Not

FDIC

Insured

May

Lose

Value

No

Bank

Guarantee

38924-Q1PH

1

Schedule

of

Investments

(unaudited)

Putnam

Premier

Income

Trust

2

Notes

to

Schedule

of

Investments

33

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited),

October

31,

2025

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

2

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Management

Investment

Companies

2.6%

Capital

Markets

2.6%

a

Franklin

Ultra

Short

Bond

ETF

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

United

States

368,080

$

9,231,446

Total

Management

Investment

Companies

(Cost

$9,155,669)

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

9,231,446

Principal

Amount

*

Convertible

Bonds

2.9%

Aerospace

&

Defense

0.0%

†

AeroVironment,

Inc.

,

Senior

Note

,

Zero

Cpn.,

7/15/30

........

United

States

72,000

100,728

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5

%

,

12/15/27

..........

United

States

33,000

105,691

206,419

Automobile

Components

0.0%

†

Patrick

Industries,

Inc.

,

Senior

Note

,

1.75

%

,

12/01/28

........

United

States

83,000

136,576

Automobiles

0.0%

†

Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625

%

,

3/15/29

........

United

States

122,000

120,551

Biotechnology

0.3%

Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note,

1%,

9/15/27

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

United

States

42,000

69,195

b

Senior

Note,

144A,

Zero

Cpn.,

9/15/28

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

United

States

109,000

109,272

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75

%

,

4/15/31

.....

United

States

226,000

228,848

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

1

%

,

8/15/28

.......

United

States

143,000

187,902

595,217

Broadline

Retail

0.1%

b

Etsy,

Inc.

,

Senior

Note

,

144A,

1

%

,

6/15/30

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

United

States

195,000

207,772

Capital

Markets

0.1%

Coinbase

Global,

Inc.

,

Senior

Note,

0.25%,

4/01/30

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

United

States

89,000

113,631

b

Senior

Note,

144A,

Zero

Cpn.,

10/01/32

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

United

States

109,000

121,753

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75

%

,

9/01/28

.....

United

States

72,000

70,963

b

WisdomTree,

Inc.

,

Senior

Note

,

144A,

4.625

%

,

8/15/30

.......

United

States

72,000

73,944

380,291

Communications

Equipment

0.1%

b

Lumentum

Holdings,

Inc.

,

Senior

Note

,

144A,

0.375

%

,

3/15/32

.

United

States

218,000

289,395

Construction

&

Engineering

0.1%

Fluor

Corp.

,

Senior

Note

,

1.125

%

,

8/15/29

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

United

States

141,000

181,819

Consumer

Staples

Distribution

&

Retail

0.0%

†

Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375

%

,

12/15/28

..

United

States

88,000

130,082

Diversified

REITs

0.1%

b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875

%

,

11/15/29

...

United

States

258,000

272,758

Electric

Utilities

0.3%

NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

3

%

,

3/01/27

United

States

153,000

191,939

PG&E

Corp.

,

Senior

Secured

Note

,

4.25

%

,

12/01/27

.........

United

States

165,000

169,769

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875

%

,

3/15/28

......

United

States

201,000

228,185

Southern

Co.

(The)

,

Senior

Note

,

3.875

%

,

12/15/25

.........

United

States

206,000

230,977

820,870

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

3

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Electrical

Equipment

0.1%

b

Bloom

Energy

Corp.

,

Senior

Note

,

144A,

Zero

Cpn.,

11/15/30

..

United

States

216,000

$

220,136

Electronic

Equipment,

Instruments

&

Components

0.2%

b

Avnet,

Inc.

,

Senior

Note

,

144A,

1.75

%

,

9/01/30

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

United

States

73,000

72,124

Itron,

Inc.

,

Senior

Note

,

1.375

%

,

7/15/30

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

United

States

203,000

209,597

OSI

Systems,

Inc.

,

Senior

Note

,

2.25

%

,

8/01/29

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

United

States

109,000

172,084

453,805

Entertainment

0.2%

Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25

%

,

8/15/27

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

United

States

199,000

255,118

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

72,000

108,785

b

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

164,000

174,578

538,481

Financial

Services

0.0%

†

Global

Payments,

Inc.

,

Senior

Note

,

1.5

%

,

3/01/31

..........

United

States

177,000

160,096

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5

%

,

8/01/27

...........

United

States

158,000

155,630

315,726

Food

Products

0.1%

Post

Holdings,

Inc.

,

Senior

Note

,

2.5

%

,

8/15/27

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

United

States

158,000

173,958

Ground

Transportation

0.1%

Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875

%

,

12/01/28

..

United

States

198,000

288,783

Health

Care

Equipment

&

Supplies

0.1%

Dexcom,

Inc.

,

Senior

Note

,

0.375

%

,

5/15/28

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

United

States

248,000

225,122

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

3

%

,

2/01/29

...

United

States

82,000

98,974

324,096

Health

Care

REITs

0.1%

b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

111,000

211,677

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

109,000

161,974

373,651

Hotels,

Restaurants

&

Leisure

0.1%

b

DoorDash,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/15/30

.......

United

States

217,000

240,110

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

0.875

%

,

4/15/30

.........

United

States

90,000

100,238

340,348

Household

Durables

0.0%

†

Meritage

Homes

Corp.

,

Senior

Note

,

1.75

%

,

5/15/28

.........

United

States

144,000

144,157

Household

Products

0.0%

†

Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375

%

,

6/01/29

........

United

States

72,000

67,194

IT

Services

0.3%

Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375

%

,

9/01/27

.....

United

States

183,000

176,503

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

6/15/30

.......

United

States

145,000

181,748

Snowflake,

Inc.

,

Senior

Note

,

Zero

Cpn.,

10/01/27

...........

United

States

220,000

395,120

753,371

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

4

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Convertible

Bonds

(continued)

Life

Sciences

Tools

&

Services

0.0%

†

Repligen

Corp.

,

Senior

Note

,

1

%

,

12/15/28

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

United

States

109,000

$

116,031

Machinery

0.0%

†

b

JBT

Marel

Corp.

,

Senior

Note

,

144A,

0.375

%

,

9/15/30

........

United

States

73,000

68,255

Multi-Utilities

0.0%

†

CMS

Energy

Corp.

,

Senior

Note

,

3.375

%

,

5/01/28

...........

United

States

112,000

123,480

Office

REITs

0.0%

†

b

Boston

Properties

LP

,

Senior

Note

,

144A,

2

%

,

10/01/30

.......

United

States

109,000

107,201

Professional

Services

0.0%

†

Parsons

Corp.

,

Senior

Note

,

2.625

%

,

3/01/29

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

United

States

89,000

101,772

Semiconductors

&

Semiconductor

Equipment

0.1%

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75

%

,

6/01/30

......

United

States

105,000

102,428

MKS,

Inc.

,

Senior

Note

,

1.25

%

,

6/01/30

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

United

States

144,000

173,160

b

Nova

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

9/15/30

...........

Israel

73,000

93,629

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5

%

,

3/01/29

........

United

States

118,000

109,799

479,016

Software

0.2%

Box,

Inc.

,

Senior

Note

,

1.5

%

,

9/15/29

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

United

States

136,000

137,428

b,c

Commvault

Systems,

Inc.

,

Senior

Note

,

144A,

1.87%

,

9/15/30

..

United

States

73,000

66,685

b

Datadog,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

12/01/29

.......

United

States

181,000

192,403

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25

%

,

11/01/29

..

United

States

201,000

237,481

b

IREN

Ltd.

,

Senior

Note

,

144A,

Zero

Cpn.,

7/01/31

...........

Australia

36,000

37,998

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5

%

,

12/15/29

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

United

States

145,000

160,109

Progress

Software

Corp.

,

Senior

Note

,

3.5

%

,

3/01/30

........

United

States

124,000

126,387

b,c

Rubrik,

Inc.

,

Senior

Note

,

144A,

0.63%

,

6/15/30

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

United

States

132,000

128,238

b,c

Strategy,

Inc.

,

Senior

Note

,

144A,

0.29%

,

3/01/30

...........

United

States

140,000

138,250

b

Terawulf,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn.,

5/01/32

........

United

States

108,000

111,942

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25

%

,

3/15/26

........

United

States

129,000

134,547

Vertex,

Inc.

,

Senior

Note

,

0.75

%

,

5/01/29

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

United

States

89,000

88,889

Workiva,

Inc.

,

Senior

Note

,

1.25

%

,

8/15/28

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

United

States

85,000

84,426

1,644,783

Specialty

Retail

0.1%

Burlington

Stores,

Inc.

,

1.25

%

,

12/15/27

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

United

States

76,000

108,908

Wayfair,

Inc.

,

Senior

Note

,

3.25

%

,

9/15/27

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

United

States

176,000

301,684

410,592

Technology

Hardware,

Storage

&

Peripherals

0.1%

Seagate

HDD

Cayman

,

Senior

Note

,

3.5

%

,

6/01/28

..........

United

States

80,000

250,590

Total

Convertible

Bonds

(Cost

$9,487,422)

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

10,637,176

Corporate

Bonds

28.5%

Aerospace

&

Defense

1.1%

ATI,

Inc.

,

Senior

Note

,

4.875

%

,

10/01/29

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

United

States

1,080,000

1,077,572

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

31,000

29,281

Senior

Note,

2.7%,

2/01/27

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

United

States

303,000

297,375

Senior

Note,

6.298%,

5/01/29

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

United

States

964,000

1,022,969

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

7

%

,

6/01/32

...........

Canada

165,000

173,438

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

5

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Aerospace

&

Defense

(continued)

b

Spirit

AeroSystems,

Inc.

,

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

275,000

$

302,478

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

206,000

216,593

b

TransDigm,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

420,000

436,432

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

145,000

150,123

Senior

Secured

Note,

144A,

6.25%,

1/31/34

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

United

States

55,000

56,882

Senior

Sub.

Note,

144A,

6.75%,

1/31/34

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

United

States

135,000

139,998

3,903,141

Automobile

Components

0.1%

b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5

%

,

2/15/33

.

United

States

80,000

82,777

b

Forvia

SE

,

Senior

Note

,

144A,

6.75

%

,

9/15/33

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

France

200,000

203,054

285,831

Automobiles

0.2%

b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55

%

,

9/26/29

..

United

States

470,000

471,201

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625

%

,

11/24/27

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

Germany

510,000

483,226

954,427

Banks

1.9%

b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

435,000

462,005

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

955,000

993,358

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

470,000

470,347

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

445,000

462,972

Citigroup,

Inc.

,

Senior

Note

,

4.503%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

975,000

976,395

b

Federation

des

Caisses

Desjardins

du

Quebec

,

Senior

Note

,

144A,

4.565

%

,

8/26/30

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

Canada

410,000

412,391

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

1,810,000

1,842,556

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264

%

,

12/11/26

..

Canada

325,000

329,238

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

895,000

926,464

6,875,726

Building

Products

0.8%

b

Builders

FirstSource,

Inc.

,

Senior

Bond

,

144A,

6.75

%

,

5/15/35

..

United

States

135,000

141,912

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

30,000

30,617

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

135,000

138,555

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/01/32

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

United

States

455,000

467,320

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

360,000

374,921

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

165,000

171,266

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875

%

,

11/15/31

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

United

States

965,000

1,016,902

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

290,000

298,414

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

6

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Building

Products

(continued)

b

Standard

Building

Solutions,

Inc.,

(continued)

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

270,000

$

275,572

2,915,479

Capital

Markets

1.4%

Ares

Capital

Corp.

,

Senior

Note

,

7

%

,

1/15/27

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

United

States

905,000

929,719

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151

%

,

6/30/31

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

United

States

200,000

222,691

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

5/01/33

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

United

States

945,000

986,523

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

1,350,000

1,378,124

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875

%

,

7/15/32

United

States

250,000

258,879

UBS

AG

,

Senior

Note

,

7.5

%

,

2/15/28

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

Switzerland

265,000

285,858

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

375,000

388,106

4,449,900

Chemicals

0.5%

b

Avient

Corp.

