Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION

	Washington, D.C. 20549

	FORM N-CSR

	CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

	Investment Company Act file number:	(811-05452)

	Exact name of registrant as specified in charter:	Putnam Premier Income Trust

	Address of principal executive offices:	100 Federal Street, Boston, Massachusetts 02110

	Name and address of agent for service:	Stephen Tate, Vice President 100 Federal Street Boston, Massachusetts 02110

	Copy to:	Bryan Chegwidden, Esq. Ropes & Gray LLP 1211 Avenue of the Americas New York, New York 10036

	Registrant’s telephone number, including area code:	[phone]

	Date of fiscal year end:	July 31, 2022

	Date of reporting period:	August 1, 2021 – January 31, 2022

	Item 1. Report to Stockholders:

	The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

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Putnam
Premier Income
Trust

Semiannual report
1 | 31 | 22

Message from the Trustees	1
About the fund	2
Interview with your fund’s portfolio manager	5
Your fund’s performance	11
Consider these risks before investing	13
Terms and definitions	14
Other information for shareholders	16
Summary of dividend reinvestment plans	17
Financial statements	19

 

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Message from the Trustees

March 18, 2022

Dear Fellow Shareholder:

Financial markets have been bumpy in recent months. Investors are weighing the risks of rising inflation, changes in Federal Reserve policy, the latest Covid-19 variants, and the global impact of the Russia-Ukraine conflict.

Despite new uncertainties, the fundamental backdrop remains encouraging, in our view. Employment levels have been improving and may strengthen should Covid cases continue to decline. Businesses continue to adapt and show resilience.

In times like these, it’s worth remembering the benefits of staying focused on your long-term financial goals. At Putnam, professional, active investors are working for you. They are monitoring risks while looking for strong potential investments for your fund. Please read the interview with your fund manager(s) in the following pages.

As always, thank you for investing with Putnam.

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When Putnam Premier Income Trust was launched in 1988, its three-pronged focus on U.S. investment-grade bonds, high-yield corporate bonds, and non-U.S. bonds was considered innovative.

In the more than 30 years since then, the fixed-income landscape has undergone a dramatic transformation, but the spirit of ingenuity that helped launch the fund is still with it today.

A veteran portfolio management team

The fund’s managers strive to build a well-diversified portfolio that carefully balances risk and return, targeting opportunities in interest rates, credit, mortgages, and currencies from across the full spectrum of the global bond markets.

*Paul will retire as a Portfolio Manager of the fund effective March 31, 2022.

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Allocations are shown as a percentage of the fund’s net assets as of 1/31/22. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the use of different classifications of securities for presentation purposes, and rounding.

Allocations may not total 100% because the charts include the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities. Holdings and allocations may vary over time.

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Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See below and pages 11–12 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV.

Returns for periods of less than one year are not annualized.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

Lipper peer group average provided by Lipper, a Refinitiv company.

* The fund’s primary benchmark, the ICE BofA U.S. Treasury Bill Index, was introduced on 6/30/92, which post-dates the inception of the fund.

This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 1/31/22. See above and pages 11–12 for additional fund performance information. Index descriptions can be found on pages 14–15.

All Bloomberg indices are provided by Bloomberg Index Services Limited.

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Mike, please describe the investing environment for the six months ended January 31, 2022.

During the early months of the period, we had to navigate a number of uncertainties. These included an uptick in Delta-variant coronavirus cases alongside concerns that higher inflation — driven, in part, by surging energy prices — would persist. Investors also began anticipating when the U.S. Federal Reserve would start reducing the vast bond-buying program it launched to help support the economy during the pandemic. Reflecting investors’ expectations of an earlier-than-anticipated start to global monetary tightening, the U.S. Treasury yield curve flattened in October, with short-term yields rising more than longer-term yields.

In November, the Fed began winding down its $120 billion-per-month bond-purchase program by $15 billion per month. In December, the Fed announced it would accelerate the pace to $30 billion per month, which could phase out purchases entirely by March 2022. Reflecting the Fed’s view that inflationary pressures are likely to broaden, we anticipate four 0.25% increases in the federal funds rate during 2022.

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Credit qualities are shown as a percentage of the fund’s net assets as of 1/31/22. A bond rated BBB or higher (A-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. To-be-announced (TBA) mortgage commitments, if any, are included based on their issuer ratings. Ratings may vary over time.

Cash, derivative instruments, and net other assets are shown in the not-rated category. Payables and receivables for TBA mortgage commitments are included in the not-rated category and may result in negative weights. The fund itself has not been rated by an independent rating agency.

Short-term bond yields rose further in January, as investors digested the Fed’s shift to a more restrictive policy. Equity market volatility and geopolitical tensions also weighed on investor sentiment. For the six-month period, the yield on the 2-year U.S. Treasury note jumped from 0.17% to 1.18%, while the yield on the 10-year Treasury rose from 1.20% to 1.79%.

Within this environment, risk-driven assets generated mostly negative returns, except for high-yield bank loans. The floating-rate nature of loans, with coupons that adjust with movements in short-term interest rates, helped them outperform as bond yields rose.

Which holdings and strategies hampered the fund’s performance during the six-month period?

First off, I think it’s important to highlight that we continued to invest outside the constraints of traditional fixed-income benchmarks, seeking what we view as the best opportunities based on risk rather than asset class. These risks include interest rate, credit, prepayment, and liquidity.

In terms of specific strategies, our interest-rate and yield curve positioning was the primary detractor this period. The portfolio was positioned to benefit if inflation declined and real interest rates rose. [Real interest rates adjust for the effects of inflation by subtracting the actual or expected rate of inflation from nominal interest rates.] Unfortunately, the opposite occurred, as inflation reached a multiyear high and real rates declined.

Our interest-rate and yield curve strategy is intended to provide a degree of protection against underperformance of risk-based assets. Now that the Fed has begun to tighten monetary

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policy, we believe real interest rates will rise during 2022, which may reward our strategy.

Our active currency strategy also dampened the fund’s performance. Short positions in the Australian dollar and the New Zealand dollar during October worked against our positioning for the period as a whole. Both currencies notably strengthened versus the U.S. dollar during that month. Favorable positioning in the U.S. dollar, the Japanese yen, and the Swiss franc contributed and partially offset the overall negative impact of our currency positioning. Investors flocked to these and other safe-haven currencies amid the heightened volatility sparked by the Omicron variant of Covid-19.

Strategies targeting prepayment risk were a further modest negative. Yield spreads on our agency interest-only [IO] and inverse IO collateralized mortgage obligations [CMOs] widened during the fourth quarter of 2021 due to broader market volatility. [Spreads are the yield advantage credit-sensitive bonds offer over comparable-maturity U.S. Treasuries. Bond prices rise as yield spreads tighten and decline as spreads widen.] On a positive note, prepayment speeds on the mortgages underlying our holdings slowed later in the period. Mortgage rates rose moderately and refinancing activity decelerated, helping our IO CMO positions rebound somewhat in January. IO CMOs and other mortgage-backed securities benefit when homeowners refinance or pay off their mortgages at a slower rate than investors anticipate.

Which holdings contributed to fund performance during the period?

On the positive side, mortgage credit holdings added the most value for the period, led by our exposure to commercial mortgage-backed securities [CMBS]. The fund held cash bonds and also had exposure to the sector via CMBX. [CMBX is a group of tradeable indexes that each reference a basket of 25 CMBS issued in a

This table shows the fund’s top holdings across three key sectors and the percentage of the fund’s net assets that each represented as of 1/31/22. Short-term investments, to-be-announced commitments, and derivatives, if any, are excluded. Holdings may vary over time.

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particular year.] Lower volatility, strong demand from investors, and better overall fundamentals boosted CMBS.

In the residential mortgage market, positions in agency credit risk transfer [CRT] securities also aided performance. A variety of factors helped agency CRTs, including housing-related government Covid policies, housing market strength, and optimism about the reopening of the economy.

How did you use derivatives during the period?

We used CMBX credit default swaps to hedge the fund’s CMBS credit and market risks, and to gain access to specific areas of the market. We used bond futures and interest-rate swaps to take tactical positions at various points along the yield curve, and to hedge the risk associated with the fund’s curve positioning. We employed interest-rate swaps to gain exposure to rates in various countries. We also utilized options to hedge the fund’s interest-rate risk, to isolate the prepayment risk associated with our CMO holdings, and to help manage overall downside risk. In addition, we used total return swaps as a hedging tool and to help manage the portfolio’s sector exposure, as well as its inflation risk.

What are your current views on the various sectors in which the fund invests?

Looking first at corporate credit, we have a positive outlook for the fundamentals and overall supply-and-demand backdrop of high-yield bonds and loans. Our view on valuation is more neutral, however, given the relative tightness of yield spreads as of period-end. Within the high-yield market, we are continuing to closely monitor issuers’ balance sheets and liquidity metrics, with an eye toward default risk or a credit-rating downgrade.

In the CMBS market, we believe there are attractive risk-adjusted investment opportunities available amid an improving fundamental

This chart shows how the fund’s security type weightings have changed over the past six months. Allocations are shown as a percentage of the fund’s net assets. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Current period summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the use of different classifications of securities for presentation purposes, and rounding.

Allocations may not total 100% because the chart includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities. Holdings and allocations may vary over time.

