%,

7/20/51

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

United

States

7,853,495

1,316,983

2021-214,

AI,

IO,

4%,

12/20/51

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

United

States

4,966,175

1,019,593

2021-59,

IP,

IO,

3%,

4/20/51

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

United

States

6,652,451

1,152,795

e

2021-59,

SM,

IO,

FRN,

1.867%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

11,634,337

1,595,157

e

2021-59,

SQ,

IO,

FRN,

1.867%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

3,940,875

547,910

e

2021-77,

SM,

IO,

FRN,

1.867%,

(1-month

SOFR

+

6.186%),

5/20/51

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

United

States

5,796,288

816,482

e

2021-98,

SK,

IO,

FRN,

1.867%,

(1-month

SOFR

+

6.186%),

6/20/51

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

United

States

9,141,700

1,375,605

e

2023-35,

SH,

IO,

FRN,

2.1%,

(30-day

SOFR

Average

+

6.45%),

2/20/53

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

United

States

12,714,523

1,191,062

2024-186,

IO,

3%,

9/20/51

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

United

States

7,839,389

1,211,943

j

2024-32,

IO,

FRN,

0.705%,

6/16/63

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

United

States

10,757,360

558,352

2024-4,

IG,

IO,

5%,

12/20/52

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

United

States

3,741,317

656,657

49,614,880

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$51,415,384)

.......

49,614,880

Total

Long

Term

Investments

(Cost

$373,667,483)

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

372,908,858

a

Short

Term

Investments

14.2%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

U.S.

Government

and

Agency

Securities

0.7%

c,m

U.S.

Treasury

Bills,

4.13%,

10/02/25

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

United

States

2,600,000

2,554,626

Total

U.S.

Government

and

Agency

Securities

(Cost

$2,555,241)

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

2,554,626

a

a

a

Certificates

of

Deposit

2.0%

n

Bank

of

America

NA,

4.25%

3/02/26

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

United

States

1,750,000

1,750,000

Canadian

Imperial

Bank

of

Commerce,

4.66%

2/09/26

.......

Canada

1,800,000

1,799,506

Mizuho

Bank

Ltd.,

4.58%

8/06/25

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

Japan

2,000,000

2,000,181

Toronto-Dominion

Bank

(The),

4.62%

4/02/26

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

Canada

1,850,000

1,849,009

Total

Certificates

of

Deposit

(Cost

$7,400,000)

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

7,398,696

a

a

a

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

24

Short

Term

Investments

(continued)

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Commercial

Papers

3.5%

c

BPCE

SA,

4.4%,

8/18/25

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

France

1,800,000

$

1,776,102

n

Commonwealth

Bank

of

Australia,

4.74%

4/09/26

...........

Australia

1,750,000

1,750,000

c

Credit

Agricole

Corporate

and

Investment

Bank

SA,

4.34%,

5/21/25

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

France

1,750,000

1,745,586

c

GTA

Funding

LLC,

4.37%,

5/14/25

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

United

States

1,800,000

1,796,947

Royal

Bank

of

Canada,

4.63%

3/23/26

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

Canada

1,850,000

1,848,484

c

Sheffield

Receivables

Co.

LLC,

4.41%,

6/05/25

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

United

Kingdom

1,800,000

1,792,100

c

Sumitomo

Mitsui

Trust

Bank

Ltd.,

4.35%,

5/27/25

...........

Japan

1,800,000

1,794,150

Total

Commercial

Papers

(Cost

$12,505,659)

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

12,503,369

Shares

Money

Market

Funds

8.0%

a,o

Putnam

Government

Money

Market

Fund,

Class

P,

4.43%

.....

United

States

5,540,894

5,540,894

a,p

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

.......