,

Senior

Note

,

144A,

6.25

%

,

11/01/31

...........

United

States

100,000

102,182

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45

%

,

11/15/29

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

Mexico

500,000

325,493

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879

%

,

7/15/32

....

United

States

15,000

15,084

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

265,000

257,433

Huntsman

International

LLC

,

Senior

Bond

,

4.5

%

,

5/01/29

.....

United

States

480,000

443,908

b

Qnity

Electronics,

Inc.

,

Senior

Note,

144A,

6.25%,

8/15/33

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

United

States

75,000

77,116

Senior

Secured

Note,

144A,

5.75%,

8/15/32

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

United

States

130,000

132,455

b

Solstice

Advanced

Materials,

Inc.

,

Senior

Note

,

144A,

5.625

%

,

9/30/33

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

United

States

270,000

270,408

1,624,079

Commercial

Services

&

Supplies

1.0%

b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875

%

,

2/15/31

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

United

States

450,000

469,013

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875

%

,

2/05/33

.....

Brazil

400,000

75,195

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

5

%

,

2/01/28

......

United

States

459,000

458,863

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5

%

,

8/01/29

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

United

States

630,000

646,487

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25

%

,

2/15/29

...

Sweden

1,310,000

EUR

1,523,093

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5

%

,

11/30/30

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

United

States

95,000

98,983

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

7

%

,

2/01/33

........

United

States

860,000

896,055

4,167,689

Communications

Equipment

0.1%

Motorola

Solutions,

Inc.

,

Senior

Note

,

5

%

,

4/15/29

...........

United

States

455,000

466,329

Construction

&

Engineering

0.0%

†

b

Arcosa,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

8/15/32

...........

United

States

115,000

120,862

Consumer

Finance

0.8%

AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625

%

,

9/10/29

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

Ireland

670,000

675,926

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

7

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Consumer

Finance

(continued)

Capital

One

Financial

Corp.

,

Senior

Note

,

4.493%

to

9/10/30,

FRN

thereafter

,

9/11/31

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

United

States

295,000

$

292,916

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25

%

,

4/01/29

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

United

States

555,000

583,342

b

FirstCash,

Inc.

,

Senior

Note

,

144A,

6.875

%

,

3/01/32

.........

United

States

814,000

845,646

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

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

United

States

200,000

202,300

Senior

Note,

4.125%,

8/17/27

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

United

States

290,000

286,451

General

Motors

Financial

Co.,

Inc.

,

Senior

Note

,

4.2

%

,

10/27/28

United

States

115,000

114,742

3,001,323

Containers

&

Packaging

0.1%

b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/15/32

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

United

States

435,000

436,833

Distributors

0.2%

b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75

%

,

3/15/31

..

Canada

607,000

634,242

Diversified

REITs

0.3%

VICI

Properties

LP

,

Senior

Note

,

4.95

%

,

2/15/30

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

United

States

935,000

945,404

Diversified

Telecommunication

Services

0.7%

AT&T,

Inc.

,

Senior

Note

,

4.1

%

,

2/15/28

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

United

States

910,000

908,536

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

2/01/32

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

United

States

941,000

852,696

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

11/29/31

.......

Nigeria

400,000

417,776

b

WULF

Compute

LLC

,

Senior

Secured

Note

,

144A,

7.75

%

,

10/15/30

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

United

States

280,000

291,075

2,470,083

Electric

Utilities

2.1%

b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875

%

,

2/15/39

Mexico

527,303

570,399

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

6

%

,

12/01/28

....

United

States

435,000

458,492

b

Enel

Finance

International

NV

,

Senior

Note

,

144A,

4.375

%

,

9/30/30

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

Italy

410,000

407,563

Eversource

Energy

,

Senior

Note

,

5.45

%

,

3/01/28

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

United

States

450,000

461,680

b

NRG

Energy,

Inc.

,

Senior

Bond,

144A,

6.25%,

11/01/34

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

United

States

875,000

901,531

Senior

Bond,

144A,

6%,

1/15/36

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

United

States

390,000

396,964

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1

%

,

1/15/29

......

United

States

440,000

459,163

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25

%

,

7/01/30

.........

United

States

1,045,000

1,034,791

Southern

Co.

(The)

,

Senior

Note

,

5.5

%

,

3/15/29

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

United

States

570,000

592,871

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875

%

,

7/15/29

United

States

1,000,000

955,911

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

590,000

579,676

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

465,000

488,764

7,307,805

Electronic

Equipment,

Instruments

&

Components

0.1%

d

Amphenol

Corp.

,

Senior

Note

,

3.9

%

,

11/15/28

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

United

States

260,000

258,847

Energy

Equipment

&

Services

0.2%

b

Kodiak

Gas

Services

LLC

,

Senior

Bond,

144A,

6.75%,

10/01/35

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

United

States

155,000

159,721

Senior

Note,

144A,

6.5%,

10/01/33

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

United

States

220,000

225,587

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

8

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Energy

Equipment

&

Services

(continued)

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375

%

,

2/01/28

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

United

States

174,048

$

178,974

564,282

Entertainment

0.2%

b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125

%

,

5/01/29

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

France

795,000

825,723

Financial

Services

0.8%

b

CrossCountry

Intermediate

HoldCo

LLC

,

Senior

Note

,

144A,

6.5

%

,

10/01/30

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

United

States

130,000

131,362

b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25

%

,

10/01/30

United

States

780,000

868,905

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5

%

,

2/15/29

United

States

995,000

1,049,128

b

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

8/01/32

United

States

135,000

139,565

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95

%

,

1/03/31

.....

Malaysia

840,000

868,228

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

8/01/33

.......

United

States

440,000

458,911

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5

%

,

5/15/33

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

United

States

100,000

EUR

119,494

3,635,593

Food

Products

0.2%

b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625

%

,

7/01/29

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

United

States

425,000

442,533

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

3

%

,

2/02/29

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

United

States

244,000

234,003

676,536

Ground

Transportation

0.4%

b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

4

%

,

5/01/28

........

United

Kingdom

475,000

471,594

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25

%

,

2/06/28

......

South

Africa

650,000

687,675

1,159,269

Health

Care

Equipment

&

Supplies

0.1%

GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8

%

,

8/14/29

.

United

States

460,000

469,474

Health

Care

Providers

&

Services

0.8%

CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

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

United

States

395,000

415,629

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

390,000

404,434

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

55,000

57,074

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5

%

,

9/01/29

......

Italy

1,120,000

1,095,566

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75

%

,

5/15/31

..

United

States

1,005,000

1,043,537

3,016,240

Health

Care

REITs

0.2%

b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5

%

,

2/15/32

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

United

States

535,000

561,032

Hotel

&

Resort

REITs

0.3%

b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

455,000

468,483

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

160,000

165,256

b

XHR

LP

,

Senior

Note

,

144A,

6.625

%

,

5/15/30

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

United

States

395,000

403,678

1,037,417

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

9

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Hotels,

Restaurants

&

Leisure

1.6%

b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75

%

,

6/15/31

......

United

States

490,000

$

472,179

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

7

%

,

2/15/30

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

United

States

509,000

524,038

b

Carnival

Corp.

,

Senior

Note,

144A,

5.125%,

5/01/29

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

United

States

440,000

445,714

Senior

Note,

144A,

5.75%,

3/15/30

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

United

States

155,000

159,751

b

Carnival

plc

,

Senior

Note

,

144A,

4.125

%

,

7/15/31

...........

United

States

300,000

EUR

354,171

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75

%

,

9/15/33

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

United

States

405,000

412,847

b

NCL

Corp.

Ltd.

,

Senior

Note

,

144A,

6.25

%

,

9/15/33

..........

United

States

420,000

425,059

b

Rivers

Enterprise

Lender

LLC

/

Rivers

Enterprise

Lender

Corp.

,

Senior

Secured

Note

,

144A,

6.25

%

,

10/15/30

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

United

States

150,000

151,316

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

175,000

178,343

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

267,000

275,616

Senior

Note,

144A,

6%,

2/01/33

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

United

States

548,000

562,771

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625

%

,

12/01/31

...

United

States

625,000

587,575

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

830,000

889,792

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125

%

,

2/15/31

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

United

States

835,000

897,319

6,336,491

Household

Durables

0.5%

Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

115,000

109,538

Senior

Note,

6.625%,

5/15/32

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

United

States

34,000

32,045

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125

%

,

8/01/30

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

United

States

1,056,000

1,055,526

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8

%

,

11/01/29

.....

United

States

485,000

475,714

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875

%

,

9/15/28

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

United

States

450,000

439,835

2,112,658

Independent

Power

and

Renewable

Electricity

Producers

0.4%

AES

Andes

SA

,

b

Senior

Note,

144A,

6.25%,

3/14/32

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

Chile

950,000

991,973

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6

%

,

3/01/28

United

States

445,000

460,039

Southern

Power

Co.

,

A

,

Senior

Note

,

4.25

%

,

10/01/30

........

United

States

170,000

169,091

1,621,103

Insurance

0.8%

b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5

%

,

11/06/30

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

United

States

435,000

450,248

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583

%

,

1/09/29

.

United

States

450,000

463,300

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4

%

,

1/13/28

.......

United

States

440,000

461,944

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4

%

,

9/23/27

..

United

States

500,000

500,634

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5

%

,

3/15/30

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

Canada

420,000

441,434

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9

%

,

6/13/28

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

United

States

455,000

465,512

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467

%

,

12/08/28

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

United

States

585,000

606,528

3,389,600

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

10

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

IT

Services

0.4%

b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5

%

,

7/01/32

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

United

States

530,000

$

506,794

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625

%

,

6/15/29

...........

United

States

990,000

950,685

1,457,479

Leisure

Products

0.2%

b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75

%

,

4/01/29

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

United

States

585,000

567,766

Life

Sciences

Tools

&

Services

0.1%

Illumina,

Inc.

,

Senior

Note

,

4.65

%

,

9/09/26

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

United

States

258,000

258,739

Machinery

0.1%

b

Terex

Corp.

,

Senior

Note

,

144A,

6.25

%

,

10/15/32

...........

United

States

475,000

482,274

Media

0.7%

b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875

%

,

4/01/30

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

United

States

625,000

655,776

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

260,000

259,665

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

339,000

348,224

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Secured

Note

,

144A,

7.375

%

,

2/15/31

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

United

States

168,000

177,610

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125

%

,

2/15/33

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

United

States

550,000

561,151

2,002,426

Metals

&

Mining

0.9%

ArcelorMittal

SA

,

Senior

Bond

,

7

%

,

10/15/39

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

Luxembourg

515,000

582,201

b

Cleveland-Cliffs,

Inc.

,

Senior

Note,

144A,

7%,

3/15/32

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

United

States

202,000

206,796

Senior

Note,

144A,

7.625%,

1/15/34

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

United

States

100,000

104,043

Commercial

Metals

Co.

,

Senior

Bond

,

4.375

%

,

3/15/32

.......

United

States

595,000

562,789

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

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

United

States

650,000

EUR

738,701

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

385,000

396,371

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875

%

,

1/30/30

..........

United

States

429,000

445,605

3,036,506

Multi-Utilities

0.1%

Ameren

Corp.

,

Senior

Note

,

5

%

,

1/15/29

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

United

States

325,000

333,213

Oil,

Gas

&

Consumable

Fuels

3.1%

b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6

%

,

6/13/28

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

Norway

450,000

463,381

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375

%

,

3/01/30

..

United

States

555,000

559,231

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375

%

,

1/15/34

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

United

States

405,000

396,509

Energy

Transfer

LP

,

Senior

Bond

,

5.25

%

,

4/15/29

...........

United

States

905,000

930,619

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

140,000

142,973

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

590,000

575,136

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

184,000

185,353

KazMunayGas

National

Co.