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backdrop. By virtue of having real assets serving as collateral, along with the potential for rent adjustments, CMBS have historically performed well during periods of rising inflation. As a result, we believe CMBS may offer attractive relative value to a wide range of investors.

Within residential mortgage credit, we believe a combination of low mortgage rates, high demand, and a declining inventory of available homes is likely to push home prices higher. Given that prices have already risen substantially, we are aware that affordability has become a constraint for many prospective buyers. Consequently, we think the pace of home price appreciation is likely to moderate during 2022. Against this backdrop, we are finding value in investment-grade securities backed by non-agency residential loans, even with tighter yield spreads.

The environment for prepayment-related strategies was challenging in 2021. Despite this, we still have conviction in this allocation for its return potential and diversification benefits. Mortgage interest rates have risen modestly since bottoming in August 2021. With the Fed pivoting to a less accommodative policy stance, we believe mortgage rates may continue to rise in 2022. Consequently, we think refinancing activity will recede and mortgage prepayment speeds will slow. In our view, IO CMOs may offer particularly compelling potential against this backdrop. Moreover, we believe prepayment-sensitive securities in general may offer attractive returns from current price levels if prepayment speeds remain at their current pace for the foreseeable future.

ABOUT DERIVATIVES

Derivatives are an increasingly common type of investment instrument, the performance of which is derived from an underlying security, index, currency, or other area of the capital markets. Derivatives employed by the fund’s managers generally serve one of two main purposes: to implement a strategy that may be difficult or more expensive to invest in through traditional securities, or to hedge unwanted risk associated with a particular position.

For example, the fund’s managers might use currency forward contracts to capitalize on an anticipated change in exchange rates between two currencies. This approach would require a significantly smaller outlay of capital than purchasing traditional bonds denominated in the underlying currencies. In another example, the managers may identify a bond that they believe is undervalued relative to its risk of default, but may seek to reduce the interest-rate risk of that bond by using interest-rate swaps, a derivative through which two parties “swap” payments based on the movement of certain rates.

Like any other investment, derivatives may not appreciate in value and may lose money. Derivatives may amplify traditional investment risks through the creation of leverage and may be less liquid than traditional securities. And because derivatives typically represent contractual agreements between two financial institutions, derivatives entail “counterparty risk,” which is the risk that the other party is unable or unwilling to pay. Putnam monitors the counterparty risks we assume. For example, Putnam often enters into collateral agreements that require the counterparties to post collateral on a regular basis to cover their obligations to the fund. Counterparty risk for exchange-traded futures and centrally cleared swaps is mitigated by the daily exchange of margin and other safeguards against default through their respective clearinghouses.

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In emerging markets, we are seeking opportunities in countries that we think are better positioned to benefit from a global recovery and are less exposed to domestic policy risks.

Thanks for your time and insights, Mike.

The views expressed in this report are exclusively those of Putnam Management and are subject to change. Disclosures provide only a summary of certain changes that have occurred in the past fiscal period, which may not reflect all of the changes that have occurred since an investor purchased the fund. They are not meant as investment advice. Please note that the holdings discussed in this report may not have been held by the fund for the entire period. Portfolio composition is subject to review in accordance with the fund’s investment strategy and may vary in the future. Current and future portfolio holdings are subject to risk. Statements in the Q&A concerning the fund’s performance or portfolio composition relative to those of the fund’s Lipper peer group may reference information produced by Lipper Inc. or through a third party.

Of special interest

The fund was modestly exposed to Russian securities at the end of the period. Holdings in Russian securities generally have experienced sharp declines in value as of early March 2022 and have been subject to liquidity and settlement constraints, as well as, in certain cases, U.S. and other governmental sanctions. We are closely monitoring governmental actions, including the issuance of sanctions, and related market developments.

HOW CLOSED-END FUNDS DIFFER FROM OPEN-END FUNDS

Closed-end funds and open-end funds share many common characteristics but also have some key differences that you should understand as you consider your portfolio strategies.

More assets at work Open-end funds are subject to ongoing sales and redemptions that can generate transaction costs for long-term shareholders. Closed-end funds, however, are typically fixed pools of capital that do not need to hold cash in connection with sales and redemptions, allowing the funds to keep more assets actively invested.

Traded like stocks Closed-end fund shares are traded on stock exchanges and, as a result, their prices fluctuate because of the influence of several factors.

They have a market price Like an open-end fund, a closed-end fund has a per-share net asset value (NAV). However, closed-end funds also have a “market price” for their shares — which is how much you pay when you buy shares of the fund, and how much you receive when you sell them.

When looking at a closed-end fund’s performance, you will usually see that the NAV and the market price differ. The market price can be influenced by several factors that cause it to vary from the NAV, including fund distributions, changes in supply and demand for the fund’s shares, changing market conditions, and investor perceptions of the fund or its investment manager. A fund’s performance at market price typically differs from its results at NAV.

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Your fund’s performance

This section shows your fund’s performance, price, and distribution information for periods ended January 31, 2022, the end of the first half of its current fiscal year. In accordance with regulatory requirements for mutual funds, we also include performance information as of the most recent calendar quarter-end. Performance should always be considered in light of a fund’s investment strategy. Data represent past performance. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return, net asset value, and market price will fluctuate, and you may have a gain or a loss when you sell your shares.

Fund performance Total return for periods ended 1/31/22

	Annual
	average
	Life of
	fund (since		Annual		Annual		Annual
	2/29/88)	10 years	average	5 years	average	3 years	average	1 year	6 months
Net asset value	6.07%	43.38%	3.67%	10.55%	2.03%	2.46%	0.81%	–5.79%	–2.05%
Market price	6.15	46.31	3.88	12.22	2.33	5.99	1.96	–4.06	–7.55

 

Performance assumes reinvestment of distributions and does not account for taxes. Performance includes the deduction of management fees and administrative expenses.

Comparative index returns For periods ended 1/31/22

	Annual
	average
	Life of
	fund (since		Annual		Annual		Annual
	2/29/88)	10 years	average	5 years	average	3 years	average	1 year	6 months
ICE BofA U.S.
Treasury Bill Index	—*	6.69%	0.65%	5.86%	1.15%	2.91%	0.96%	0.02%	–0.01%
Bloomberg
Government	5.48%	20.73	1.90	13.86	2.63	10.07	3.25	–3.21	–2.94
Bond Index
Lipper General Bond
Funds (closed-end)	8.48	120.03	7.79	38.53	6.57	21.83	6.72	6.05	1.22
category average†

 

Index and Lipper results should be compared to fund performance at net asset value. All Bloomberg indices are provided by Bloomberg Index Services Limited.

Lipper peer group average provided by Lipper, a Refinitiv company.

^* The fund’s primary benchmark, the ICE BofA U.S. Treasury Bill Index, was introduced on 6/30/92, which post-dates the inception of the fund.

^† Over the 6-month, 1-year, 3-year, 5-year, 10-year, and life-of-fund periods ended 1/31/22, there were 70, 64, 46, 30, 20, and 4 funds, respectively, in this Lipper category.

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Fund price and distribution information For the six-month period ended 1/31/22

Distributions
Number		6
Income		$0.156
Capital gains		—
Total		$0.156
Share value	NAV		Market price
7/31/21	$4.62		$4.65
1/31/22	4.37		4.15
Current dividend rate*	7.14%		7.52%

 

The classification of distributions, if any, is an estimate. Final distribution information will appear on your year-end tax forms.

^* Most recent distribution, including any return of capital and excluding capital gains, annualized and divided by NAV or market price at end of period.

Fund performance as of most recent calendar quarter Total return for periods ended 12/31/21

	Annual
	average
	Life of
	fund (since		Annual		Annual		Annual
	2/29/88)	10 years	average	5 years	average	3 years	average	1 year	6 months
Net asset value	6.04%	44.60%	3.76%	11.25%	2.15%	4.95%	1.62%	–6.69%	–5.42%
Market price	6.24	58.55	4.72	22.28	4.10	14.95	4.75	–1.78	–5.14

 

See the discussion following the fund performance table on page 11 for information about the calculation of fund performance.

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Consider these risks before investing

Emerging market securities carry illiquidity and volatility risks. Lower-rated bonds may offer higher yields in return for more risk. Funds that invest in government securities are not guaranteed. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value when interest rates decline and decline in value when interest rates rise. Bond investments are subject to interest-rate risk (the risk of bond prices falling if interest rates rise) and credit risk (the risk of an issuer defaulting on interest or principal payments).

Interest-rate risk is generally greater for longer-term bonds, and credit risk is generally greater for below-investment-grade bonds. Risks associated with derivatives include increased investment exposure (which may be considered leverage) and, in the case of over-the-counter instruments, the potential inability to terminate or sell derivatives positions and the potential failure of the other party to the instrument to meet its obligations. Unlike bonds, funds that invest in bonds have fees and expenses.

The value of investments in the fund’s portfolio may fall or fail to rise over extended periods of time for a variety of reasons, including general economic, political, or financial market conditions; investor sentiment and market perceptions; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry, or sector. These and other factors may lead to increased volatility and reduced liquidity in the fund’s portfolio holdings. International investing involves currency, economic, and political risks. The fund’s shares trade on a stock exchange at market prices, which may be lower than the fund’s net asset value.

Our investment techniques, analyses, and judgments may not produce the outcome we intend. The investments we select for the fund may not perform as well as other securities that we do not select for the fund. We, or the fund’s other service providers, may experience disruptions or operating errors that could have a negative effect on the fund. You can lose money by investing in the fund.