United

States

23,517,320

23,517,320

Total

Money

Market

Funds

(Cost

$29,058,214)

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

29,058,214

Total

Short

Term

Investments

(Cost

$51,519,114

)

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

51,514,905

a

Total

Investments

(Cost

$425,186,597)

117.1%

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

$424,423,763

TBA

Sale

Commitments

(2.6)%

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

(9,540,440)

Other

Assets,

less

Liabilities

(14.5)%

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

(52,447,514)

Net

Assets

100.0%

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

$362,435,809

a

a

a

Principal

Amount

*

q

TBA

Sale

Commitments

(2.6)%

Mortgage-Backed

Securities

(2.6)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(2.6)%

Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

5/25/55

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

United

States

(1,000,000)

(932,078)

4.5%,

TBA,

5/25/55

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

United

States

(9,000,000)

(8,608,362)

Total

TBA

Sale

Commitments

(Proceeds

$(9,583,554))

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

$(9,540,440)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

3

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

April

30,

2025,

the

aggregate

value

of

these

securities

was

$134,336,476,

representing

37.1%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

Income

may

be

received

in

additional

securities

and/or

cash.

e

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

f

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

g

Perpetual

security

with

no

stated

maturity

date.

h

This

security

was

pledged,

or

purchased

with

cash

that

was

pledged,

to

the

Fund

for

collateral

on

certain

derivative

contracts.

i

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.

j

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

k

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

l

Security

purchased

on

a

to-be-announced

(TBA)

basis.

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

25

At

April

30,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

April

30,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

m

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

April

30,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$2,058,438,

representing

0.6%

of

net

assets.

n

Fair

valued

using

significant

unobservable

inputs.

See

Note

4

regarding

fair

value

measurements.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

The

rate

shown

is

the

annualized

seven-day

yield

at

period

end.

q

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

56

$

7,589,279

6/06/25

$

(57,060)

U.S.

Treasury

10

Year

Ultra

Notes

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

Short

28

3,212,562

6/18/25

(57,312)

U.S.

Treasury

2

Year

Notes

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

Short

262

54,534,891

6/30/25

(512,414)

Total

Futures

Contracts

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

$(626,786)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Japanese

Yen

......

BOFA

Buy

147,522,300

975,325

5/21/25

$

58,712

$

—

Japanese

Yen

......

GSCO

Buy

254,207,100

1,680,497

5/21/25

101,332

—

Japanese

Yen

......

JPHQ

Sell

136,777,200

959,749

5/21/25

1,029

—

Japanese

Yen

......

TDOM

Buy

1,366,800

9,036

5/21/25

544

—

Japanese

Yen

......

UBSW

Buy

262,748,300

1,737,555

5/21/25

104,143

—

British

Pound

......

HSBK

Sell

336,600

431,523

6/18/25

—

(17,146)

British

Pound

......

JPHQ

Sell

457,100

586,024

6/18/25

—

(23,264)

British

Pound

......

TDOM

Sell

222,400

285,128

6/18/25

—

(11,318)

Euro

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

BOFA

Sell

1,314,500

1,415,283

6/18/25

—

(78,360)

Euro

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

BZWS

Sell

1,012,400

1,090,198

6/18/25

—

(60,174)

Euro

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

CITI

Sell

1,191,200

1,282,536

6/18/25

—

(71,004)

Euro

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

HSBK

Sell

1,215,000

1,308,464

6/18/25

—

(72,119)

Euro

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

JPHQ

Sell

689,200

741,921

6/18/25

—

(41,205)

Euro

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

MSCO

Sell

1,397,300

1,509,635

6/18/25

—

(78,093)

Euro

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

SSBT

Buy

345,400

394,653

6/18/25

—

(2,182)

Euro

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

SSBT

Sell

2,276,700

2,451,528

6/18/25

—

(135,446)

Euro

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

TDOM

Sell

768,000

832,419

6/18/25

—

(40,246)

Euro

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

UBSW

Sell

540,300

581,611

6/18/25

—

(32,322)

Norwegian

Krone

...

BOFA

Sell

1,000,500

92,267

6/18/25

—

(3,905)

Norwegian

Krone

...

BZWS

Sell

277,200

25,553

6/18/25

—

(1,092)

Norwegian

Krone

...

CITI

Sell

2,343,200

215,950

6/18/25

—

(9,287)

Norwegian

Krone

...

HSBK

Sell

389,100

35,874

6/18/25

—

(1,528)

Norwegian

Krone

...