JSC

,

b

Senior

Bond,

Reg

S,

5.375%,

4/24/30

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

Kazakhstan

1,200,000

1,234,383

Kinder

Morgan,

Inc.

,

Senior

Note

,

5

%

,

2/01/29

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

United

States

555,000

567,622

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875

%

,

6/15/30

......

United

States

1,005,000

1,013,275

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875

%

,

4/15/28

..

United

States

731,000

745,385

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25

%

,

5/21/30

.

Indonesia

350,000

357,679

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

11

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Oil,

Gas

&

Consumable

Fuels

(continued)

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25

%

,

7/08/32

..

Brazil

700,000

$

595,875

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

5.026

%

,

10/01/29

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

Canada

460,000

464,931

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25

%

,

7/01/33

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

United

States

403,000

412,010

Targa

Resources

Corp.

,

Senior

Note

,

6.15

%

,

3/01/29

........

United

States

440,000

463,377

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5

%

,

10/15/29

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

United

States

476,000

461,794

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375

%

,

6/01/31

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

United

States

985,000

1,012,103

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

70,000

79,037

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

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

United

States

145,000

153,663

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

70,000

77,028

Senior

Secured

Note,

144A,

6.5%,

1/15/34

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

United

States

95,000

99,569

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7

%

,

8/01/35

......

United

States

56,000

57,143

11,048,076

Paper

&

Forest

Products

0.1%

b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75

%

,

11/15/29

.........

United

States

505,000

421,036

Passenger

Airlines

0.4%

b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125

%

,

5/31/28

.......

France

500,000

EUR

644,000

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875

%

,

12/15/29

.....

United

States

446,000

474,425

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625

%

,

4/15/29

United

States

311,000

308,215

1,426,640

Personal

Care

Products

0.1%

Haleon

US

Capital

LLC

,

Senior

Note

,

3.375

%

,

3/24/29

.......

United

States

485,000

472,613

Pharmaceuticals

0.8%

Pharmacia

LLC

,

Senior

Bond

,

6.6

%

,

12/01/28

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

United

States

955,000

1,025,432

Royalty

Pharma

plc

,

Senior

Note

,

4.45

%

,

3/25/31

...........

United

States

565,000

561,401

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125

%

,

9/15/31

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

Israel

989,000

1,134,870

2,721,703

Professional

Services

0.1%

b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

6/15/33

..

United

States

400,000

416,388

Semiconductors

&

Semiconductor

Equipment

0.1%

b

Foundry

JV

Holdco

LLC

,

Senior

Secured

Note

,

144A,

5.9

%

,

1/25/30

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

United

States

480,000

504,744

Software

0.1%

Oracle

Corp.

,

Senior

Note

,

4.45

%

,

9/26/30

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

United

States

220,000

218,234

Specialized

REITs

0.2%

American

Tower

Corp.

,

Senior

Note

,

2.75

%

,

1/15/27

.........

United

States

910,000

894,951

Specialty

Retail

0.3%

Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875

%

,

11/01/35

.....

United

States

985,000

1,031,638

Technology

Hardware,

Storage

&

Peripherals

0.2%

b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

5.875%,

7/15/30

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

United

States

330,000

338,927

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

12

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Corporate

Bonds

(continued)

Technology

Hardware,

Storage

&

Peripherals

(continued)

b

Seagate

Data

Storage

Technology

Pte.

Ltd.,

(continued)

Senior

Note,

144A,

9.625%,

12/01/32

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

United

States

339,000

$

386,820

725,747

Textiles,

Apparel

&

Luxury

Goods

0.5%

b

Beach

Acquisition

Bidco

LLC

,

e

Senior

Note,

144A,

PIK,

10%,

7/15/33

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

United

States

435,000

468,132

Senior

Secured

Note,

144A,

5.25%,

7/15/32

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

United

States

225,000

EUR

267,190

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125

%

,

8/15/31

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

United

States

640,000

588,409

b

Under

Armour,

Inc.

,

Senior

Note

,

144A,

7.25

%

,

7/15/30

.......

United

States

220,000

217,706

1,541,437

Tobacco

0.3%

Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125

%

,

2/15/30

..

United

States

900,000

929,337

Trading

Companies

&

Distributors

0.9%

Air

Lease

Corp.

,

Senior

Note

,

5.85

%

,

12/15/27

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

United

States

1,000,000

1,028,107

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375

%

,

7/15/29

United

States

455,000

465,791

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875

%

,

7/01/30

.....

United

States

475,000

469,067

b

EquipmentShare.com,

Inc.

,

Secured

Note,

144A,

9%,

5/15/28

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

United

States

355,000

358,120

Secured

Note,

144A,

8.625%,

5/15/32

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

United

States

80,000

80,835

b

Herc

Holdings,

Inc.

,

Senior

Note

,

144A,

6.625

%

,

6/15/29

......

United

States

140,000

144,701

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75

%

,

4/30/32

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

United

States

525,000

544,820

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

4

%

,

7/15/30

..

United

States

196,000

188,408

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375

%

,

3/15/33

.

United

States

100,000

104,565

3,384,414

Wireless

Telecommunication

Services

0.9%

T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

500,000

477,683

Senior

Note,

3.375%,

4/15/29

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

United

States

1,820,000

1,769,409

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25

%

,

1/31/31

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

United

Kingdom

610,000

EUR

672,314

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625

%

,

7/15/29

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

United

Kingdom

435,000

463,484

3,382,890

Total

Corporate

Bonds

(Cost

$100,894,028)

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

103,481,669

Senior

Floating

Rate

Interests

7.9%

Aerospace

&

Defense

0.1%

f

TransDigm,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.502%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

263,988

264,644

Air

Freight

&

Logistics

0.2%

f

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.002%,

(3-month

SOFR

+

3%),

3/18/30

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

United

States

537,046

528,096

Automobile

Components

0.0%

†

f

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

CME

Term

Loan,

6.715%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

131,578

132,154

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

13

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Broadline

Retail

0.1%

d,f

Peer

Holding

III

BV,

First

Lien,

CME

Term

Loan,

B8,

6.017%,

(12-month

SOFR

+

2.25%),

9/29/32

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

Netherlands

269,758

$

270,264

f

Building

Products

0.2%

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.122%,

(6-month

SOFR

+

2.25%),

8/04/31

.

United

States

426,663

425,710

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.215%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

451,947

452,989

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

CME

Term

Loan,

6.977%,

(1-month

SOFR

+

3%),

3/30/29

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

United

States

67,277

67,445

946,144

a

a

a

a

a

a

f

Chemicals

0.4%

Albaugh

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.715%,

(1-month

SOFR

+

3.75%),

4/06/29

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

United

States

598,450

591,469

d

Lummus

Technology

Holdings

V

LLC,

First

Lien,

Add-on

CME

Term

Loan,

B,

6.183%,

(12-month

SOFR

+

2.5%),

12/31/29

..

United

States

528,169

525,528

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.515%,

(3-month

EURIBOR

+

3.5%),

4/03/28

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

Netherlands

440,000

EUR

509,385

1,626,382

a

a

a

a

a

a

f

Commercial

Services

&

Supplies

0.5%

Clean

Harbors,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.465%,

(1-month

SOFR

+

1.5%),

9/24/32

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

United

States

589,170

592,072

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

B,

6.715%,

(1-month

SOFR

+

2.75%),

10/23/28

..

United

States

453,824

456,141

Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.702%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

438,154

439,512

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

6.715%,

(1-month

SOFR

+

2.75%),

3/26/31

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

Luxembourg

198,004

199,018

1,686,743

a

a

a

a

a

a

Communications

Equipment

0.1%

d,f

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.715%,

(1-month

SOFR

+

4.75%),

12/18/29

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

United

States

405,000

409,204

Consumer

Staples

Distribution

&

Retail

0.1%

f

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

CME

Term

Loan,

7.705%,

(3-month

SOFR

+

3.5%),

8/30/32

..

United

Kingdom

187,672

188,728

f

Containers

&

Packaging

0.2%

d

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B,

7.215%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

442,268

441,801

d,g

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B,

7.413%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

231

231

d

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.838%,

(3-month

SOFR

+

3%),

9/30/32

.........

United

States

291,790

291,668

733,700

a

a

a

a

a

a

Distributors

0.0%

†

f

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.002%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

72,463

69,785

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

14

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

Electrical

Equipment

0.2%

d

Pinnacle

Buyer

LLC,

First

Lien,

Delayed

Draw

Term

Loan,

B,

10/01/32

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

United

States

33,719

$

33,909

f

Pinnacle

Buyer

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

6.485%,

(3-month

SOFR

+

2.5%),

9/13/32

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

United

States

175,340

176,326

f

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.384%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

439,438

440,951

651,186

a

a

a

a

a

a

f

Entertainment

0.1%

Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

6.879%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

174,107

175,268

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.829%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

432,734

424,002

599,270

a

a

a

a

a

a

Financial

Services

0.1%

d

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

Delayed

Draw

Term

Loan,

8/16/32

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

United

States

87,500

87,470

d,f

GC

Ferry

Acquisition

I,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.711%,

(3-month

SOFR

+

3.5%),

8/16/32

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

United

States

512,500

512,323

599,793

a

a

a

a

a

a

Food

Products

0.2%

d,f

Froneri

US,

Inc.,

First

Lien,

CME

Term

Loan,

B6,

6.372%,

(6-month

SOFR

+

2.5%),

8/02/32

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

United

States

590,000

590,401

f

Ground

Transportation

0.3%

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.752%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

297,000

296,604

d

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

CME

Term

Loan,

B4,

7.215%,

(1-month

SOFR

+

3.25%),

1/25/29

......

United

States

590,000

581,445

878,049

a

a

a

a

a

a

f

Health

Care

Equipment

&

Supplies

0.4%

Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

7.965%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

272,140

273,332

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.215%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

702,997

708,269

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

5.965%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

388,074

388,817

1,370,418

a

a

a

a

a

a

f

Health

Care

Providers

&

Services

0.3%

Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.465%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

453,123

455,013

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.465%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

535,566

537,644

992,657

a

a

a

a

a

a

f

Hotels,

Restaurants

&

Leisure

0.7%

Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.215%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

487,575

484,223

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.215%,

(1-month

SOFR

+

3.25%),

1/29/29

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

United

States

466,452

466,571

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

5.752%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

235,800

235,151

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

15

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Hotels,

Restaurants

&

Leisure

(continued)

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

8.753%,

(3-month

SOFR

+

4.75%),

11/01/29

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

Canada

435,000

$

433,641

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.465%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

583,925

585,396

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

6.934%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

454,247

449,478

2,654,460

a

a

a

a

a

a

Household

Durables

0.1%

f

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.252%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

398,425

400,025

f

Insurance

0.3%

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.666%,

(1-month

SOFR

+

2.5%),

9/19/31

..........

United

States

433,425

433,498

d

CRC

Insurance

Group

LLC,

First

Lien,

CME

Term

Loan,

B,

6.752%,

(3-month

SOFR

+

2.75%),

5/06/31

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

United

States

590,000

590,375

1,023,873

a

a

a

a

a

a

IT

Services

0.1%

f

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

6.752%,

(3-month

SOFR

+

2.75%),

2/03/31

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

United

States

201,135

201,972

f

Machinery

0.4%

Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

7

CME

Term

Loan,

6.476%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

847,552

852,319

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.634%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

364,744

364,060

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

7.197%,

(6-month

SOFR

+

3%),

4/30/30

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

Germany

290,142

292,258

1,508,637

a

a

a

a

a

a

f

Media

0.4%

Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.079%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

370,000

371,167

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

8.75%,

(PRIME

+

1.5%),

4/15/27

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

United

States

456,523

431,134

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

877,077

879,638

1,681,939

a

a

a

a

a

a

f

Oil,

Gas

&

Consumable

Fuels

0.6%

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.002%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

1,514,182

1,518,740

d

Delek

US

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B,

7.565%,

(1-month

SOFR

+

3.5%),

11/09/29

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

United

States

590,000

590,092

2,108,832

a

a

a

a

a

a

f

Passenger

Airlines

0.3%

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.134%,

(3-month

SOFR

+

3.25%),

5/28/32

.....