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Terms and definitions

Important terms

Total return shows how the value of the fund’s shares changed over time, assuming you held the shares through the entire period and reinvested all distributions in the fund.

Net asset value (NAV) is the value of all your fund’s assets, minus any liabilities, divided by the number of outstanding shares.

Market price is the current trading price of one share of the fund. Market prices are set by transactions between buyers and sellers on exchanges such as the New York Stock Exchange.

Fixed-income terms

Current rate is the annual rate of return earned from dividends or interest of an investment. Current rate is expressed as a percentage of the price of a security, fund share, or principal investment.

Mortgage-backed security (MBS), also known as a mortgage “pass-through,” is a type of asset-backed security that is secured by a mortgage or collection of mortgages. The following are types of MBSs:

• Agency credit risk transfer security (CRT) is backed by a reference pool of agency mortgages. Unlike a regular agency pass-through, the principal invested in a CRT is not backed by a U.S. government agency. To compensate investors for this risk, a CRT typically offers a higher yield than conventional pass-through securities. Similar to a CMBS, a CRT is structured into various tranches for investors, offering different levels of risk and yield based on the underlying reference pool.

• Agency “pass-through” has its principal and interest backed by a U.S. government agency, such as the Federal National Mortgage Association (Fannie Mae), Government National Mortgage Association (Ginnie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac).

• Collateralized mortgage obligation (CMO) represents claims to specific cash flows from pools of home mortgages. The streams of principal and interest payments on the mortgages are distributed to the different classes of CMO interests in “tranches.” Each tranche may have different principal balances, coupon rates, prepayment risks, and maturity dates. A CMO is highly sensitive to changes in interest rates and any resulting change in the rate at which homeowners sell their properties, refinance, or otherwise prepay loans. CMOs are subject to prepayment, market, and liquidity risks.

◦ Interest-only (IO) security is a type of CMO in which the underlying asset is the interest portion of mortgage, Treasury, or bond payments.

• Non-agency residential mortgage-backed security (RMBS) is an MBS not backed by Fannie Mae, Ginnie Mae, or Freddie Mac. One type of RMBS is an Alt-A mortgage-backed security.

• Commercial mortgage-backed security (CMBS) is secured by the loan on a commercial property.

Yield curve is a graph that plots the yields of bonds with equal credit quality against their differing maturity dates, ranging from shortest to longest. It is used as a benchmark for other debt, such as mortgage or bank lending rates.

Comparative indexes

Bloomberg Government Bond Index is an unmanaged index of U.S. Treasury and government agency bonds.

Bloomberg U.S. Aggregate Bond Index is an unmanaged index of U.S. investment-grade fixed-income securities.

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CMBX Index is an unmanaged index that tracks the performance of a basket of CMBS issued in a particular year.

ICE BofA (Intercontinental Exchange Bank of America) U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar-denominated U.S. Treasury bills publicly issued in the U.S. domestic market. Qualifying securities must have a remaining term of at least one month to final maturity and a minimum amount outstanding of $1 billion.

S&P 500^® Index is an unmanaged index of common stock performance.

Indexes assume reinvestment of all distributions and do not account for fees. Securities and performance of a fund and an index will differ. You cannot invest directly in an index.

BLOOMBERG^®  is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom, and to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ICE Data Indices, LLC (“ICE BofA”), used with permission. ICE BofA permits use of the ICE BofA indices and related data on an “as is” basis; makes no warranties regarding same; does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofA indices or any data included in, related to, or derived therefrom; assumes no liability in connection with the use of the foregoing; and does not sponsor, endorse, or recommend Putnam Investments, or any of its products or services.

Lipper, a Refinitiv company, is a third-party industry-ranking entity that ranks mutual funds. Its rankings do not reflect sales charges. Lipper rankings are based on total return at net asset value relative to other funds that have similar current investment styles or objectives as determined by Lipper. Lipper may change a fund’s category assignment at its discretion. Lipper category averages reflect performance trends for funds within a category.

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Other information for shareholders

Important notice regarding share repurchase program

In September 2021, the Trustees of your fund approved the renewal of a share repurchase program that had been in effect since 2005. This renewal allows your fund to repurchase, in the 365 days beginning October 1, 2021, up to 10% of the fund’s common shares outstanding as of September 30, 2021.

Important notice regarding delivery of shareholder documents

In accordance with Securities and Exchange Commission (SEC) regulations, Putnam sends a single notice of internet availability, or a single printed copy, of annual and semian-nual shareholder reports, prospectuses, and proxy statements to Putnam shareholders who share the same address, unless a shareholder requests otherwise. If you prefer to receive your own copy of these documents, please call Putnam at 1-800-225-1581, and Putnam will begin sending individual copies within 30 days.

Proxy voting

Putnam is committed to managing our mutual funds in the best interests of our shareholders. The Putnam funds’ proxy voting guidelines and procedures, as well as information regarding how your fund voted proxies relating to portfolio securities during the 12-month period ended June 30, 2021, are available in the Individual Investors section of putnam.com and on the SEC’s website, www.sec.gov. If you have questions about finding forms on the SEC’s website, you may call the SEC at 1-800-SEC-0330. You may also obtain the Putnam funds’ proxy voting guidelines and procedures at no charge by calling Putnam’s Shareholder Services at 1-800-225-1581.

Fund portfolio holdings

The fund will file a complete schedule of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT within 60 days of the end of such fiscal quarter. Shareholders may obtain the fund’s Form N-PORT on the SEC’s website at www.sec.gov.

Prior to its use of Form N-PORT, the fund filed its complete schedule of its portfolio holdings with the SEC on Form N-Q, which is available online at www.sec.gov.

Trustee and employee fund ownership

Putnam employees and members of the Board of Trustees place their faith, confidence, and, most importantly, investment dollars in Putnam mutual funds. As of January 31, 2022, Putnam employees had approximately $537,000,000 and the Trustees had approximately $79,000,000 invested in Putnam mutual funds. These amounts include investments by the Trustees’ and employees’ immediate family members as well as investments through retirement and deferred compensation plans.

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Summary of Putnam closed-end funds’ amended and restated dividend reinvestment plans

Putnam Managed Municipal Income Trust, Putnam Master Intermediate Income Trust, Putnam Municipal Opportunities Trust and Putnam Premier Income Trust (each, a “Fund” and collectively, the “Funds”) each offer a dividend reinvestment plan (each, a “Plan” and collectively, the “Plans”). If you participate in a Plan, all income dividends and capital gain distributions are automatically reinvested in Fund shares by the Fund’s agent, Putnam Investor Services, Inc. (the “Agent”). If you are not participating in a Plan, every month you will receive all dividends and other distributions in cash, paid by check and mailed directly to you.

Upon a purchase (or, where applicable, upon registration of transfer on the shareholder records of a Fund) of shares of a Fund by a registered shareholder, each such shareholder will be deemed to have elected to participate in that Fund’s Plan. Each such shareholder will have all distributions by a Fund automatically reinvested in additional shares, unless such shareholder elects to terminate participation in a Plan by instructing the Agent to pay future distributions in cash. Shareholders who were not participants in a Plan as of January 31, 2010, will continue to receive distributions in cash but may enroll in a Plan at any time by contacting the Agent.

If you participate in a Fund’s Plan, the Agent will automatically reinvest subsequent distributions, and the Agent will send you a confirmation in the mail telling you how many additional shares were issued to your account.

To change your enrollment status or to request additional information about the Plans, you may contact the Agent either in writing, at P.O. Box 8383, Boston, MA 02266-8383, or by telephone at 1-800-225-1581 during normal East Coast business hours.

How you acquire additional shares through a Plan If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is greater than or equal to their net asset value per share on the payment date for a distribution, you will be issued shares of the Fund at a value equal to the higher of the net asset value per share on that date or 95% of the market price per share on that date.

If the market price per share for your Fund’s shares (plus estimated brokerage commissions) is less than their net asset value per share on the payment date for a distribution, the Agent will buy Fund shares for participating accounts in the open market. The Agent will aggregate open-market purchases on behalf of all participants, and the average price (including brokerage commissions) of all shares purchased by the Agent will be the price per share allocable to each participant. The Agent will generally complete these open-market purchases within five business days following the payment date. If, before the Agent has completed open-market purchases, the market price per share (plus estimated brokerage commissions) rises to exceed the net asset value per share on the payment date, then the purchase price may exceed the net asset value per share, potentially resulting in the acquisition of fewer shares than if the distribution had been paid in newly issued shares.

How to withdraw from a Plan Participants may withdraw from a Fund’s Plan at any time by notifying the Agent, either in writing or by telephone. Such withdrawal will be effective immediately if notice is received by the Agent with sufficient time prior to any distribution record date; otherwise, such withdrawal will be effective with respect to any subsequent distribution following notice of withdrawal. There is no penalty for withdrawing from or not participating in a Plan.

Plan administration The Agent will credit all shares acquired for a participant under a Plan to the account in which the participant’s common shares are held. Each participant will

Premier Income Trust 17

 

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be sent reasonably promptly a confirmation by the Agent of each acquisition made for his or her account.

About brokerage fees Each participant pays a proportionate share of any brokerage commissions incurred if the Agent purchases additional shares on the open market, in accordance with the Plans. There are no brokerage charges applied to shares issued directly by the Funds under the Plans.