JPHQ

Sell

225,000

20,737

6/18/25

—

(891)

Norwegian

Krone

...

SSBT

Sell

4,765,700

439,404

6/18/25

—

(18,694)

Norwegian

Krone

...

TDOM

Sell

4,863,300

448,331

6/18/25

—

(19,148)

Swedish

Krona

.....

BOFA

Sell

4,517,100

449,755

6/18/25

—

(18,983)

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

26

At

April

30,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

Forward

Exchange

Contracts

(continued)

Currency

Counter-

party

a

Type

Quantity

Contract

Amount*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

(continued)

Swedish

Krona

.....

CITI

Sell

5,881,700

585,303

6/18/25

$

—

$

(25,040)

Swedish

Krona

.....

HSBK

Sell

1,176,900

117,148

6/18/25

—

(4,979)

Swedish

Krona

.....

SSBT

Sell

2,536,600

252,488

6/18/25

—

(10,735)

Swedish

Krona

.....

UBSW

Sell

131,000

13,042

6/18/25

—

(552)

Swiss

Franc

.......

BOFA

Buy

78,400

89,296

6/18/25

6,261

—

Swiss

Franc

.......

BZWS

Buy

174,700

198,928

6/18/25

14,002

—

Swiss

Franc

.......

GSCO

Buy

256,400

291,991

6/18/25

20,518

—

Swiss

Franc

.......

HSBK

Buy

49,100

55,878

6/18/25

3,966

—

Swiss

Franc

.......

JPHQ

Buy

1,259,400

1,528,748

6/18/25

6,283

(32)

Australian

Dollar

....

BZWS

Sell

85,200

53,740

7/16/25

—

(884)

Australian

Dollar

....

CITI

Sell

1,089,500

687,169

7/16/25

—

(11,336)

Australian

Dollar

....

HSBK

Sell

129,100

81,437

7/16/25

—

(1,332)

Australian

Dollar

....

MSCO

Sell

1,705,500

1,075,701

7/16/25

—

(17,737)

Australian

Dollar

....

UBSW

Sell

48,200

30,403

7/16/25

—

(499)

Australian

Dollar

....

WPAC

Sell

30,200

19,059

7/16/25

—

(303)

Canadian

Dollar

....

BOFA

Sell

600

421

7/16/25

—

(15)

Canadian

Dollar

....

BZWS

Sell

182,500

128,185

7/16/25

—

(4,708)

Canadian

Dollar

....

GSCO

Sell

19,800

13,907

7/16/25

—

(512)

Canadian

Dollar

....

JPHQ

Sell

431,300

302,930

7/16/25

—

(11,134)

Canadian

Dollar

....

TDOM

Sell

1,420,800

997,922

7/16/25

—

(36,678)

Canadian

Dollar

....

UBSW

Sell

1,176,000

825,999

7/16/25

—

(30,342)

New

Zealand

Dollar

.

BOFA

Sell

43,500

25,048

7/16/25

—

(853)

New

Zealand

Dollar

.

MSCO

Sell

1,660,200

955,937

7/16/25

—

(32,589)

New

Zealand

Dollar

.

UBSW

Sell

166,600

95,934

7/16/25

—

(3,264)

Total

Forward

Exchange

Contracts

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

$316,790

$(929,931)

Net

unrealized

appreciation

(depreciation)

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

$(613,141)

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

*

In

U.S.

dollars

unless

otherwise

indicated.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

8,682,100

$

207,068

$

67,414

(3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

8,682,100

207,068

(88,739)

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

138,450,000

(304,590)

(466,408)

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

92,300,000

383,045

468,786

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

1,201,500

55,629

(4,555)

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

1,201,500

55,629

(3,185)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

4,605,400

225,204

(31,300)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

4,605,400

235,797

(108,002)

3.165%/1-day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

9,479,200

677,763

(26,986)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

16,330,600

184,536

(95,448)

(4.495%)/6-month

AUD

BBR/Jul-35/

(Purchased)

DBAB

7/14/25

/

4.495%

AUD

16,226,800

357,546

(325,823)