United

States

44,775

44,999

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.134%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

768,914

770,663

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

16

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Senior

Floating

Rate

Interests

(continued)

f

Passenger

Airlines

(continued)

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.252%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

369,375

$

371,107

1,186,769

a

a

a

a

a

a

f

Pharmaceuticals

0.3%

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

7.965%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

383,065

381,389

d

Southern

Veterinary

Partners

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.365%,

(3-month

SOFR

+

2.5%),

12/04/31

.....

United

States

590,000

590,289

971,678

a

a

a

a

a

a

Semiconductors

&

Semiconductor

Equipment

0.1%

d,f

Altar

Bidco,

Inc.,

First

Lien,

CME

Term

Loan,

6.783%,

(12-month

SOFR

+

3.1%),

2/01/29

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

United

States

489,627

483,262

Software

0.7%

d,f

EverCommerce

Solutions,

Inc.,

First

Lien,

CME

Term

Loan,

6.215%,

(1-month

SOFR

+

2.25%),

7/07/31

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

United

States

600,000

599,001

f

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

6.965%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

480,159

457,150

h

Ping

Identity

Holding

Corp.,

First

Lien,

CME

Term

Loan,

TBD,

9/29/32

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

United

States

142,180

142,447

f

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

6.965%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

518,075

521,251

f

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.338%,

(3-month

SOFR

+

2.5%),

2/10/31

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

United

States

455,400

455,862

f

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

5.965%,

(1-month

SOFR

+

2%),

10/22/29

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

United

States

204,714

205,013

2,380,724

a

a

a

a

a

a

Specialty

Retail

0.3%

f

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.215%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

1,026,973

1,030,655

Textiles,

Apparel

&

Luxury

Goods

0.1%

f

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.796%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

434,486

389,408

Water

Utilities

0.0%

†

f

Deep

Blue

Operating

I

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.884%,

(1-month

SOFR

+

2.75%),

10/01/32

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

United

States

119,332

119,854

Total

Senior

Floating

Rate

Interests

(Cost

$28,636,494)

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

28,679,706

Foreign

Government

and

Agency

Securities

10.8%

b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6

%

,

2/02/31

Armenia

900,000

826,782

b

Benin

Government

Bond

,

Senior

Bond,

144A,

7.96%,

2/13/38

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

Benin

425,000

443,469

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

258,000

EUR

285,708

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

600,000

EUR

647,788

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

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

Brazil

2,200,000

2,115,080

Senior

Bond,

6%,

10/20/33

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

Brazil

730,000

748,250

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

260,000

261,543

Senior

Note,

Reg

S,

3.625%,

9/05/32

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

Bulgaria

360,000

EUR

430,029

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

17

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95

%

,

7/07/32

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

Cameroon

700,000

EUR

$

659,465

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

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

Chile

610,000

647,332

Senior

Note,

4.85%,

1/22/29

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

Chile

920,000

941,988

Colombia

Government

Bond

,

Senior

Bond,

8%,

11/14/35

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

Colombia

1,240,000

1,354,700

Senior

Note,

7.375%,

4/25/30

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

Colombia

430,000

461,326

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125

%

,

2/19/31

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

Costa

Rica

1,360,000

1,425,756

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

6

%

,

7/19/28

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

Dominican

Republic

1,600,000

1,650,080

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5

%

,

8/17/30

.

Mexico

800,000

813,720

Ecopetrol

SA

,

Senior

Bond

,

4.625

%

,

11/02/31

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

Colombia

525,000

471,277

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

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

Egypt

930,000

977,137

Senior

Note,

144A,

8.625%,

2/04/30

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

Egypt

700,000

751,532

b,i

Electricite

de

France

SA

,

Junior

Sub.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

535,000

620,102

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625

%

,

2/06/31

....

Gabon

810,000

635,502

b

Ghana

Government

Bond

,

Senior

Bond

,

144A,

5

%

,

7/03/35

....

Ghana

570,000

492,680

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

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

Guatemala

1,480,000

1,598,400

Senior

Note,

144A,

7.05%,

10/04/32

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

Guatemala

400,000

443,250

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5

%

,

1/13/29

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

Jordan

450,000

479,228

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25

%

,

6/16/29

Hungary

1,150,000

1,176,843

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35

%

,

1/08/27

Indonesia

900,000

904,205

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8

%

,

1/15/28

....

Iraq

800,000

798,749

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5

%

,

12/06/28

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

Turkiye

650,000

714,609

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875

%

,

1/30/32

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

Ivory

Coast

1,200,000

EUR

1,338,901

Mexico

Government

Bond

,

Senior

Bond

,

2.659

%

,

5/24/31

.....

Mexico

300,000

268,890

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875

%

,

4/01/32

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

Montenegro

620,000

EUR

728,252

Panama

Government

Bond

,

Senior

Note

,

7.5

%

,

3/01/31

......

Panama

780,000

865,410

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849

%

,

6/28/33

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

Paraguay

1,620,000

1,530,495

Peru

Government

Bond

,

Senior

Bond

,

2.783

%

,

1/23/31

.......

Peru

950,000

880,460

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45

%

,

5/21/28

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

Indonesia

400,000

410,939

Petroleos

Mexicanos

,

Senior

Note

,

6.7

%

,

2/16/32

...........

Mexico

460,000

459,893

Philippines

Government

Bond

,

Senior

Bond

,

5.5

%

,

2/04/35

....

Philippines

790,000

842,103

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95

%

,

4/23/30

.

India

890,000

867,955

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

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

Romania

800,000

EUR

909,601

Senior

Note,

144A,

3%,

2/27/27

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

Romania

1,610,000

1,581,375

b

Serbia

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

9/26/33

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

Serbia

430,000

470,505

Senior

Note,

Reg

S,

6.25%,

5/26/28

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

Serbia

510,000

531,958

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

6/22/30

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

South

Africa

450,000

466,298

Senior

Bond,

5.875%,

4/20/32

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

South

Africa

430,000

443,628

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875

%

,

3/24/26

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

Azerbaijan

800,000

808,779

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

18

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Foreign

Government

and

Agency

Securities

(continued)

Turkiye

Government

Bond

,

Senior

Note,

9.125%,

7/13/30

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

Turkiye

1,260,000

$

1,435,361

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9

%

,

2/28/32

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

Uzbekistan

720,000

782,251

Total

Foreign

Government

and

Agency

Securities

(Cost

$37,298,333)

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

39,399,584

Asset-Backed

Securities

1.2%

Financial

Services

1.2%

b,f

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.308

%

,

(

3-month

SOFR

+

4.45

%

),

10/25/37

.

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

United

States

900,000

907,048

f

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2D

,

FRN

,

4.456

%

,

(

1-month

SOFR

+

0.464

%

),

3/25/37

.

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

United

States

1,388,497

1,229,827

b

DataBank

Issuer

II

LLC

,

2025-1A

,

A2

,

144A,

5.18

%

,

9/27/55

.

...

United

States

703,000

704,539

b

New

Economy

Assets

-

Phase

1

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91

%

,

10/20/61

.

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

United

States

546,000

462,391

b,f

Northwoods

Capital

22

Ltd.

,

2020-22A

,

DRR

,

144A,

FRN

,

8.971

%

,

(

3-month

SOFR

+

4.95

%

),

9/16/31

.

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

United

States

900,000

915,764

b

PK

Alift

Loan

Funding

7

LP

,

2025-2

,

A

,

144A,

4.75

%

,

3/15/43

.

..

United

States

250,000

250,869

4,470,438

a

a

a

a

a

a

Total

Asset-Backed

Securities

(Cost

$4,386,624)

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

4,470,438

Commercial

Mortgage-Backed

Securities

9.0%

Financial

Services

9.0%

j,k

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.145

%

,

10/15/57

........

United

States

9,674,612

781,845

j,k

BANK5

Trust

,

2024-5YR10,

XA,

IO,

FRN,

1.189%,

10/15/57

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

United

States

14,847,981

599,287

2024-5YR12,

XA,

IO,

FRN,

0.497%,

12/15/57

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

United

States

11,027,671

204,690

2024-5YR7,

XA,

IO,

FRN,

1.334%,

6/15/57

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

United

States

10,893,646

456,262

j,k

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.689%,

2/15/55

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

United

States

10,395,036

334,220

2024-5C29,

XA,

IO,

FRN,

1.599%,

9/15/57

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

United

States

16,425,014

876,685

2024-5C31,

XA,

IO,

FRN,

1.061%,

12/15/57

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

United

States

4,847,147

185,386

2024-C26,

XA,

IO,

FRN,

1.013%,

5/15/57

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

United

States

5,701,622

405,437

j,k

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

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

United

States

14,078,976

616,021

2024-V11,

XA,

IO,

FRN,

0.56%,

11/15/57

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

United

States

20,387,000

422,303

j,k

BMO

Mortgage

Trust

,

2024-5C6,

XA,

IO,

FRN,

1.353%,

9/15/57

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

United

States

12,362,124

540,836

2024-5C8,

XA,

IO,

FRN,

1.021%,

12/15/57

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

United

States

5,934,610

217,931

b,k

BWAY

Mortgage

Trust

,

2022-26BW

,

E

,

144A,

FRN

,

4.866

%

,

2/10/44

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

United

States

665,000

366,628

k

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947

%

,

5/10/50

.....

United

States

1,032,000

980,692

CFCRE

Commercial

Mortgage

Trust

,

b,k

2011-C2,

E,

144A,

FRN,

5.249%,

12/15/47

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

United

States

424,000

401,272

2016-C7,

A3,

3.839%,

12/10/54

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

United

States

908,000

899,456

Citigroup

Commercial

Mortgage

Trust

,

b,k

2015-GC27,

D,

144A,

FRN,

4.396%,

2/10/48

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

United

States

860,530

830,421

k

2015-GC33,

C,

FRN,

4.391%,

9/10/58

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

United

States

471,000

408,563

2015-GC33,

D,

3.172%,

9/10/58

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

United

States

221,000

137,011

COMM

Mortgage

Trust

,

b,k,l

2012-CR3,

F,

144A,

FRN,

4.75%,

10/15/45

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

United

States

424,048

25,971

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

380,828

361,834

b,k

2013-CR13,

D,

144A,

FRN,

4.944%,

11/10/46

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

United

States

1,233,000

696,670

k

2014-CR16,

C,

FRN,

4.778%,

4/10/47

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

United

States

912,000

867,597

b,k

2014-CR17,

D,

144A,

FRN,

4.845%,

5/10/47

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

United

States

725,000

611,370

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

19

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

COMM

Mortgage

Trust,

(continued)

b,k

2014-CR19,

D,

144A,

FRN,

4.425%,

8/10/47

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

United

States

85,923

$

84,043

k

2014-CR20,

C,

FRN,

4.414%,

11/10/47

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

United

States

690,467

668,644

k

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

349,669

345,436

k

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

367,143

353,571

2015-DC1,

AM,

3.724%,

2/10/48

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

United

States

372,701

366,801

k

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

906,000

864,274

CSAIL

Commercial

Mortgage

Trust

,

k

2015-C1,

AS,

FRN,

3.791%,

4/15/50

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

United

States

497,939

495,071

k

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

330,214

318,970

2015-C3,

A4,

3.718%,

8/15/48

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

United

States

5,045

5,034

b,k

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.351

%

,

8/10/44

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

United

States

439,699

425,669

b,f

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.547%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