About taxes and Plan amendments

Reinvesting dividend and capital gain distributions in shares of the Funds does not relieve you of tax obligations, which are the same as if you had received cash distributions. The Agent supplies tax information to you and to the IRS annually. Each Fund reserves the right to amend or terminate its Plan upon 30 days’ written notice. However, the Agent may assign its rights, and delegate its duties, to a successor agent with the prior consent of a Fund and without prior notice to Plan participants.

If your shares are held in a broker or nominee name If your shares are held in the name of a broker or nominee offering a dividend reinvestment service, consult your broker or nominee to ensure that an appropriate election is made on your behalf. If the broker or nominee holding your shares does not provide a reinvestment service, you may need to register your shares in your own name in order to participate in a Plan.

In the case of record shareholders such as banks, brokers or nominees that hold shares for others who are the beneficial owners of such shares, the Agent will administer the Plan on the basis of the number of shares certified by the record shareholder as representing the total amount registered in such shareholder’s name and held for the account of beneficial owners who are to participate in the Plan.

18 Premier Income Trust

 

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Financial statements

These sections of the report, as well as the accompanying Notes, constitute the fund’s financial statements.

The fund’s portfolio lists all the fund’s investments and their values as of the last day of the reporting period. Holdings are organized by asset type and industry sector, country, or state to show areas of concentration and diversification.

Statement of assets and liabilities shows how the fund’s net assets and share price are determined. All investment and non-investment assets are added together. Any unpaid expenses and other liabilities are subtracted from this total. The result is divided by the number of shares to determine the net asset value per share. (For funds with preferred shares, the amount subtracted from total assets includes the liquidation preference of preferred shares.)

Statement of operations shows the fund’s net investment gain or loss. This is done by first adding up all the fund’s earnings — from dividends and interest income — and subtracting its operating expenses to determine net investment income (or loss). Then, any net gain or loss the fund realized on the sales of its holdings — as well as any unrealized gains or losses over the period — is added to or subtracted from the net investment result to determine the fund’s net gain or loss for the fiscal period.

Statement of changes in net assets shows how the fund’s net assets were affected by the fund’s net investment gain or loss, by distributions to shareholders, and by changes in the number of the fund’s shares. It lists distributions and their sources (net investment income or realized capital gains) over the current reporting period and the most recent fiscal year-end. The distributions listed here may not match the sources listed in the Statement of operations because the distributions are determined on a tax basis and may be paid in a different period from the one in which they were earned. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year.

Financial highlights provide an overview of the fund’s investment results, per-share distributions, expense ratios, net investment income ratios, and portfolio turnover in one summary table, reflecting the five most recent reporting periods. In a semiannual report, the highlights table also includes the current reporting period.

Premier Income Trust 19

 

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The fund’s portfolio 1/31/22 (Unaudited)

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (68.6%)*	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (0.5%)
Government National Mortgage Association Pass-Through Certificates
5.50%, 5/20/49	$102,350	$112,809
5.00%, with due dates from 5/20/49 to 3/20/50	374,651	411,310
4.50%, with due dates from 10/20/49 to 1/20/50	180,189	195,267
4.00%, with due dates from 8/20/49 to 1/20/50	160,053	172,657
3.50%, with due dates from 8/20/49 to 3/20/50	1,149,303	1,210,834
		2,102,877
U.S. Government Agency Mortgage Obligations (68.1%)
Federal National Mortgage Association Pass-Through Certificates
5.00%, with due dates from 1/1/49 to 8/1/49	156,357	170,608
4.50%, 5/1/49	31,117	33,560
Uniform Mortgage-Backed Securities
5.50%, TBA, 2/1/52	2,000,000	2,148,805
4.50%, TBA, 2/1/52	5,000,000	5,338,671
4.00%, TBA, 2/1/52	73,000,000	77,141,181
3.50%, TBA, 3/1/52	30,000,000	31,178,898
3.50%, TBA, 2/1/52	57,000,000	59,418,031
3.00%, TBA, 3/1/52	16,000,000	16,307,504
3.00%, TBA, 2/1/52	110,000,000	112,406,272
		304,143,530
Total U.S. government and agency mortgage obligations (cost $307,551,682)		$306,246,407

U.S. TREASURY OBLIGATIONS (0.2%)*	Principal amount	Value
U.S. Treasury Notes
1.625%, 5/15/26 i	$477,000	$479,714
0.375%, 4/30/25 i	147,000	142,243
0.25%, 6/30/25 i	128,000	122,876
0.25%, 5/31/25 i	116,000	111,551
Total U.S. treasury obligations (cost $856,384)		$856,384

MORTGAGE-BACKED SECURITIES (48.7%)*		Principal amount	Value
Agency collateralized mortgage obligations (26.8%)
Federal Home Loan Mortgage Corporation
REMICs IFB Ser. 3852, Class SC, IO, ((-1 x 1 Month US LIBOR) + 6.65%), 6.544%, 4/15/40		$1,359,483	$74,432
REMICs IFB Ser. 5011, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.25%), 6.142%, 9/25/50		10,869,235	1,924,181
REMICs IFB Ser. 4742, Class S, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.094%, 12/15/47		1,944,614	302,388
REMICs IFB Ser. 4752, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.094%, 11/15/47		334,570	51,822
REMICs IFB Ser. 4839, Class WS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.994%, 8/15/56		5,935,620	1,187,124
REMICs IFB Ser. 4678, Class MS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.994%, 4/15/47		1,359,296	263,992

20 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Federal Home Loan Mortgage Corporation
REMICs IFB Ser. 5002, Class SJ, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.992%, 7/25/50		$10,048,218	$1,761,557
REMICs IFB Ser. 4945, Class SL, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.942%, 1/25/50		7,103,928	1,005,416
REMICs Ser. 4813, IO, 5.50%, 8/15/48		3,344,844	690,098
REMICs Ser. 4991, Class IE, IO, 5.00%, 7/25/50		19,127,930	2,844,820
REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42		1,231,879	205,970
REMICs Ser. 5179, Class BI, IO, 4.50%, 1/25/52		13,481,620	2,044,760
REMICs Ser. 5152, Class MI, IO, 4.50%, 10/25/51		11,842,988	2,237,998
REMICs Ser. 5091, Class IL, IO, 4.50%, 3/25/51		7,839,044	1,194,007
REMICs Ser. 5049, Class AI, IO, 4.50%, 12/25/50		6,868,878	1,309,785
REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50		5,655,678	897,811
REMICs Ser. 5115, Class IK, IO, 4.50%, 12/25/50		7,050,870	1,196,105
REMICs Ser. 5024, Class HI, IO, 4.50%, 10/25/50		10,362,997	1,735,051
REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50		7,078,303	1,371,819
REMICs Ser. 4122, Class TI, IO, 4.50%, 10/15/42		891,162	129,967
REMICs Ser. 4000, Class PI, IO, 4.50%, 1/15/42		517,610	71,527
REMICs Ser. 4024, Class PI, IO, 4.50%, 12/15/41		717,141	69,553
REMICs Ser. 5134, Class IC, IO, 4.00%, 8/25/51		11,119,115	1,819,799
REMICs Ser. 4546, Class TI, IO, 4.00%, 12/15/45		1,660,660	221,869
REMICs Ser. 4425, IO, 4.00%, 1/15/45		1,676,022	204,072
REMICs Ser. 4452, Class QI, IO, 4.00%, 11/15/44		2,089,404	369,250
REMICs Ser. 4193, Class PI, IO, 4.00%, 3/15/43		1,498,304	198,894
REMICs Ser. 4604, Class QI, IO, 3.50%, 7/15/46		2,486,186	256,773
REMICs Ser. 4580, Class ID, IO, 3.50%, 8/15/45		1,509,804	112,701
REMICs Ser. 4105, Class HI, IO, 3.50%, 7/15/41		788,443	49,720
Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27		660,746	32,345
REMICs Ser. 5082, Class IQ, IO, 3.00%, 3/25/51		13,519,847	1,671,459
REMICs Ser. 5051, Class BI, IO, 3.00%, 11/25/50		17,106,092	2,184,270
REMICs Ser. 4165, Class TI, IO, 3.00%, 12/15/42		3,512,081	282,733
REMICs Ser. 4183, Class MI, IO, 3.00%, 2/15/42		1,539,528	90,031
REMICs Ser. 4210, Class PI, IO, 3.00%, 12/15/41		382,202	6,123
Structured Pass-Through Certificates FRB Ser. 57, Class 1AX, IO, 0.392%, 7/25/43 W		1,619,865	22,354
Federal National Mortgage Association
REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x 1 Month US LIBOR) + 6.40%), 6.292%, 4/25/40		830,954	152,250
REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.25%), 6.142%, 3/25/48		4,104,780	699,780
REMICs IFB Ser. 18-38, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.092%, 6/25/48		7,870,288	1,137,949
REMICs IFB Ser. 17-32, Class SA, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.042%, 5/25/47		8,677,224	1,304,968
REMICs IFB Ser. 13-18, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.042%, 10/25/41		242,349	9,519
REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46		2,492,760	496,200
REMICs Ser. 10-99, Class NI, IO, 6.00%, 9/25/40		2,342,563	468,747
REMICs IFB Ser. 16-96, Class ST, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.992%, 12/25/46		3,884,916	606,567