4.495%/6-month

AUD

BBR/Jul-35/(Purchased)

DBAB

7/14/25

/

4.495%

AUD

16,226,800

357,546

67,403

1.441%/6-month

AUD

BBR/Jul-45/(Purchased)

JPHQ

7/01/25

/

1.441%

AUD

2,068,300

122,874

(122,122)

(1.441%)/6-month

AUD

BBR/Jul-45/

(Purchased)

JPHQ

7/01/25

/

1.441%

AUD

2,068,300

122,874

402,807

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

27

At

April

30,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Forward

Premium

Swap

Option

Contracts

(continued)

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

party

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

$

328,897

$

538,723

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

328,897

(308,574)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

10,390,700

206,241

(88,556)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

10,390,700

259,753

(63,673)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

(134,435)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

480,251

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCML

10/09/25

/

4.5%

16,330,600

(53,169)

32,792

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCML

10/09/25

/

2.85%

16,330,600

109,947

(2,696)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

4.384%

4,030,200

185,591

(28,755)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCML

1/31/28

/

3.884%

4,030,200

178,135

35,021

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCML

3/29/32

/

4.01%

614,500

73,679

(831)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCML

3/29/32

/

4.01%

614,500

73,679

2,962

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

4,848,800

386,533

(14,681)

(4.825%)/1

day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

2,708,400

98,044

–

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

263,857

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

(146,272)

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

(71,858)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

66,419

Unrealized

appreciation

2,426,435

Unrealized

(depreciation)

(2,132,899)

Total

$293,536

*

In

U.S.

dollars

unless

otherwise

indicated.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

(a)

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

(b)

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

25,479,000

$

1,070,654

$

1,088,565

$

(17,911)

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$1,070,654

$1,088,565

$(17,911)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

(c)

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

3,199,000

1,675,255

1,391,126

284,129

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

584,000

305,830

33,229

272,601

CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

234,000

19,994

30,905

(10,911)

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

358,000

163,465

155,013

8,452

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

28

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

Buy

Protection

(c)

(continued)

Traded

Index

(continued)

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

134,000

$

61,185

$

54,714

$

6,471

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

25,000

11,415

10,981

434

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

1,129,000

224,032

339,336

(115,304)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

1,053,000

208,951

340,501

(131,550)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

766,000

27,622

143,487

(115,865)

Contracts

to

Sell

Protection

(c)(d)

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

804,000

(56,450)

(105,907)

49,457

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

215,000

(112,591)

(17,251)

(95,340)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

1,045,000

(396,497)

(446,797)

50,300

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

1,391,000

(118,854)

(241,859)

123,005

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

224,000

(19,140)

(38,887)

19,747

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

JPHQ

5/11/63

21,000

(1,794)

(10,811)

9,017

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

256,000

(21,874)

(28,625)

6,751

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

921,000

(78,695)

(163,951)

85,256

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

63,000

(11,668)

(14,321)

2,653

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

33,000

(6,112)

(6,777)

665

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

34,000

(6,297)

(7,729)

1,432

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

766,000

(27,622)

(47,650)

20,028

Investment

Grade

Total

OTC

Swap

Contracts

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

$1,840,155

$1,368,727

$471,428

Total

Credit

Default

Swap

Contracts

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

$2,910,809

$

2,457,292

$453,517

(a)

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b)

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c)

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d)

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

29

At

April

30,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Fixed

4.14%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

10/15/25

81,134,000

AUD

$

92,588

$

—

$

92,588

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.61%

....

Quarterly

12/18/26

41,312,000

AUD

(136,030)

(13,562)

(122,468)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.75%

....

Annual

6/18/27

228,697,000

(2,098,747)

(284,443)

(1,814,304)

Receive

Fixed

2.35%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

6/18/27

14,091,000

CAD

13,204

(6,262)

19,466

Receive

Fixed

2.35%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

6/18/27

13,076,000

EUR

142,620

12,498

130,122

Receive

Fixed

3.65%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

6/18/27

16,393,000

AUD

107,032

3,731

103,301

Receive

Fixed

4.05%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/18/27

7,108,000

GBP

90,935

12,282

78,653

Receive

Fixed

4.226%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

2/15/29

22,394,000

AUD

383,768

—

383,768

Receive

Fixed

3.701%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

12/18/29

20,053,000

AUD

36,396

(271,755)

308,151

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.64%

....