957,750

973,674

2020-01,

M10,

144A,

FRN,

8.047%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

1,349,199

1,375,155

k

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

3.874%,

7/10/46

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

United

States

290,296

286,784

2014-GC24,

B,

FRN,

4.426%,

9/10/47

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

United

States

1,080,000

1,040,591

b

2014-GC24,

D,

144A,

FRN,

4.447%,

9/10/47

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

United

States

485,000

311,011

j

2019-GC42,

XA,

IO,

FRN,

0.804%,

9/10/52

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

United

States

13,719,305

350,052

k

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

8.284%,

2/12/51

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

United

States

16,059

22,215

b

2012-C6,

E,

144A,

FRN,

4.964%,

5/15/45

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

United

States

432,000

424,933

2013-LC11,

D,

FRN,

4.199%,

4/15/46

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

United

States

574,000

43,828

b,l

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

1,390,000

47,755

JPMBB

Commercial

Mortgage

Securities

Trust

,

k

2013-C12,

D,

FRN,

3.94%,

7/15/45

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

United

States

521,000

481,934

b,k

2013-C14,

D,

144A,

FRN,

4.037%,

8/15/46

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

United

States

500,000

391,477

b,k

2014-C18,

D,

144A,

FRN,

4.504%,

2/15/47

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

United

States

513,000

464,275

k

2014-C23,

B,

FRN,

4.537%,

9/15/47

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

United

States

364,000

353,426

k

2014-C23,

C,

FRN,

4.537%,

9/15/47

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

United

States

436,000

418,772

b,k

2014-C23,

D,

144A,

FRN,

4.037%,

9/15/47

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

United

States

287,000

260,969

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

275,000

274,252

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

B,

4.522%,

6/15/51

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

United

States

504,000

480,963

k

2018-C8,

C,

FRN,

4.756%,

6/15/51

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

United

States

402,000

363,777

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549

%

,

3/10/50

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

United

States

1,149,000

1,129,809

k

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

3.953%,

7/15/46

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

United

States

340,026

323,027

b

2013-C10,

F,

144A,

FRN,

3.953%,

7/15/46

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

United

States

1,988,000

217,366

b

2013-C12,

D,

144A,

FRN,

4.703%,

10/15/46

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

United

States

416,000

388,993

2015-C22,

C,

FRN,

3.97%,

4/15/48

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

United

States

1,263,000

1,119,066

k

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

663,000

648,242

2018-H3,

C,

FRN,

4.857%,

7/15/51

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

United

States

404,000

377,645

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055

%

,

10/10/48

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

United

States

1,034,000

1,020,137

b,l

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

8

%

,

12/28/38

..

United

States

1,081,996

108

k

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.356

%

,

8/15/50

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

United

States

498,000

464,288

Wells

Fargo

Commercial

Mortgage

Trust

,

b,k

2013-LC12,

D,

144A,

FRN,

3.786%,

7/15/46

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

United

States

356,000

204,262

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

20

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

Wells

Fargo

Commercial

Mortgage

Trust,

(continued)

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

662,329

$

80,129

2015-C31,

D,

3.852%,

11/15/48

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

United

States

262,000

226,140

k

2015-SG1,

B,

FRN,

4.293%,

9/15/48

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

United

States

336

330

j,k

2019-C52,

XA,

IO,

FRN,

1.564%,

8/15/52

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

United

States

6,719,803

307,949

j,k

2024-5C1,

XA,

IO,

FRN,

1.028%,

7/15/57

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

United

States

12,830,026

425,371

k

WFRBS

Commercial

Mortgage

Trust

,

b

2012-C9,

E,

144A,

FRN,

4.719%,

11/15/45

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

United

States

327,601

326,835

b

2013-C15,

D,

144A,

FRN,

4.146%,

8/15/46

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

United

States

515,444

296,391

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

365,000

343,546

2014-C23,

B,

FRN,

4.279%,

10/15/57

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

United

States

275,000

266,979

32,688,357

a

a

a

a

a

a

Total

Commercial

Mortgage-Backed

Securities

(Cost

$35,384,907)

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

32,688,357

Mortgage-Backed

Securities

18.8%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

12.8%

FNMA,

30

Year,

5%,

1/01/49

-

8/01/49

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

United

States

98,599

99,882

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

11/25/55

....

United

States

6,000,000

5,095,074

m

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

11/25/55

.....

United

States

2,000,000

1,772,500

m

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

11/25/55

.....

United

States

4,000,000

3,980,485

m

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

11/25/55

....

United

States

27,000,000

27,282,228

m

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

11/25/55

.....

United

States

8,000,000

8,181,706

46,411,875

Government

National

Mortgage

Association

(GNMA)

Fixed

Rate

6.0%

GNMA

II,

Single-family,

30

Year,

3.5%,

8/20/49

-

3/20/50

......

United

States

313,714

284,777

GNMA

II,

Single-family,

30

Year,

4.5%,

10/20/49

-

1/20/50

.....

United

States

74,800

73,022

m

GNMA

II,

Single-family,

30

Year,

4.5%,

11/15/55

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

United

States

2,500,000

2,440,359

GNMA

II,

Single-family,

30

Year,

5%,

5/20/49

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

United

States

83,443

83,838

m

GNMA

II,

Single-family,

30

Year,

5%,

11/15/55

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

United

States

8,000,000

7,976,621

GNMA

II,

Single-family,

30

Year,

5.5%,

5/20/49

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

United

States

37,318

38,190

m

GNMA

II,

Single-family,

30

Year,

5.5%,

11/15/55

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

United

States

11,000,000

11,092,432

21,989,239

Total

Mortgage-Backed

Securities

(Cost

$68,402,176)

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

68,401,114

Residential

Mortgage-Backed

Securities

10.2%

Financial

Services

10.2%

b

A&D

Mortgage

Trust

,

2024-NQM1

,

A1

,

144A,

6.195

%

,

2/25/69

.

United

States

1,190,349

1,199,963

Alternative

Loan

Trust

,

f

2005-38,

A3,

FRN,

4.806%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

329,067

303,977

f

2005-59,

1A1,

FRN,

4.798%,

(1-month

SOFR

+

0.774%),

11/20/35

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

United

States

867,856

849,806

f

2006-OA10,

1A1,

FRN,

5.069%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

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

United

States

177,645

163,935

f

2006-OA10,

3A1,

FRN,

4.486%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

405,107

365,973

f

2006-OA10,

4A1,

FRN,

4.486%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

2,285,409

2,010,232

k

2006-OA7,

1A1,

FRN,

3.133%,

6/25/46

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

United

States

759,563

706,389

f

2006-OA7,

1A2,

FRN,

5.049%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

257,859

257,610

f

2007-OH1,

A1D,

FRN,

4.316%,

(1-month

SOFR

+

0.324%),

4/25/47

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

United

States

302,124

269,614

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

21

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

f

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.296

%

,

(

1-month

SOFR

+

0.304

%

),

5/25/47

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

United

States

576,281

$

342,799

f

Bear

Stearns

ALT-A

Trust

,

2005-10

,

11A1

,

FRN

,

4.606

%

,

(

1-month

SOFR

+

0.614

%

),

1/25/36

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

United

States

83,325

79,914

b,f

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.286

%

,

(

1-month

SOFR

+

0.294

%

),

11/25/47

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

United

States

412,327

375,158

b,k

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

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

United

States

335,613

330,352

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

666,834

649,147

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

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

United

States

346,000

331,940

f

FHLMC

STACR

Debt

Notes

,

2015-HQA2,

B,

FRN,

14.797%,

(30-day

SOFR

Average

+

10.614%),

5/25/28

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

United

States

824,939

829,124

2016-DNA1,

B,

FRN,

14.297%,

(30-day

SOFR

Average

+

10.114%),

7/25/28

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

United

States

2,784,670

2,836,658

b,f

FHLMC

STACR

REMIC

Trust

,

2020-DNA4,

B2,

144A,

FRN,

14.297%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

966,000

1,296,662

2020-DNA5,

B2,

144A,

FRN,

15.683%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

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

United

States

491,000

694,291

2020-HQA2,

B2,

144A,

FRN,

11.897%,

(30-day

SOFR

Average

+

7.714%),

3/25/50

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

United

States

625,000

768,131

2020-HQA3,

B2,

144A,

FRN,

14.297%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

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

United

States

1,027,000

1,366,298

2021-DNA3,

B2,

144A,

FRN,

10.433%,

(30-day

SOFR

Average

+

6.25%),

10/25/33

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

United

States

299,000

372,474

2022-DNA2,

M2,

144A,

FRN,

7.933%,

(30-day

SOFR

Average

+

3.75%),

2/25/42

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

United

States

450,000

465,606

2023-HQA2,

M1B,

144A,

FRN,

7.533%,

(30-day

SOFR

Average

+

3.35%),

6/25/43

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

United

States

700,000

726,938

b,f

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

12.047%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

389,000

448,674

2018-HQA2,

B2,

144A,

FRN,

15.297%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

1,619,000

2,030,417

2019-DNA1,

B2,

144A,

FRN,

15.047%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

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

United

States

315,000

391,460

2019-HQA1,

B2,

144A,

FRN,

16.547%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

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

United

States

254,000

311,990

2019-HQA2,

B2,

144A,

FRN,

15.547%,

(30-day

SOFR

Average

+

11.364%),

4/25/49

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

United

States

298,000

357,737

f

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1B,

FRN,

16.047%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

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

United

States

825,136

850,758

2016-C02,

1B,

FRN,

16.547%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

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

United

States

2,291,102

2,384,751

2016-C03,

1B,

FRN,

16.047%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

1,281,231

1,341,097

2016-C03,

2B,

FRN,

17.047%,

(30-day

SOFR

Average

+

12.864%),

10/25/28

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

United

States

237,566

249,681

2016-C04,

1B,

FRN,

14.547%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

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

United

States

264,589

280,282

2016-C05,

2B,

FRN,

15.047%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

265,859

282,023

2016-C06,

1B,

FRN,

13.547%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

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

United

States

393,936

421,115

b

2020-R01,

1B1,

144A,

FRN,

7.547%,

(30-day

SOFR

Average

+

3.364%),

1/25/40

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

United

States

459,000

470,735

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

22

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Residential

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

f

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2022-R02,

2B1,

144A,

FRN,

8.683%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

402,000

$

417,321

b

2022-R02,

2M2,

144A,

FRN,

7.183%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

1,640,000

1,677,129

f

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.582

%

,

(

1-month

SOFR

+

0.424

%

),

5/25/37

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

United

States

483,515

269,802

f

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.666

%

,

(

1-month

SOFR

+

0.634

%

),

5/19/35

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

United

States

400,257

110,739

b,f

Home

RE

Ltd.

,

2021-2

,

B1

,

144A,

FRN

,

8.333

%

,

(

30-day

SOFR

Average

+

4.15

%

),

1/25/34

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

United

States

300,000

305,538

b,f

J.P.

Morgan

Mortgage

Trust

,

2024-9,

A11,

144A,

FRN,

5.533%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

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

United

States

373,268

374,238

2025-2,

A11,

144A,

FRN,

5.433%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

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

United

States

449,812

449,538

MFA

Trust

,

2024-NPL1

,

A1

,

6.33

%

,

9/25/54

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

United

States

613,061

614,230

b,f

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

2.846

%

,

(

1-month

SOFR

+

0.344

%

),

2/26/37

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

United

States

327,391

313,007

b,f

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.533

%

,

(

30-day

SOFR

Average

+

1.35

%

),

9/25/54

United

States

206,048

205,861

f

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

4.901

%

,

(

1-month

SOFR

+

0.909

%

),

8/25/35

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

United

States

47,791

46,763

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4,

A1,

144A,

7.5%,

2/25/30

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

United

States

1,227,000

1,234,020

2024-RTL5,

A1,

144A,

7.762%,

4/25/30

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

United

States

1,400,000

1,414,033

f

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.466

%

,

(

1-month

SOFR

+

0.474

%

),

1/25/37

.........

United

States

447,279

404,996

b,k

Towd

Point

Mortgage

Trust

,

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

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

United

States

815,000

702,617

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

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

United

States

1,033,000

942,976

f

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.086

%

,

(

1-month

SOFR

+

1.094

%

),

10/25/45

..