Premier Income Trust 21

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Federal National Mortgage Association
REMICs IFB Ser. 16-78, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.992%, 5/25/39		$12,478,637	$2,090,733
REMICs IFB Ser. 20-12, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.942%, 3/25/50		6,096,407	1,040,413
REMICs IFB Ser. 19-43, Class JS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.942%, 8/25/49		3,876,777	534,538
REMICs FRB Ser. 19-61, Class S, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.892%, 11/25/49		7,673,617	1,259,240
REMICs Ser. 13-107, Class SB, IO, ((-1 x 1 Month US LIBOR) + 5.95%), 5.842%, 2/25/43		2,765,212	523,473
REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x 1 Month US LIBOR) + 5.90%), 5.792%, 10/25/41		1,898,306	286,034
Interest Strip Ser. 374, Class 6, IO, 5.50%, 8/25/36		105,801	17,655
REMICs Ser. 15-30, IO, 5.50%, 5/25/45		3,959,159	709,560
Interest Strip Ser. 378, Class 19, IO, 5.00%, 6/25/35		328,315	52,557
REMICs Ser. 20-45, Class EI, IO, 5.00%, 7/25/50		4,652,517	787,936
REMICs Ser. 21-77, Class BI, IO, 4.50%, 11/25/51		13,090,206	1,969,037
REMICs Ser. 21-15, Class IJ, IO, 4.50%, 4/25/51		5,379,592	998,452
REMICs Ser. 20-76, Class BI, IO, 4.50%, 11/25/50		11,126,198	1,830,927
REMICs Ser. 12-127, Class BI, IO, 4.50%, 11/25/42		402,139	78,832
REMICs Ser. 12-30, Class HI, IO, 4.50%, 12/25/40		629,583	11,899
REMICs Ser. 20-75, Class MI, IO, 4.00%, 11/25/50		16,744,137	2,752,401
REMICs Ser. 15-88, Class QI, IO, 4.00%, 10/25/44		718,013	41,173
REMICs Ser. 13-58, Class DI, IO, 4.00%, 6/25/43		3,588,141	559,573
REMICs Ser. 13-41, Class IP, IO, 4.00%, 5/25/43		1,132,733	142,384
REMICs Ser. 13-44, Class PI, IO, 4.00%, 1/25/43		869,671	94,481
REMICs Ser. 13-60, Class IP, IO, 4.00%, 10/25/42		673,014	67,301
REMICs Ser. 20-85, Class PI, IO, 3.00%, 12/25/50		14,059,960	2,130,365
REMICs Ser. 12-145, Class TI, IO, 3.00%, 11/25/42		710,949	38,007
REMICs Ser. 13-23, Class PI, IO, 3.00%, 10/25/41		364,493	4,306
REMICs Ser. 21-56, Class WI, IO, 2.50%, 9/25/51		17,356,322	1,917,621
REMICs Ser. 21-43, Class IO, IO, 2.50%, 6/25/51		17,129,587	2,528,139
Grantor Trust Ser. 00-T6, IO, 0.717%, 11/25/40 W		1,070,313	10,703
Government National Mortgage Association
IFB Ser. 21-98, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.196%, 6/20/51		9,590,330	1,339,673
IFB Ser. 21-77, Class SM, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.196%, 5/20/51		9,030,163	1,340,046
IFB Ser. 21-59, Class SQ, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.196%, 4/20/51		6,665,656	827,569
IFB Ser. 20-133, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.30%), 6.196%, 9/20/50		7,739,115	1,509,801
FRB Ser. 21-116, Class ES, IO, ((-1 x 1 Month US LIBOR) + 6.20%), 6.094%, 11/20/47		8,480,726	2,137,735
IFB Ser. 14-60, Class SD, IO, ((-1 x 1 Month US LIBOR) + 6.18%), 6.076%, 4/20/44		4,790,705	917,332
IFB Ser. 20-97, Class QS, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.046%, 7/20/50		5,058,921	893,866

22 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
IFB Ser. 19-5, Class SB, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.046%, 1/20/49		$4,563,337	$718,819
IFB Ser. 13-129, Class SN, IO, ((-1 x 1 Month US LIBOR) + 6.15%), 6.046%, 9/20/43		554,978	89,729
IFB Ser. 20-63, Class SP, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.996%, 5/20/50		5,814,045	905,479
IFB Ser. 20-63, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.996%, 4/20/50		7,591,205	1,190,731
IFB Ser. 19-96, Class SY, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.996%, 8/20/49		6,224,472	797,044
IFB Ser. 19-83, Class SY, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.996%, 7/20/49		5,609,352	717,156
IFB Ser. 19-89, Class PS, IO, ((-1 x 1 Month US LIBOR) + 6.10%), 5.996%, 7/20/49		6,930,643	992,347
IFB Ser. 20-15, Class CS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 2/20/50		773,805	88,629
IFB Ser. 20-7, Class SK, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 1/20/50		4,401,411	685,434
IFB Ser. 19-152, Class ES, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 12/20/49		3,877,428	590,586
IFB Ser. 19-110, Class SQ, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 9/20/49		6,131,020	774,980
IFB Ser. 19-99, Class KS, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 8/20/49		491,997	65,367
IFB Ser. 19-78, Class SJ, IO, ((-1 x 1 Month US LIBOR) + 6.05%), 5.946%, 6/20/49		400,540	48,595
IFB Ser. 20-63, Class AS, IO, ((-1 x 1 Month US LIBOR) + 6.00%), 5.896%, 8/20/43		6,512,328	1,009,932
IFB Ser. 10-90, Class ES, IO, ((-1 x 1 Month US LIBOR) + 5.95%), 5.846%, 7/20/40		5,242,992	902,985
IFB Ser. 14-119, Class SA, IO, ((-1 x 1 Month US LIBOR) + 5.60%), 5.496%, 8/20/44		2,115,821	342,468
Ser. 17-38, Class DI, IO, 5.00%, 3/16/47		1,017,089	185,934
Ser. 16-42, IO, 5.00%, 2/20/46		2,513,798	448,078
Ser. 18-127, Class ID, IO, 5.00%, 7/20/45		3,760,604	458,530
Ser. 18-127, Class IC, IO, 5.00%, 10/20/44		4,245,530	738,595
Ser. 14-76, IO, 5.00%, 5/20/44		985,354	185,737
Ser. 13-3, Class IT, IO, 5.00%, 1/20/43		765,779	150,782
Ser. 12-146, IO, 5.00%, 12/20/42		708,939	134,450
Ser. 10-35, Class UI, IO, 5.00%, 3/20/40		1,002,588	187,408
Ser. 10-20, Class UI, IO, 5.00%, 2/20/40		723,966	134,905
Ser. 10-9, Class UI, IO, 5.00%, 1/20/40		3,227,427	610,177
Ser. 09-121, Class UI, IO, 5.00%, 12/20/39		1,658,498	313,042
Ser. 17-26, Class MI, IO, 5.00%, 11/20/39		3,351,099	620,267
Ser. 15-79, Class GI, IO, 5.00%, 10/20/39		598,988	110,901
Ser. 20-61, IO, 4.50%, 5/20/50		14,855,862	2,680,991
Ser. 18-94, Class AI, IO, 4.50%, 7/20/48		1,981,578	284,569
Ser. 15-167, Class BI, IO, 4.50%, 4/16/45		1,075,032	205,181
Ser. 13-182, Class IQ, IO, 4.50%, 12/16/43		1,381,296	254,077