Semi-Annual

12/18/29

59,453,000

AUD

(15)

(119,463)

119,448

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

3/19/30

18,423,000

326,899

(117,418)

444,317

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

1.95%

....

Annual

3/19/30

3,570,000

EUR

35,197

80,100

(44,903)

Receive

Fixed

3.75%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

6/18/30

232,163,000

4,552,091

842,036

3,710,055

Receive

Fixed

3.92%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

12/18/34

36,992,200

AUD

(240,997)

(225,037)

(15,960)

Receive

Fixed

2.05%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/19/35

1,698,000

EUR

(65,980)

(35,080)

(30,900)

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments

30

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

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.05%

....

Semi-Annual

3/19/35

2,851,000

AUD

$

(2,201)

$

46,911

$

(49,112)

Receive

Fixed

0.85%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

6/18/35

2,847,000

CHF

156,871

(2,547)

159,418

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

2.75%

....

Semi-Annual

6/18/35

5,849,000

CAD

18,178

14,539

3,639

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.85%

....

Annual

6/18/35

74,918,000

(1,451,985)

(321,907)

(1,130,078)

Receive

Fixed

2.75%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

6/18/35

6,095,000

EUR

194,313

15,957

178,356

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.25%

....

Semi-Annual

6/18/35

3,254,000

NZD

(49,769)

(2,949)

(46,820)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.95%

....

Annual

6/18/35

38,888,000

SEK

(120,241)

15,264

(135,505)

Receive

Fixed

4.15%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

6/18/35

3,366,000

GBP

77,409

(2,111)

79,520

Receive

Fixed

4.55%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

6/18/35

4,156,000

AUD

114,408

84,573

29,835

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.45%

....

Semi-Annual

6/18/35

14,467,000

AUD

(320,930)

(192,628)

(128,302)

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4.15%

....

Annual

6/18/35

57,943,000

NOK

(129,897)

(12,468)

(117,429)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

5.092%

...

Semi-Annual

4/07/40

3,068,800

AUD

(24,445)

—

(24,445)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.91%

....

Semi-Annual

1/27/43

1,368,400

AUD

(6,265)

—

(6,265)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.55%

....

Annual

3/19/55

5,669,000

273,083

400,541

(127,458)

Receive

Fixed

2.05%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

3/19/55

1,863,000

EUR

(170,019)

(141,911)

(28,108)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.85%

....

Annual

6/18/55

688,000

(5,198)

5,461

(10,659)

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

(continued)

See

Notes

to

Schedule

of

Investments

Quarterly

Schedule

of

Investments

31

At

April

30,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

abbreviations

on

page

35

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.65%

....

Annual

6/18/55

436,000

EUR

$

(23,693)

$

(5,996)

$

(17,697)

Receive

Fixed

3.825%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

5/04/57

522,700

—

—

—

Total

Centrally

Cleared

Swap

Contracts

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

$1,768,580

$(221,644)

$1,990,224

Total

Interest

Rate

Swap

Contracts

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

$1,768,580

$

(221,644)

$1,990,224

*

In

U.S.

dollars

unless

otherwise

indicated.

Total

Return

Swap

Contracts

Underlying

Instruments

Financing

Rate

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Value

*

Value/

Unrealized

Appreciation

(Depreciation)

OTC

Swap

Contracts

Long

(a)

Ephesus

Funding

DAC

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

0.165%

At

Maturity

MSCO

9/22/25

2,435,000

$

27,678

Total

Return

Swap

Contracts

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

$27,678

*

In

U.S.

dollars

unless

otherwise

indicated.

(a)

The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

variable

financing

rate.

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

32

Quarterly

Schedule

of

Investments

1.