United

States

173,561

168,070

37,064,589

a

a

a

a

a

a

Total

Residential

Mortgage-Backed

Securities

(Cost

$35,254,673)

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

37,064,589

Agency

Commercial

Mortgage-Backed

Securities

12.6%

Financial

Services

12.6%

j

FHLMC

,

304,

C37,

IO,

3.5%,

12/15/27

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

United

States

29,030

488

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

252,147

33,148

4077,

IK,

IO,

5%,

7/15/42

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

United

States

758,833

159,717

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

262,585

13,048

f

4839,

WS,

IO,

FRN,

1.752%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

4,221,880

624,515

f

4945,

SL,

IO,

FRN,

1.753%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

4,048,137

506,641

4984,

IL,

IO,

4.5%,

6/25/50

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

United

States

4,002,581

840,623

f

5002,

SJ,

IO,

FRN,

1.803%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

6,257,288

785,628

f

5011,

SA,

IO,

FRN,

1.953%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

6,812,383

898,816

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

7,846,061

1,864,766

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

3,246,071

771,620

5134,

IC,

IO,

4%,

8/25/51

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

United

States

6,613,183

1,319,300

5349,

IB,

IO,

4%,

12/15/46

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

United

States

3,870,494

842,154

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

23

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

b,f

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1,

M2,

144A,

FRN,

7.933%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

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

United

States

555,000

$

576,213

2021-MN3,

M2,

144A,

FRN,

8.183%,

(30-day

SOFR

Average

+

4%),

11/25/51

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

United

States

1,746,000

1,814,311

j

FNMA

,

f

2010-35,

SG,

IO,

FRN,

2.103%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

462,975

53,152

f

2011-101,

SA,

IO,

FRN,

1.603%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

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

United

States

1,061,451

106,689

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

236,012

48,705

2015-30,

IO,

5.5%,

5/25/45

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

United

States

1,797,318

242,583

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

1,209,733

174,485

f

2017-32,

SA,

IO,

FRN,

1.853%,

(30-day

SOFR

Average

+

6.036%),

5/25/47

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

United

States

5,246,679

609,872

f

2018-20,

SB,

IO,

FRN,

1.953%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

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

United

States

2,402,974

240,042

f

2018-38,

SA,

IO,

FRN,

1.903%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

4,431,964

548,927

f

2019-43,

JS,

IO,

FRN,

1.753%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

2,292,619

257,374

f

2019-61,

S,

IO,

FRN,

1.703%,

(30-day

SOFR

Average

+

5.886%),

11/25/49

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

United

States

4,797,402

672,222

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

5,845,124

1,339,721

2021-14,

CI,

IO,

4.5%,

11/25/49

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

United

States

7,671,565

1,728,148

374,

6,

IO,

5.5%,

8/25/36

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

United

States

59,600

9,675

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

158,656

21,760

427,

C93,

IO,

4.5%,

8/25/42

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

United

States

5,666,831

991,669

j

GNMA

,

2012-113,

ID,

IO,

3.5%,

9/20/42

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

United

States

671,269

99,791

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

1,594,668

258,937

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

1,606,513

262,031

2012-146,

IO,

5%,

12/20/42

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

United

States

426,978

90,022

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

833,581

157,963

k

2013-H08,

CI,

IO,

FRN,

1.495%,

2/20/63

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

United

States

1,289,515

45,052

f

2014-119,

SA,

IO,

FRN,

1.454%,

(1-month

SOFR

+

5.486%),

8/20/44

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

United

States

1,254,199

126,995

f

2014-60,

SD,

IO,

FRN,

2.034%,

(1-month

SOFR

+

6.066%),

4/20/44

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

United

States

2,968,492

375,904

2014-76,

IO,

5%,

5/20/44

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

United

States

595,838

124,255

k

2014-H21,

BI,

IO,

FRN,

1.557%,

10/20/64

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

United

States

2,468,387

52,276

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

504,999

18,733

2015-53,

MI,

IO,

4%,

4/16/45

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

United

States

1,426,747

283,323

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

898,604

131,872

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

357,058

73,274

k

2015-H10,

BI,

IO,

FRN,

2.06%,

4/20/65

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

United

States

1,550,059

72,047

k

2015-H20,

AI,

IO,

FRN,

1.853%,

8/20/65

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

United

States

1,641,605

50,711

k

2015-H20,

CI,

IO,

FRN,

1.874%,

8/20/65

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

United

States

1,905,738

102,641

k

2015-H23,

BI,

IO,

FRN,

1.768%,

9/20/65

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

United

States

1,839,575

43,224

k

2015-H25,

EI,

IO,

FRN,

1.842%,

10/20/65

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

United

States

1,071,253

35,590

2016-42,

IO,

5%,

2/20/46

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

United

States

1,452,328

284,421

k

2016-H03,

AI,

IO,

FRN,

1.941%,

1/20/66

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

United

States

5,772,762

228,827

k

2016-H03,

DI,

IO,

FRN,

1.996%,

12/20/65

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

United

States

1,506,162

48,913

k

2016-H06,

DI,

IO,

FRN,

1.564%,

7/20/65

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

United

States

2,894,624

118,824

k

2016-H09,

BI,

IO,

FRN,

2.013%,

4/20/66

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

United

States

2,431,570

101,445

k

2016-H10,

AI,

IO,

FRN,

1.62%,

4/20/66

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

United

States

3,652,450

101,892

k

2016-H18,

QI,

IO,

FRN,

2.226%,

6/20/66

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

United

States

1,410,999

78,753

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

24

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

k

2016-H22,

AI,

IO,

FRN,

2.128%,

10/20/66

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

United

States

1,999,549

$

96,360

k

2016-H23,

NI,

IO,

FRN,

2.132%,

10/20/66

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

United

States

5,431,817

256,181

k

2016-H24,

CI,

IO,

FRN,

1.66%,

10/20/66

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

United

States

1,317,249

30,554

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

2,013,625

387,680

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

744,436

138,915

k

2017-H02,

BI,

IO,

FRN,

2.275%,

1/20/67

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

United

States

1,521,785

58,981

k

2017-H06,

BI,

IO,

FRN,

2.356%,

2/20/67

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

United

States

2,404,100

77,013

k

2017-H08,

NI,

IO,

FRN,

2.208%,

3/20/67

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

United

States

3,345,100

105,471

k

2017-H09,

IO,

FRN,

1.892%,

4/20/67

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

United

States

4,083,523

116,152

k

2017-H11,

DI,

IO,

FRN,

2.083%,

5/20/67

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

United

States

2,631,079

129,567

k

2017-H12,

QI,

IO,

FRN,

2.386%,

5/20/67

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

United

States

2,216,063

84,416

k

2017-H16,

IG,

IO,

FRN,

1.865%,

7/20/67

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

United

States

5,437,146

141,491

k

2017-H16,

JI,

IO,

FRN,

2.437%,

8/20/67

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

United

States

7,186,143

311,102

k

2017-H19,

MI,

IO,

FRN,

2.069%,

4/20/67

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

United

States

1,344,131

51,914

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

2,531,900

501,201

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

1,059,740

217,953

k

2018-H02,

EI,

IO,

FRN,

2.324%,

1/20/68

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

United

States

6,099,021

256,330

k

2018-H05,

BI,

IO,

FRN,

2.307%,

2/20/68

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

United

States

3,870,738

163,883

k

2018-H15,

KI,

IO,

FRN,

2.241%,

8/20/68

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

United

States

2,713,347

99,376

f

2019-110,

SQ,

IO,

FRN,

1.904%,

(1-month

SOFR

+

5.936%),

9/20/49

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

United

States

3,539,095

416,668

f

2019-152,

ES,

IO,

FRN,

1.904%,

(1-month

SOFR

+

5.936%),

12/20/49

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

United

States

2,133,100

257,019

f

2019-83,

SY,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

3,197,876

398,101

f

2019-89,

PS,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

3,921,115

515,949

f

2019-96,

SY,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

8/20/49

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

United

States

3,626,701

462,681

2020-13,

AI,

IO,

4%,

3/20/46

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

United

States

7,580,011

998,087

2020-167,

PI,

IO,

3.5%,

11/20/50

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

United

States

4,574,979

948,174

2020-175,

NI,

IO,

3%,

11/20/50

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

United

States

4,861,807

786,329

f

2020-63,

AS,

IO,

FRN,

1.854%,

(1-month

SOFR

+

5.886%),

8/20/43

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

United

States

3,904,285

476,985

f

2020-63,

PS,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

4/20/50

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

United

States

4,640,135

618,870

f

2020-63,

SP,

IO,

FRN,

1.954%,

(1-month

SOFR

+

5.986%),

5/20/50

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

United

States

3,621,589

467,161

f

2020-96,

KS,

IO,

FRN,

2.004%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

11,400,455

1,509,952

f

2020-97,

QS,

IO,

FRN,

2.004%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

3,086,064

441,317

f

2021-116,

ES,

IO,

FRN,

2.054%,

(1-month

SOFR

+

6.086%),

11/20/47

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

United

States

5,931,351

700,105

2021-122,

GI,

IO,

4.5%,

11/20/47

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

United

States

6,154,778

1,400,346

2021-156,

IO,

3.5%,

7/20/51

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

United

States

7,581,908

1,437,152

2021-214,

AI,

IO,

4%,

12/20/51

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

United

States

4,710,710

930,360

2021-59,

IP,

IO,

3%,

4/20/51

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

United

States

6,307,991

1,074,768

f

2021-59,

SM,

IO,

FRN,

2.154%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

10,993,826

1,491,846

f

2021-59,

SQ,

IO,

FRN,

2.154%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

3,715,754

511,354

f

2021-77,

SM,

IO,

FRN,

2.154%,

(1-month

SOFR

+

6.186%),

5/20/51

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

United

States

5,490,668

771,710

f

2021-98,

SK,

IO,

FRN,

2.154%,

(1-month

SOFR

+

6.186%),

6/20/51

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

United

States

8,649,519

1,214,086

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

25

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

Agency

Commercial

Mortgage-Backed

Securities

(continued)

Financial

Services

(continued)

j

GNMA,

(continued)

f

2023-35,

SH,

IO,

FRN,

2.266%,

(30-day

SOFR

Average

+

6.45%),

2/20/53

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

United

States

11,422,362

$

974,363

2024-186,

IO,

3%,

9/20/51

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

United

States

7,430,290

1,124,614

k

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

10,618,744

537,818

2024-4,

IG,

IO,

5%,

12/20/52

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

United

States

3,509,870

677,262

45,831,345

a

a

a

a

a

a

Total

Agency

Commercial

Mortgage-Backed

Securities

(Cost

$45,818,353)

.......

45,831,345

Total

Long

Term

Investments

(Cost

$374,718,679)

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

379,885,424

a

Short

Term

Investments

13.4%

a

a

Country

Principal

Amount

*

a

Value

a

a

a

a

a

a

Certificates

of

Deposit

1.5%

Bank

of

America

NA,

4.25%,

3/02/26

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

United

States

1,750,000

1,750,892

Canadian

Imperial

Bank

of

Commerce,

4.34%,

2/09/26

.......

Canada

1,800,000

1,801,049

Toronto-Dominion

Bank

(The),

4.53%,

4/02/26

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

Canada

1,850,000

1,850,843

Total

Certificates

of

Deposit

(Cost

$5,400,000)

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

5,402,784

a

a

a

Commercial

Papers

3.5%

b,c

BPCE

SA

,

144A,

3.959%

,

2/26/26

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

France

1,750,000

1,727,396

b

Commonwealth

Bank

of

Australia

,

144A,

4.42

%

,

4/09/26

......

Australia

1,750,000

1,750,070

c

Credit

Agricole

Corporate

and

Investment

Bank

SA

,

4.016%

,

2/05/26

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

France

1,750,000

1,731,282

c

Export

Development

Corp.