Premier Income Trust 23

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
Ser. 13-34, Class IH, IO, 4.50%, 3/20/43		$1,359,605	$227,094
Ser. 14-108, Class IP, IO, 4.50%, 12/20/42		214,573	13,771
Ser. 17-42, Class IC, IO, 4.50%, 8/20/41		1,197,103	217,054
Ser. 10-35, Class AI, IO, 4.50%, 3/20/40		1,309,447	200,412
Ser. 10-35, Class DI, IO, 4.50%, 3/20/40		2,140,545	369,672
Ser. 10-35, Class QI, IO, 4.50%, 3/20/40		1,170,071	199,969
Ser. 13-151, Class IB, IO, 4.50%, 2/20/40		1,364,459	223,904
Ser. 10-9, Class QI, IO, 4.50%, 1/20/40		801,987	140,508
Ser. 09-121, Class BI, IO, 4.50%, 12/16/39		859,822	160,744
Ser. 20-78, Class DI, IO, 4.00%, 6/20/50		10,878,183	1,316,654
Ser. 16-29, IO, 4.00%, 2/16/46		1,111,303	197,866
Ser. 15-186, Class AI, IO, 4.00%, 12/20/45		2,756,104	410,825
Ser. 15-53, Class MI, IO, 4.00%, 4/16/45		2,321,969	445,586
Ser. 15-187, Class JI, IO, 4.00%, 3/20/45		1,888,534	274,449
Ser. 15-64, Class YI, IO, 4.00%, 11/20/44		1,647,648	177,633
Ser. 14-149, Class IP, IO, 4.00%, 7/16/44		5,161,276	715,748
Ser. 17-93, Class TI, IO, 4.00%, 3/20/44		2,086,892	80,624
Ser. 14-4, Class IC, IO, 4.00%, 1/20/44		628,023	101,405
Ser. 14-100, Class NI, IO, 4.00%, 6/20/43		1,851,078	114,709
Ser. 13-165, Class IL, IO, 4.00%, 3/20/43		607,132	89,200
Ser. 12-56, Class IB, IO, 4.00%, 4/20/42		572,914	96,167
Ser. 21-156, IO, 3.50%, 7/20/51		10,992,175	1,818,933
Ser. 20-167, Class PI, IO, 3.50%, 11/20/50		6,583,810	842,757
Ser. 20-138, Class IC, IO, 3.50%, 8/20/50		15,209,029	2,179,150
Ser. 17-118, Class KI, IO, 3.50%, 10/20/46		184,005	3,643
Ser. 16-75, Class EI, IO, 3.50%, 8/20/45		1,253,273	103,261
Ser. 13-76, IO, 3.50%, 5/20/43		1,572,909	190,228
Ser. 13-28, IO, 3.50%, 2/20/43		423,086	36,292
Ser. 13-54, Class JI, IO, 3.50%, 2/20/43		637,898	62,520
Ser. 13-37, Class JI, IO, 3.50%, 1/20/43		1,067,230	105,848
Ser. 13-14, IO, 3.50%, 12/20/42		2,625,064	261,168
Ser. 13-27, Class PI, IO, 3.50%, 12/20/42		453,578	47,199
Ser. 12-136, Class BI, IO, 3.50%, 11/20/42		1,845,119	290,098
Ser. 12-140, Class IC, IO, 3.50%, 11/20/42		2,527,241	385,114
Ser. 12-128, Class IA, IO, 3.50%, 10/20/42		2,521,622	376,605
Ser. 12-113, Class ID, IO, 3.50%, 9/20/42		1,110,830	182,100
Ser. 15-52, Class KI, IO, 3.50%, 11/20/40		1,685,899	117,676
Ser. 21-59, Class IM, IO, 3.00%, 4/20/51		8,871,794	866,135
Ser. 21-59, Class IP, IO, 3.00%, 4/20/51		10,431,633	1,056,203
Ser. 21-67, Class PI, IO, 3.00%, 4/20/51		18,031,015	1,712,332
Ser. 21-55, Class PI, IO, 3.00%, 3/20/51		8,455,208	748,535
Ser. 20-175, Class NI, IO, 3.00%, 11/20/50		7,420,396	1,129,566
Ser. 17-H02, Class BI, IO, 2.432%, 1/20/67 W		4,738,878	318,723
Ser. 18-H05, Class AI, IO, 2.381%, 2/20/68 W		4,556,392	350,273
Ser. 18-H02, Class EI, IO, 2.355%, 1/20/68 W		10,675,578	814,013
Ser. 18-H05, Class BI, IO, 2.345%, 2/20/68 W		7,191,561	552,851
Ser. 17-H16, Class FI, IO, 2.343%, 8/20/67 W		5,415,644	361,325
Ser. 17-H06, Class BI, IO, 2.336%, 2/20/67 W		7,247,454	513,240

24 Premier Income Trust

---

MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
Ser. 18-H03, Class XI, IO, 2.306%, 2/20/68 W		$7,363,801	$504,420
Ser. 18-H15, Class KI, IO, 2.304%, 8/20/68 W		6,233,768	478,247
Ser. 17-H16, Class JI, IO, 2.304%, 8/20/67 W		15,139,261	1,244,258
Ser. 16-H18, Class QI, IO, 2.259%, 6/20/66 W		4,829,953	345,062
Ser. 17-H08, Class NI, IO, 2.243%, 3/20/67 W		9,090,123	549,952
Ser. 17-H12, Class QI, IO, 2.241%, 5/20/67 W		5,915,647	337,499
Ser. 16-H16, Class EI, IO, 2.198%, 6/20/66 W		5,160,635	328,732
Ser. 16-H22, Class AI, IO, 2.146%, 10/20/66 W		7,426,901	483,424
Ser. 16-H23, Class NI, IO, 2.116%, 10/20/66 W		19,760,785	1,213,312
Ser. 17-H19, Class MI, IO, 2.051%, 4/20/67 W		3,288,565	238,421
Ser. 16-H03, Class DI, IO, 2.036%, 12/20/65 W		7,097,052	396,991
Ser. 16-H17, Class KI, IO, 1.916%, 7/20/66 W		3,425,263	223,177
Ser. 15-H15, Class BI, IO, 1.893%, 6/20/65 W		4,098,362	242,213
Ser. 15-H25, Class EI, IO, 1.852%, 10/20/65 W		5,114,072	298,662
Ser. 17-H11, Class DI, IO, 1.844%, 5/20/67 W		6,682,727	467,791
Ser. 15-H20, Class CI, IO, 1.832%, 8/20/65 W		7,171,573	507,030
Ser. 15-H20, Class AI, IO, 1.829%, 8/20/65 W		6,242,661	369,566
Ser. 15-H10, Class BI, IO, 1.825%, 4/20/65 W		4,553,362	280,032
Ser. 17-H09, IO, 1.819%, 4/20/67 W		8,927,838	483,550
FRB Ser. 15-H08, Class CI, IO, 1.797%, 3/20/65 W		4,680,879	230,767
Ser. 15-H24, Class AI, IO, 1.775%, 9/20/65 W		5,704,178	333,905
Ser. 16-H03, Class AI, IO, 1.772%, 1/20/66 W		5,954,861	316,352
Ser. 16-H09, Class BI, IO, 1.765%, 4/20/66 W		8,097,542	558,730
Ser. 15-H23, Class BI, IO, 1.758%, 9/20/65 W		7,103,625	381,465
Ser. 16-H24, Class CI, IO, 1.698%, 10/20/66 W		4,855,395	249,567
Ser. 17-H16, Class IG, IO, 1.697%, 7/20/67 W		13,715,996	737,235
Ser. 16-H14, IO, 1.687%, 6/20/66 W		5,392,606	259,093
Ser. 16-H06, Class DI, IO, 1.612%, 7/20/65 W		10,022,461	429,262
Ser. 13-H08, Class CI, IO, 1.595%, 2/20/63 W		6,181,662	180,505
Ser. 16-H02, Class HI, IO, 1.552%, 1/20/66 W		7,827,234	340,485
Ser. 14-H21, Class BI, IO, 1.544%, 10/20/64 W		7,955,621	354,025
Ser. 16-H10, Class AI, IO, 1.513%, 4/20/66 W		13,732,575	560,248
Ser. 16-H06, Class CI, IO, 1.409%, 2/20/66 W		8,580,207	306,373
			119,466,356
Commercial mortgage-backed securities (8.3%)
Barclays Commercial Mortgage Trust 144A Ser. 19-C4, Class E, 3.25%, 8/15/52		802,000	677,571
Bear Stearns Commercial Mortgage Securities Trust
FRB Ser. 07-T26, Class AJ, 5.419%, 1/12/45 W		689,826	34,491
Ser. 05-PWR7, Class D, 5.304%, 2/11/41 W		1,026,000	719,226
Ser. 05-PWR7, Class B, 5.214%, 2/11/41 W		249,266	248,018
Bear Stearns Commercial Mortgage Securities Trust 144A FRB Ser. 06-PW14, Class XW, IO, 0.714%, 12/11/38 W		132,272	753
Benchmark Mortgage Trust 144A Ser. 19-B13, Class D, 2.50%, 8/15/57		689,000	614,960
CD Commercial Mortgage Trust 144A
Ser. 17-CD3, Class D, 3.25%, 2/10/50		1,126,000	867,906
Ser. 19-CD8, Class D, 3.00%, 8/15/57		569,000	490,769