Organization

Putnam

Premier

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

33

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At April

30,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

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,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

4. Fair

Value

Measurements

The Fund

follows a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's

financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

• Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

• Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

    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

.

$—

$5,751,839

$—

$—

$29,190

$5,781,029

231,380

$61,022

Putnam

Government

Money

Market

Fund,

Class

P,

4.43%

..

40,929,849

70,011,531

(105,400,486)

—

—

5,540,894

5,540,894

988,548

Putnam

Short

Term

Investment

Fund,

Class

P,

4.468%

......

32,198,833

13,588,235

(22,269,748)

—

—

23,517,320

23,517,320

934,850

Total

Non-Controlled

Affiliates

$73,128,682

$89,351,605

$(127,670,234)

$—

$29,190

$34,839,243

$1,984,420

Total

Affiliated

Securities

...

$73,128,682

$89,351,605

$(127,670,234)

$—

$29,190

$34,839,243

$1,984,420

2. Financial

Instrument

Valuation

(continued)

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

34

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,

2025,

in

valuing

the Fund's

assets

and

liabilities carried

at

fair

value,

is

as

follows:  

A

reconciliation

of

assets

in

which

Level

3

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

3

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the

period.

Level

1

Level

2

Level

3

Total

Putnam

Premier

Income

Trust

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

5,781,029

$

—

$

—

$

5,781,029

Convertible

Bonds

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

—

10,283,064

—

10,283,064

Corporate

Bonds

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

—

100,082,159

—

100,082,159

Senior

Floating

Rate

Interests

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

—

24,033,628

—

24,033,628

Foreign

Government

and

Agency

Securities

....

—

31,151,824

—

31,151,824

U.S.

Government

and

Agency

Securities

.......

—

393,906

—

393,906

Asset-Backed

Securities

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

—

1,679,690

—

1,679,690

Commercial

Mortgage-Backed

Securities

......

—

39,980,066

—

39,980,066

Mortgage-Backed

Securities

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

—

68,895,665

—

68,895,665

Residential

Mortgage-Backed

Securities

.......

—

41,012,947

—

41,012,947

Agency

Commercial

Mortgage-Backed

Securities

—

49,614,880

—

49,614,880

Short

Term

Investments

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

29,058,214

18,956,691

3,500,000

51,514,905

Total

Investments

in

Securities

...........

$34,839,243

$386,084,520

$3,500,000

$424,423,763

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$316,790

$—

$316,790

Forward

Premium

Swap

Option

Contracts

.....

—

2,426,435

—

2,426,435

Swap

Contracts

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

—

6,808,713

—

6,808,713

Total

Other

Financial

Instruments

.........

$—

$9,551,938

$—

$9,551,938

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

9,540,440

$

—

$

9,540,440

Forward

Exchange

Contracts

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

—

929,931

—

929,931

Forward

Premium

Swap

Option

Contracts

......

—

2,132,899

—

2,132,899

Futures

Contracts

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

626,786

—

—

626,786

Swap

Contracts

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

—

4,337,294

—

4,337,294

Total

Other

Financial

Instruments

.........

$626,786

$16,940,564

$—

$17,567,350

4. Fair

Value

Measurements

(continued)

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

35

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

DBAB

Deutsche

Bank

AG

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MCML

Mizuho

Capital

Markets

LLC

MLCO

Merrill

Lynch

International

&

Co.

MSCO

Morgan

Stanley

NATW

NatWest

Markets

Plc

SSBT

State

Street

Bank

and

Trust

Co.

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

JPY

Japanese

Yen

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

CMBX.NA.

Series

number

CMBX

North

America

Index

Selected

Portfolio

BBR

Bank

of

England

Base

Rate

CDI

CREST

Depository

Interest

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

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

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

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

2.77%

1-day

SARON

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

0.20%

1-day

SOFR

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

4.41%

1-day

SONIA

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

4.46%

3-month

AUD

BBR

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

3.87%

3-month

STIBOR

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

2.32%

6-month

AUD

BBR

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

3.89%

6-month

EURIBOR

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

2.13%

6-month

NIBOR

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

4.64%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.