,

3.962%

,

12/03/25

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

United

States

1,750,000

1,743,871

c

FMS

Wertmanagement

,

4.018%,

11/21/25

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

Germany

2,000,000

1,995,494

b

144A,

3.965%,

12/04/25

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

Germany

2,000,000

1,992,661

3,988,155

b

Royal

Bank

of

Canada

,

144A,

4.31

%

,

3/23/26

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

Canada

1,850,000

1,850,742

Total

Commercial

Papers

(Cost

$12,791,435)

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

12,791,516

a

a

a

U.S.

Government

and

Agency

Securities

0.5%

c,n

U.S.

Treasury

Bills

,

1.9%,

11/06/25

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

United

States

200,000

199,936

3.61%,

1/20/26

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

United

States

1,500,000

1,487,907

1,687,843

Total

U.S.

Government

and

Agency

Securities

(Cost

$1,687,154)

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

1,687,843

Shares

Management

Investment

Companies

4.9%

a,o

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

.......

United

States

17,754,345

17,754,345

Total

Management

Investment

Companies

(Cost

$17,754,345)

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

17,754,345

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

26

Short

Term

Investments

(continued)

a

a

Country

Shares

a

Value

a

a

a

a

a

a

Money

Market

Funds

3.0%

a,o

Putnam

Government

Money

Market

Fund,

Class

P,

3.881%

....

United

States

10,983,993

$

10,983,993

Total

Money

Market

Funds

(Cost

$10,983,993)

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

10,983,993

Total

Short

Term

Investments

(Cost

$48,616,927

)

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

48,620,481

a

Total

Investments

(Cost

$423,335,606)

117.9%

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

$428,505,905

TBA

Sale

Commitments

(2.7)%

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

(9,722,644)

Other

Assets,

less

Liabilities

(15.2)%

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

(55,175,491)

Net

Assets

100.0%

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

$363,607,770

a

a

a

Principal

Amount

*

p

TBA

Sale

Commitments

(2.7)%

Mortgage-Backed

Securities

(2.7)%

Federal

National

Mortgage

Association

(FNMA)

Fixed

Rate

(2.7)%

Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

11/25/55

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

United

States

(1,000,000)

(948,942)

4.5%,

TBA,

11/25/55

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

United

States

(9,000,000)

(8,773,702)

Total

TBA

Sale

Commitments

(Proceeds

$(9,710,313))

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

$(9,722,644)

*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

4

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933.

144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933.

Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

October

31,

2025,

the

aggregate

value

of

these

securities

was

$141,664,381,

representing

39.0%

of

net

assets.

c

The

rate

shown

represents

the

yield

at

period

end.

d

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

e

Income

may

be

received

in

additional

securities

and/or

cash.

f

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

g

See

Note

3

regarding

unfunded

loan

commitments.

h

A

portion

or

all

of

the

security

represents

an

unsettled

loan

commitment.

The

coupon

rate

is

to-be

determined

(TBD)

at

the

time

of

the

settlement

and

will

be

based

upon

a

reference

index/floor

plus

a

spread.

i

Perpetual

security

with

no

stated

maturity

date.

j

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

k

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

l

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

n

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

October

31,

2025,

the

aggregate

value

of

these

securities

pledged

amounted

to

$1,338,914,

representing

0.4%

net

assets.

o

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

p

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

27

At

October

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

At

October

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

Futures

Contracts

Description

Type

Number

of

Contracts

Notional

Amount

*

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Interest

rate

contracts

Euro-Bobl

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

Short

51

$

6,951,932

12/08/25

$

(20,117)

U.S.

Treasury

10

Year

Ultra

Notes

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

Short

27

3,118,078

12/19/25

(39,271)

U.S.

Treasury

2

Year

Notes

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

Short

197

41,023,711

12/31/25

48,925

Total

Futures

Contracts

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

$(10,463)

*

As

of

period

end.

Forward

Exchange

Contracts

Currency

Counter-

party

a

Type

Quantity

Contract

Amount

*

Settlement

Date

Unrealized

Appreciation

Unrealized

Depreciation

a

a

a

a

a

a

a

a

OTC

Forward

Exchange

Contracts

Japanese

Yen

......

BOFA

Buy

147,522,300

1,010,157

11/19/25

$

—

$

(51,445)

Japanese

Yen

......

GSCO

Buy

254,207,100

1,740,552

11/19/25

—

(88,521)

Japanese

Yen

......

HSBK

Buy

135,633,600

929,061

11/19/25

—

(47,610)

Japanese

Yen

......

TDOM

Buy

1,366,800

9,360

11/19/25

—

(477)

Japanese

Yen

......

UBSW

Buy

125,971,100

862,529

11/19/25

—

(43,873)

British

Pound

......

HSBK

Sell

1,016,100

1,380,976

12/17/25

46,053

—

Euro

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

HSBK

Sell

9,729,400

11,500,033

12/17/25

257,512

—

Euro

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

MSCO

Sell

136,300

158,993

12/17/25

1,495

—

Norwegian

Krone

...

MSCO

Sell

13,864,000

1,408,291

12/17/25

39,657

—

Swedish

Krona

.....

MSCO

Sell

14,243,300

1,542,465

12/17/25

39,257

—

Swiss

Franc

.......

TDOM

Buy

727,100

918,508

12/17/25

—

(10,306)

Swiss

Franc

.......

UBSW

Buy

1,818,000

2,311,832

12/17/25

—

(41,018)

Australian

Dollar

....

BZWS

Sell

221,400

145,489

1/21/26

521

—

Australian

Dollar

....

CITI

Sell

1,089,500

715,813

1/21/26

2,432

—

Australian

Dollar

....

HSBK

Sell

129,100

84,841

1/21/26

309

—

Australian

Dollar

....

JPHQ

Sell

1,591,100

1,045,571

1/21/26

3,754

—

Australian

Dollar

....

MSCO

Sell

1,705,500

1,120,676

1/21/26

3,952

—

Australian

Dollar

....

UBSW

Sell

48,200

31,677

1/21/26

117

—

Australian

Dollar

....

WPAC

Sell

30,200

19,846

1/21/26

72

—

Canadian

Dollar

....

BOFA

Sell

600

430

1/21/26

1

—

Canadian

Dollar

....

BZWS

Sell

182,500

130,847

1/21/26

198

—

Canadian

Dollar

....

GSCO

Sell

19,800

14,195

1/21/26

20

—

Canadian

Dollar

....

JPHQ

Sell

431,300

309,192

1/21/26

429

—

Canadian

Dollar

....

TDOM

Sell

1,420,800

1,018,454

1/21/26

1,320

—

Canadian

Dollar

....

UBSW

Sell

1,176,000

842,985

1/21/26

1,100

—

New

Zealand

Dollar

.

BOFA

Sell

43,500

25,132

1/21/26

154

—

New

Zealand

Dollar

.

MSCO

Sell

1,660,200

959,335

1/21/26

6,045

—

New

Zealand

Dollar

.

UBSW

Sell

166,600

96,270

1/21/26

608

—

Total

Forward

Exchange

Contracts

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

$405,006

$(283,250)

Net

unrealized

appreciation

(depreciation)

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

$121,756

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

28

At

October

31,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

*

In

U.S.

dollars

unless

otherwise

indicated.

Forward

Premium

Swap

Option

Contracts

Fixed

right

or

obligation

to

receive

or

(pay)/

Floating

rate

index/Maturity

date

Counter

par

t

y

Expiration

date/strike

Notional/

Contract

amount

*

Premium

receivable/

(payable)

Unrealized

appreciation/

(depreciation)

a

a

a

a

a

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

138,450,000

$

(304,590)

$

162,852

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

92,300,000

383,045

18,581

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

1,201,500

55,629

(19,959)

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

1,201,500

55,629

(18,770)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

4,605,400

225,204

(98,017)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

4,605,400

235,796

(169,007)

4.2%/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

259,100

32,310

1,220

(4.2%)/1-day

SOFR/Aug-60/(Purchased)

BOFA

8/26/30

/

4.2%

259,100

32,310

(4,280)

3.165%/1-day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

4,099,200

293,093

(97,371)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

16,330,600

184,536

(183,454)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

2,170,500

78,789

(60,741)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

328,897

669,542

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

328,897

(317,637)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

10,390,700

206,241

(153,715)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

10,390,700

259,753

(98,165)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

(137,080)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

526,358

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

4,030,200

185,591

(78,395)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

4,030,200

178,135

(16,473)

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

614,500

73,679

(15,868)

(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

614,500

73,679

(370)

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

4,848,800

386,533

70,887

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

260,500

27,195

7,995

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

2,708,400

98,044

(38,425)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

315,483

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

(152,103)

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

(77,111)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

89,089

Unrealized

appreciation

1,862,007

Unrealized

(depreciation)

(1,736,941)

Total

$125,066

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

29

At

October

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

Credit

Default

Swap

Contracts

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

a

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

b

Centrally

Cleared

Swap

Contracts

Contracts

to

Sell

Protection

c,d

Traded

Index

CDX.NA.HY.45

.

5.00%

Quarterly

12/20/30

18,279,000

$

1,429,727

$

1,459,527

$

(29,800)

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$1,429,727

$1,459,527

$(29,800)

OTC

Swap

Contracts

Contracts

to

Buy

Protection

c

Traded

Index

CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

1,969,000

1,010,150

820,325

189,825

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

584,000

299,607

33,229

266,378

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

289,000

107,248

108,736

(1,488)

CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

234,000

19,423

30,905

(11,482)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

405,000

33,617

18,248

15,369

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

358,000

156,597

155,013

1,584

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

134,000

58,615

54,714

3,901

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

25,000

10,936

10,981

(45)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

1,129,000

229,704

339,336

(109,632)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

1,053,000

214,242

340,501

(126,259)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

1,326,000

170,590

165,603

4,987

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

442,000

79,089

80,223

(1,134)

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

884,000

179,672

185,345

(5,673)

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

766,000

33,013

143,487

(110,474)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

442,000

82,022

79,394

2,628

Contracts

to

Sell

Protection

c,d

Traded

Index

CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

804,000

(55,528)

(105,907)

50,379

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

215,000

(110,300)

(17,251)

(93,049)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

289,000

(107,248)

(123,564)

16,316

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

1,391,000

(115,460)

(241,859)

126,399

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

186,000

(15,439)

(32,290)

16,851

Non-

Investment

Grade

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

30

At

October

31,

2025,

the

Fund

had

the

following interest

rate swap

contracts

outstanding.

Credit

Default

Swap

Contracts

(continued)

Description

Periodic

Payment

Rate

Received

(Paid)

Payment

Frequency

Counter-

party

Maturity

Date

Notional

Amount

a

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

Rating

b

OTC

Swap

Contracts

(continued)

Contracts

to

Sell

Protection

c,d

(continued)

Traded

Index

(continued)

CMBX.NA.BB.6

.

5.00%

Monthly

JPHQ

5/11/63

21,000

$

(1,743)

$

(10,811)

$

9,068

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

256,000

(21,249)

(28,625)

7,376

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

921,000

(76,448)

(163,951)

87,503

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

63,000

(10,797)

(14,321)

3,524

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

33,000

(5,656)

(6,777)

1,121

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

34,000

(5,827)

(7,729)

1,902

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

766,000

(33,013)

(47,649)

14,636

Investment

Grade

Total

OTC

Swap

Contracts

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

$2,125,817

$1,765,306

$360,511

Total

Credit

Default

Swap

Contracts

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

$3,555,544

$

3,224,833

$330,711

a

In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

b

Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

c

Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

d

The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Interest

Rate

Swap

Contracts

Description

Payment

Frequency

Maturity

Date

Notional

Amount

*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

275,679,000

$

(616,508)

$

(333,092)

$

(283,416)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.23%

....

Quarterly

9/17/27

4,521,000

AUD

16,427

3,786

12,641

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.13%

....

Annual

12/17/27

6,460,000

26,014

23,125

2,889

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

See

Notes

to

Schedule

of

Investments.