Premier Income Trust 25

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
CFCRE Commercial Mortgage Trust 144A
FRB Ser. 11-C2, Class F, 5.25%, 12/15/47 W		$2,275,000	$2,263,853
FRB Ser. 11-C2, Class E, 5.186%, 12/15/47 W		1,068,000	1,063,944
COMM Mortgage Trust
FRB Ser. 14-CR16, Class C, 4.928%, 4/10/47 W		314,000	322,355
FRB Ser. 15-CR26, Class D, 3.478%, 10/10/48 W		548,000	522,833
COMM Mortgage Trust 144A
FRB Ser. 14-CR17, Class E, 4.848%, 5/10/47 W		682,000	503,943
FRB Ser. 14-UBS3, Class D, 4.767%, 6/10/47 W		481,000	464,829
Ser. 12-CR3, Class F, 4.75%, 10/15/45 W		1,755,510	464,925
FRB Ser. 14-CR19, Class D, 4.703%, 8/10/47 W		810,000	783,342
FRB Ser. 18-COR3, Class D, 2.81%, 5/10/51 W		409,000	353,951
CSAIL Commercial Mortgage Trust 144A FRB Ser. 15-C1, Class D, 3.761%, 4/15/50 W		1,390,000	1,130,553
GS Mortgage Securities Corp., II 144A FRB Ser. 13-GC10, Class D, 4.401%, 2/10/46 W		1,423,000	1,335,404
GS Mortgage Securities Trust Ser. 14-GC18, Class B, 4.885%, 1/10/47 W		700,000	694,368
GS Mortgage Securities Trust 144A FRB Ser. 14-GC24, Class D, 4.543%, 9/10/47 W		2,444,000	1,694,448
JPMBB Commercial Mortgage Securities Trust FRB Ser. 13-C12, Class C, 4.098%, 7/15/45 W		526,000	529,243
JPMBB Commercial Mortgage Securities Trust 144A
FRB Ser. 14-C18, Class D, 4.793%, 2/15/47 W		2,432,000	1,405,864
FRB Ser. 13-C14, Class E, 4.548%, 8/15/46 W		1,277,000	901,061
FRB Ser. C14, Class D, 4.548%, 8/15/46 W		1,265,000	813,760
FRB Ser. 14-C18, Class E, 4.293%, 2/15/47 W		914,000	353,107
FRB Ser. 14-C25, Class D, 3.94%, 11/15/47 W		1,404,000	1,091,360
Ser. 14-C25, Class E, 3.332%, 11/15/47 W		1,823,000	984,075
JPMDB Commercial Mortgage Securities Trust Ser. 17-C5, Class C, 4.512%, 3/15/50 W		680,000	648,582
JPMorgan Chase Commercial Mortgage Securities Trust
FRB Ser. 13-LC11, Class D, 4.164%, 4/15/46 W		1,312,000	1,092,528
Ser. 13-LC11, Class B, 3.499%, 4/15/46		508,000	510,669
JPMorgan Chase Commercial Mortgage Securities Trust 144A
FRB Ser. 11-C3, Class F, 5.524%, 2/15/46 W		1,113,000	195,134
FRB Ser. 11-C4, Class C, 5.389%, 7/15/46 W		257,594	264,804
FRB Ser. 12-C6, Class E, 5.125%, 5/15/45 W		659,000	453,395
FRB Ser. 13-LC11, Class E, 3.25%, 4/15/46 W		1,807,000	1,307,397
Mezz Cap Commercial Mortgage Trust 144A FRB Ser. 07-C5, Class X, IO, 7.004%, 12/15/49 W		26,213	—
Morgan Stanley Bank of America Merrill Lynch Trust FRB Ser. 15-C22, Class C, 4.21%, 4/15/48 W		510,000	500,957
Morgan Stanley Bank of America Merrill Lynch Trust 144A
FRB Ser. 13-C11, Class D, 4.351%, 8/15/46 W		1,900,000	133,000
FRB Ser. 15-C23, Class D, 4.143%, 7/15/50 W		1,157,000	1,126,366
FRB Ser. 13-C10, Class E, 4.075%, 7/15/46 W		2,187,000	730,677
FRB Ser. 13-C10, Class F, 4.075%, 7/15/46 W		1,988,000	442,330
Ser. 14-C17, Class E, 3.50%, 8/15/47		1,025,000	688,293
Ser. 14-C19, Class D, 3.25%, 12/15/47		974,000	925,031

26 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
Morgan Stanley Capital I Trust Ser. 06-HQ10, Class B, 5.448%, 11/12/41 W		$384,505	$363,322
Multifamily Connecticut Avenue Securities Trust 144A
FRB Ser. 20-01, Class M10, 3.858%, 3/25/50		1,558,000	1,548,295
FRB Ser. 19-01, Class M10, 3.358%, 10/15/49		615,000	599,518
TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default) †		1,081,996	11
UBS-Barclays Commercial Mortgage Trust 144A
Ser. 12-C2, Class F, 5.00%, 5/10/63 W		1,476,000	31,734
FRB Ser. 12-C4, Class D, 4.46%, 12/10/45 W		749,000	677,981
Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 04-C15, Class G, 5.395%, 10/15/41 W		80,529	72,557
Wells Fargo Commercial Mortgage Trust 144A
FRB Ser. 13-LC12, Class D, 4.305%, 7/15/46 W		356,000	144,133
Ser. 14-LC16, Class D, 3.938%, 8/15/50		2,218,000	304,208
Ser. 16-C33, Class D, 3.123%, 3/15/59		776,000	708,579
WF-RBS Commercial Mortgage Trust 144A
Ser. 11-C4, Class F, 4.887%, 6/15/44 W		2,560,000	1,268,224
FRB Ser. 12-C9, Class E, 4.809%, 11/15/45 W		537,000	494,767
FRB Ser. 12-C10, Class D, 4.411%, 12/15/45 W		687,000	476,825
			37,040,229
Residential mortgage-backed securities (non-agency) (13.6%)
American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (1 Month US LIBOR + 0.19%), 0.298%, 5/25/47		715,603	422,067
Bear Stearns Alt-A Trust
FRB Ser. 05-7, Class 21A1, 2.627%, 9/25/35 W		202,722	185,888
FRB Ser. 05-10, Class 11A1, (1 Month US LIBOR + 0.50%), 0.608%, 1/25/36		154,746	231,323
Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (1 Month US LIBOR + 0.18%), 0.288%, 11/25/47		643,573	555,080
Citigroup Mortgage Loan Trust, Inc.
FRB Ser. 07-AR5, Class 1A1A, 2.886%, 4/25/37 W		214,005	213,718
FRB Ser. 07-AMC3, Class A2D, (1 Month US LIBOR + 0.35%), 0.458%, 3/25/37		1,934,368	1,806,302
Countrywide Alternative Loan Trust
FRB Ser. 06-OA7, Class 1A1, 2.183%, 6/25/46 W		1,037,917	1,130,187
FRB Ser. 06-OA10, Class 1A1, (1 Month US LIBOR + 0.96%), 1.047%, 8/25/46		246,129	241,491
FRB Ser. 06-OA7, Class 1A2, (1 Month US LIBOR + 0.94%), 1.027%, 6/25/46		450,991	422,615
FRB Ser. 05-38, Class A3, (1 Month US LIBOR + 0.70%), 0.808%, 9/25/35		532,704	490,697
FRB Ser. 05-59, Class 1A1, (1 Month US LIBOR + 0.66%), 0.764%, 11/20/35		1,364,051	1,334,583
FRB Ser. 06-OA10, Class 2A1, (1 Month US LIBOR + 0.38%), 0.488%, 8/25/46		420,147	376,335
FRB Ser. 06-OA10, Class 3A1, (1 Month US LIBOR + 0.38%), 0.488%, 8/25/46		612,764	596,114

Premier Income Trust 27

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Countrywide Alternative Loan Trust
FRB Ser. 06-OA10, Class 4A1, (1 Month US LIBOR + 0.38%), 0.488%, 8/25/46		$3,101,523	$2,837,849
FRB Ser. 07-OH1, Class A1D, (1 Month US LIBOR + 0.21%), 0.318%, 4/25/47		525,911	452,766
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 16-DNA3, Class B, (1 Month US LIBOR + 11.25%), 11.358%, 12/25/28		484,266	553,857
Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class B, (1 Month US LIBOR + 10.50%), 10.608%, 5/25/28		827,101	885,733
Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class B, (1 Month US LIBOR + 10.00%), 10.108%, 7/25/28		2,255,428	2,536,415
Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class B, (1 Month US LIBOR + 9.35%), 9.458%, 4/25/28		1,286,490	1,411,673
Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class B, (1 Month US LIBOR + 9.20%), 9.308%, 10/25/27		728,616	821,558
Structured Agency Credit Risk Debt FRN Ser. 15-DNA2, Class B, (1 Month US LIBOR + 7.55%), 7.658%, 12/25/27		1,320,974	1,386,261
Structured Agency Credit Risk Debt FRN Ser. 16-HQA1, Class M3, (1 Month US LIBOR + 6.35%), 6.458%, 9/25/28		139,245	148,506
Structured Agency Credit Risk Debt FRN Ser. 17-DNA1, Class B1, (1 Month US LIBOR + 4.95%), 5.058%, 7/25/29		570,000	617,759
Structured Agency Credit Risk Debt FRN Ser. 18-HQA1, Class M2, (1 Month US LIBOR + 2.30%), 2.408%, 9/25/30		1,277,798	1,295,698
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA5, Class B2, (US 30 Day Average SOFR + 11.50%), 11.55%, 10/25/50		491,000	640,571
Structured Agency Credit Risk Trust FRB Ser. 19-HQA2, Class B2, (1 Month US LIBOR + 11.25%), 11.358%, 4/25/49		298,000	323,611
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (1 Month US LIBOR + 11.00%), 11.108%, 10/25/48		444,000	495,719
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (1 Month US LIBOR + 10.75%), 10.858%, 1/25/49		315,000	346,867
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (1 Month US LIBOR + 10.50%), 10.608%, 3/25/49		252,000	272,710
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (1 Month US LIBOR + 10.00%), 10.108%, 8/25/50		966,000	1,168,625
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (1 Month US LIBOR + 10.00%), 10.108%, 7/25/50		1,027,000	1,231,903
Structured Agency Credit Risk Trust FRB Ser. 19-DNA3, Class B2, (1 Month US LIBOR + 8.15%), 8.258%, 7/25/49		342,000	359,288
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (1 Month US LIBOR + 7.75%), 7.858%, 9/25/48		389,000	416,580
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B1, (1 Month US LIBOR + 5.75%), 5.858%, 7/25/50		401,000	422,092
Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58 W		685,000	696,868
Seasoned Credit Risk Transfer Trust Ser. 19-4, Class M, 4.50%, 2/25/59 W		346,000	351,974
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B1, (1 Month US LIBOR + 4.25%), 4.358%, 10/25/48		1,548,000	1,609,920