Quarterly

Schedule

of

Investments

31

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

3.28%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

12/17/27

3,972,000

AUD

$

(12,227)

$

531

$

(12,758)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/27

3,455,000

GBP

11,115

(3,650)

14,765

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.08%

....

Annual

12/17/27

4,663,000

EUR

2,707

5,116

(2,409)

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

287,304,000

2,831,985

1,138,446

1,693,539

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

13,862,000

AUD

81,720

(49,648)

131,368

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

487,000

EUR

3,582

1,423

2,159

Receive

Fixed

4.166%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

7/15/35

16,226,800

AUD

(116,282)

—

(116,282)

Receive

Fixed

3.833%

.

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/10/35

8,682,100

115,106

—

115,106

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

73,562,000

(1,275,608)

(238,642)

(1,036,966)

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

7,198,000

AUD

(31,003)

16,135

(47,138)

Receive

Fixed

0.45%

..

Annual

Pay

Floating

1-day

SARON

..........

Annual

12/17/35

3,218,000

CHF

9,307

(7,223)

16,530

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

2.93%

....

Semi-Annual

12/17/35

4,577,000

CAD

(18,677)

(11,974)

(6,703)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.53%

....

Annual

12/17/35

5,456,000

65,246

52,549

12,697

Receive

Fixed

2.63%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

12/17/35

3,633,000

EUR

5,967

6,167

(200)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

3.9%

.....

Semi-Annual

12/17/35

4,336,000

NZD

(44,733)

(6,675)

(38,058)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.6%

.....

Annual

12/17/35

34,397,000

SEK

32,716

11,865

20,851

Putnam

Premier

Income

Trust

Schedule

of

Investments

(unaudited)

Quarterly

Schedule

of

Investments

See

Notes

to

Schedule

of

Investments.

32

See

A

bbreviations

on

page

36

.

Interest

Rate

Swap

Contracts

(continued)

Description

Payment

Frequency

Maturity

Date

Notional

Amount*

Value

Upfront

Payments

(Receipts)

Unrealized

Appreciation

(Depreciation)

aa

aa

aa

aa

Centrally

Cleared

Swap

Contracts

(continued)

Receive

Fixed

4.08%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

12/17/35

5,412,000

GBP

$

87,926

$

(2,759)

$

90,685

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.18%

....

Semi-Annual

12/17/35

2,192,000

AUD

19,905

14,714

5,191

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

3.85%

....

Annual

12/17/35

41,790,000

NOK

48,836

30,001

18,835

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

1,531,000

AUD

31,092

—

31,092

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

8,293,000

(114,867)

11,542

(126,409)

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

1,720,000

EUR

(125,444)

(22,756)

(102,688)

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

179,000

AUD

(2,271)

869

(3,140)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

12/17/55

952,000

11,085

7,308

3,777

Total

Interest

Rate

Swap

Contracts

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

$1,043,116

$

647,158

$395,958

*

In

U.S.

dollars

unless

otherwise

indicated.

Putnam

Premier

Income

Trust

33

Quarterly

Schedule

of

Investments

Notes

to

Schedule

of

Investments

(unaudited)

1.

Organization

Putnam

Premier

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946.

2. Financial

Instrument

Valuation

The

Fund's investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates the

net

asset

value

(NAV)

per

share

each

business

day

as

of

4

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's administrator

in

performing

this responsibility,

including

leading

the

cross-functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial instruments listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price of

the

day,

respectively.

Foreign

equity

securities

are

valued

as

of

the

close

of

trading

on

the

foreign

stock

exchange

on

which

the

security

is

primarily

traded

or

as

of

4

p.m.

Eastern

time.

The

value

is

then

converted

into

its

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

4

p.m.

Eastern

time

on

the

day

that

the

value

of

the

security

is

determined.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities. 

Debt

securities

generally

trade

in

the

OTC market

rather

than

on

a

securities

exchange.

The Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Investments

in

open-end

mutual

funds

are

valued

at

the

closing

NAV.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The Fund’s

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The Fund’s

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets. 

The

Fund

has procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the

Fund

primarily employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed. 

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

34

Quarterly

Schedule

of

Investments

Trading

in

securities

on

foreign

securities

stock

exchanges

and

OTC

markets

may

be

completed

before

4

p.m.

Eastern

time.

In

addition,

trading

in

certain

foreign

markets

may

not

take

place

on

every

Fund’s

business

day.

Events

can

occur

between

the

time

at

which

trading

in

a

foreign

security

is

completed

and

4

p.m.

Eastern

time

that

might

call

into

question

the

reliability

of

the

value

of

a

portfolio

security

held

by

the Fund.

As

a

result,

differences

may

arise

between

the

value

of

the Fund’s

portfolio

securities

as

determined

at

the

foreign

market

close

and

the

latest

indications

of

value

at

4

p.m.

Eastern

time.

In

order

to

minimize

the

potential

for

these

differences, an

independent

pricing

service

may

be

used

to

adjust

the

value

of

the Fund's

portfolio

securities

to

the

latest

indications

of

fair

value

at

4

p.m.

Eastern

time.

At October

31,

2025,

certain

securities

may

have

been

fair

valued

using

these

procedures,

in

which

case

the

securities

were

categorized

as

Level

2

within

the

fair

value

hierarchy

(referred

to

as

"market

level

fair

value").

See

the

Fair

Value

Measurements

note

for

more

information.

When

the

last

day

of

the

reporting

period

is

a

non-business

day,

certain

foreign

markets

may

be

open

on

those

days

that

the

Fund’s NAV

is

not

calculated,

which

could

result

in

differences

between

the

value

of

the

Fund’s

portfolio

securities

on

the

last

business

day

and

the

last

calendar

day

of

the

reporting

period.

Any security

valuation

changes

due

to

an

open

foreign

market

are

adjusted

and

reflected

by

the

Fund

for

financial

reporting

purposes.

3.

Unfunded

Loan

Commitments

The

Fund enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The

Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers’

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily.

Funded

portions

of

credit

agreements

are

presented

in

the Schedule

of of

Investments.

At

October

31,

2025,

unfunded

commitments

were

as

follows:

4.

Investments

in

Affiliated

Management

Investment

Companies

The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

During

the

period

ended

October

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

Borrower

Unfunded

Commitment

Clydesdale

Acquisition

Holdings,

Inc.

$

7,500

    aa

Value

at

Beginning

of

Period

Purchases

Sales

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

End

of

Period

Number

of

Shares

Held

at

End

of

Period

Investment

Income

a      

a  

a  

a  

a  

a  

a  

a  

Putnam

Premier

Income

Trust

Non-Controlled

Affiliates

Dividends

Franklin

Ultra

Short

Bond

ETF

.

$9,211,202

$—

$—

$—

$20,244

$9,231,446

368,080

$107,205

Putnam

Government

Money

Market

Fund,

Class

P,

3.881%

.

3,081,736

32,241,364

(24,339,107)

—

—

10,983,993

10,983,993

111,290

Putnam

Short

Term

Investment

Fund,

Class

P,

4.371%

......

17,854,912

1,346,267

(1,446,834)

—

—

17,754,345

17,754,345

199,825

Total

Non-Controlled

Affiliates

$30,147,850

$33,587,631

$(25,785,941)

$—

$20,244

$37,969,784

$418,320

Total

Affiliated

Securities

...

$30,147,850

$33,587,631

$(25,785,941)

$—

$20,244

$37,969,784

$418,320

2. Financial

Instrument

Valuation

(continued)

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

35

Quarterly

Schedule

of

Investments

5. Fair

Value

Measurements

The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

1

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

October

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

Level

1

Level

2

Level

3

Total

Putnam

Premier

Income

Trust

Assets:

Investments

in

Securities:

Management

Investment

Companies

.........

$

9,231,446

$

—

$

—

$

9,231,446

Convertible

Bonds

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

—

10,637,176

—

10,637,176

Corporate

Bonds

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

—

103,481,669

—

103,481,669

Senior

Floating

Rate

Interests

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

—

28,679,706

—

28,679,706

Foreign

Government

and

Agency

Securities

....

—

39,399,584

—

39,399,584

Asset-Backed

Securities

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

—

4,470,438

—

4,470,438

Commercial

Mortgage-Backed

Securities

......

—

32,688,357

—

32,688,357

Mortgage-Backed

Securities

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

—

68,401,114

—

68,401,114

Residential

Mortgage-Backed

Securities

.......

—

37,064,589

—

37,064,589

Agency

Commercial

Mortgage-Backed

Securities

—

45,831,345

—

45,831,345

Short

Term

Investments

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

28,738,338

19,882,143

—

48,620,481

Total

Investments

in

Securities

...........

$37,969,784

$390,536,121

$—

$428,505,905

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$405,006

$—

$405,006

Forward

Premium

Swap

Option

Contracts

.....

—

1,862,007

—

1,862,007

Futures

Contracts

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

48,925

—

—

48,925

Swap

Contracts

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

—

2,991,872

—

2,991,872

Total

Other

Financial

Instruments

.........

$48,925

$5,258,885

$—

$5,307,810

Liabilities:

Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

9,722,644

$

—

$

9,722,644

Forward

Exchange

Contracts

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

—

283,250

—

283,250

Forward

Premium

Swap

Option

Contracts

......

—

1,736,941

—

1,736,941

Futures

Contracts

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

59,388

—

—

59,388

Swap

Contracts

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

—

2,265,203

—

2,265,203

Unfunded

Loan

Commitments

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

—

8

—

8

Total

Other

Financial

Instruments

.........

$59,388

$14,008,046

$—

$14,067,434

Putnam

Premier

Income

Trust

Notes

to

Schedule

of

Investments

(unaudited)

36

Quarterly

Schedule

of

Investments

Abbreviations

Counterparty

BNDP

BNP

Paribas

SA

BOFA

Bank

of

America

NA

BZWS

Barclays

Bank

plc

CITI

Citibank

NA

GSCO

Goldman

Sachs

Group,

Inc.

HSBK

HSBC

Bank

plc

JPHQ

JPMorgan

Chase

Bank

NA

MCM

Mizuho

Capital

Markets

LLC

MLCO

Merrill

Lynch

International

&

Co.

MSCO

Morgan

Stanley

NATW

Natwest

Markets

plc

TDOM

Toronto

Dominion

Bank

UBSW

UBS

AG

WPAC

Westpac

Banking

Corp.

Cu

r

rency

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

EUR

Euro

GBP

British

Pound

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

SEK

Swedish

Krona

Index

CDX.NA.HY.

Series

number

CDX

North

America

High

Yield

Index

CMBX.NA.

Series

number

CMBX

North

America

Index

Selected

Portfolio

BBR

Bank

of

England

Base

Rate

CLO

Collateralized

Loan

Obligation

CME

Chicago

Mercantile

Exchange

CMT

Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

ETF

Exchange-Traded

Fund

EURIBOR

Euro

Inter-Bank

Offer

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

FRN

Floating

Rate

Note

GNMA

Government

National

Mortgage

Association

IO

Interest

Only

NIBOR

Norwegian

Interbank

Offered

Rate

PIK

Payment-In-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SARON

Swiss

Average

Rate

Overnight

SOFR

Secured

Overnight

Financing

Rate

SONIA

Sterling

Overnight

Index

Average

STACR

Structured

Agency

Credit

Risk

STIBOR

Stockholm

Interbank

Offered

Rate

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

Reference

Index

Reference

Rate

1-day

REPO_CORRA

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

2.35%

1-day

SARON

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

(0.05)%

1-day

SOFR

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

4.22%

1-day

SONIA

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

3.97%

3-month

AUD

BBR

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

3.64%

3-month

STIBOR

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

1.94%

6-month

AUD

BBR

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

3.88%

6-month

EURIBOR

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

2.14%

6-month

NIBOR

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

4.35%

For

additional

information

on

the

Fund's

significant

accounting

policies,

please

refer

to

the Fund's

most

recent

semiannual

or

annual

shareholder

report.