28 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal Home Loan Mortgage Corporation 144A
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B1, (1 Month US LIBOR + 3.90%), 4.008%, 9/25/48		$420,000	$440,655
Structured Agency Credit Risk Trust FRB Ser. 18-DNA2, Class B1, (1 Month US LIBOR + 3.70%), 3.808%, 12/25/30		599,000	622,029
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class M2, (1 Month US LIBOR + 2.65%), 2.758%, 1/25/49		390,145	394,693
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class M2, (1 Month US LIBOR + 2.45%), 2.558%, 3/25/49		280,406	283,473
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class M2, (1 Month US LIBOR + 2.30%), 2.408%, 10/25/48		304,200	308,518
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C03, Class 2B, (1 Month US LIBOR + 12.75%), 12.858%, 10/25/28		238,854	271,189
Connecticut Avenue Securities FRB Ser. 16-C02, Class 1B, (1 Month US LIBOR + 12.25%), 12.358%, 9/25/28		2,303,550	2,637,492
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (1 Month US LIBOR + 11.75%), 11.858%, 10/25/28		1,291,739	1,479,902
Connecticut Avenue Securities FRB Ser. 16-C01, Class 1B, (1 Month US LIBOR + 11.75%), 11.858%, 8/25/28		835,371	934,674
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2B, (1 Month US LIBOR + 10.75%), 10.858%, 1/25/29		269,067	294,894
Connecticut Avenue Securities FRB Ser. 16-C04, Class 1B, (1 Month US LIBOR + 10.25%), 10.358%, 1/25/29		267,274	294,421
Connecticut Avenue Securities FRB Ser. 16-C06, Class 1B, (1 Month US LIBOR + 9.25%), 9.358%, 4/25/29		396,600	432,950
Connecticut Avenue Securities FRB Ser. 15-C04, Class 1M2, (1 Month US LIBOR + 5.70%), 5.808%, 4/25/28		2,128,105	2,241,377
Connecticut Avenue Securities FRB Ser. 15-C04, Class 2M2, (1 Month US LIBOR + 5.55%), 5.658%, 4/25/28		269,894	281,248
Connecticut Avenue Securities FRB Ser. 17-C02, Class 2B1, (1 Month US LIBOR + 5.50%), 5.608%, 9/25/29		1,459,000	1,631,834
Connecticut Avenue Securities FRB Ser. 15-C03, Class 2M2, (1 Month US LIBOR + 5.00%), 5.108%, 7/25/25		22,797	22,884
Connecticut Avenue Securities FRB Ser. 17-C03, Class 1B1, (1 Month US LIBOR + 4.85%), 4.958%, 10/25/29		2,039,000	2,220,414
Connecticut Avenue Securities FRB Ser. 18-C04, Class 2B1, (1 Month US LIBOR + 4.50%), 4.608%, 12/25/30		699,000	736,998
Connecticut Avenue Securities FRB Ser. 17-C07, Class 2B1, (1 Month US LIBOR + 4.45%), 4.558%, 5/25/30		180,000	187,806
Connecticut Avenue Securities FRB Ser. 17-C06, Class 2B1, (1 Month US LIBOR + 4.45%), 4.558%, 2/25/30		110,000	115,775
Connecticut Avenue Securities FRB Ser. 18-C05, Class 1B1, (1 Month US LIBOR + 4.25%), 4.358%, 1/25/31		630,000	660,595
Connecticut Avenue Securities FRB Ser. 15-C02, Class 1M2, (1 Month US LIBOR + 4.00%), 4.108%, 5/25/25		20,618	21,063
Connecticut Avenue Securities FRB Ser. 17-C05, Class 1B1, (1 Month US LIBOR + 3.60%), 3.708%, 1/25/30		427,000	446,117
Connecticut Avenue Securities FRB Ser. 18-C01, Class 1B1, (1 Month US LIBOR + 3.55%), 3.658%, 7/25/30		1,003,000	1,031,836

Premier Income Trust 29

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MORTGAGE-BACKED SECURITIES (48.7%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 17-C03, Class 1M2, (1 Month US LIBOR + 3.00%), 3.108%, 10/25/29		$1,825,553	$1,869,574
Connecticut Avenue Securities FRB Ser. 17-C04, Class 2M2, (1 Month US LIBOR + 2.85%), 2.958%, 11/25/29		251,939	258,444
Connecticut Avenue Securities FRB Ser. 17-C06, Class 2M2, (1 Month US LIBOR + 2.80%), 2.908%, 2/25/30		185,826	189,669
Connecticut Avenue Securities FRB Ser. 17-C07, Class 2M2, (1 Month US LIBOR + 2.50%), 2.608%, 5/25/30		802,574	813,996
Connecticut Avenue Securities FRB Ser. 18-C01, Class 1M2, (1 Month US LIBOR + 2.25%), 2.358%, 7/25/30		120,770	122,353
Connecticut Avenue Securities FRB Ser. 18-C06, Class 2M2, (1 Month US LIBOR + 2.10%), 2.208%, 3/25/31		167,900	169,834
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (1 Month US LIBOR + 4.10%), 4.208%, 9/25/31		578,000	593,520
Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1B1, (1 Month US LIBOR + 3.25%), 3.358%, 1/25/40		459,000	456,183
Connecticut Avenue Securities Trust FRB Ser. 19-R01, Class 2M2, (1 Month US LIBOR + 2.45%), 2.558%, 7/25/31		39,678	39,839
Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1M2, (1 Month US LIBOR + 2.05%), 2.158%, 1/25/40		419,922	421,350
GSR Mortgage Loan Trust FRB Ser. 07-OA1, Class 2A3A, (1 Month US LIBOR + 0.31%), 0.418%, 5/25/37		682,967	574,238
HarborView Mortgage Loan Trust FRB Ser. 05-2, Class 1A, (1 Month US LIBOR + 0.52%), 0.623%, 5/19/35		438,116	186,093
Home Re, Ltd. 144A FRB Ser. 21-2, Class B1, (US 30 Day Average SOFR + 4.15%), 4.20%, 1/25/34 (Bermuda)		300,000	292,512
JPMorgan Alternative Loan Trust FRB Ser. 07-A2, Class 12A1, IO, (1 Month US LIBOR + 0.20%), 0.508%, 6/25/37		699,518	342,629
Legacy Mortgage Asset Trust 144A FRB Ser. 19-GS2, Class A2, 4.25%, 1/25/59		730,000	729,995
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (1 Month US LIBOR + 0.23%), 0.648%, 2/26/37		535,742	508,822
MortgageIT Trust FRB Ser. 05-3, Class M2, (1 Month US LIBOR + 0.80%), 0.903%, 8/25/35		128,223	125,761
Oaktown Re II, Ltd. 144A FRB Ser. 18-1A, Class M2, (1 Month US LIBOR + 2.85%), 2.958%, 7/25/28 (Bermuda)		1,230,000	1,239,144
Oaktown Re, Ltd. 144A FRB Ser. 17-1A, Class B1, (1 Month US LIBOR + 6.00%), 5.858%, 4/25/27 (Bermuda)		550,000	554,419
Radnor Re, Ltd. 144A FRB Ser. 18-1, Class M2, (1 Month US LIBOR + 2.70%), 2.808%, 3/25/28 (Bermuda)		620,000	624,392
Structured Asset Mortgage Investments II Trust
FRB Ser. 06-AR7, Class A1A, (1 Month US LIBOR + 0.21%), 0.528%, 8/25/36		667,312	640,619
FRB Ser. 07-AR1, Class 2A1, (1 Month US LIBOR + 0.18%), 0.288%, 1/25/37		644,440	619,173
Towd Point Mortgage Trust 144A
Ser. 19-2, Class A2, 3.75%, 12/25/58 W		1,033,000	1,077,895
Ser. 18-5, Class M1, 3.25%, 7/25/58 W		815,000	825,098
WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR13, Class A1C3, (1 Month US LIBOR + 0.98%), 1.088%, 10/25/45		347,974	346,576
			60,906,168
Total mortgage-backed securities (cost $249,072,217)			$217,412,753

30 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.0%)*		Principal amount	Value
Basic materials (1.7%)
Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29		$150,000	$138,188
Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 4.50%, 11/15/26		90,000	91,573
Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29		200,000	212,230
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30		145,000	150,800
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 4.25%, 2/1/32		80,000	78,320
BWAY Holding Co. 144A sr. unsec. notes 7.25%, 4/15/25		260,000	258,370
CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43		1,110,000	1,265,400
Coeur Mining, Inc. 144A company guaranty sr. unsec. notes 5.125%, 2/15/29		20,000	19,075
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 6.75%, 12/1/27		249,000	260,877
Compass Minerals International, Inc. 144A company guaranty sr. unsec. notes 4.875%, 7/15/24		140,000	141,400
First Quantum Minerals, Ltd. 144A company guaranty sr. unsec. notes 6.875%, 3/1/26 (Canada)		295,000	304,588
Freeport-McMoRan, Inc. company guaranty sr. unsec. bonds 4.625%, 8/1/30 (Indonesia)		130,000	135,246
Freeport-McMoRan, Inc. company guaranty sr. unsec. notes 4.375%, 8/1/28 (Indonesia)		130,000	134,024
Freeport-McMoRan, Inc. company guaranty sr. unsec. unsub. notes 5.45%, 3/15/43 (Indonesia)		670,000	788,088
GCP Applied Technologies, Inc. 144A sr. unsec. notes 5.50%, 4/15/26		453,000	462,626
Herens Holdco SARL 144A company guaranty sr. notes 4.75%, 5/15/28 (Luxembourg)		225,000	214,832
Intelligent Packaging, Ltd., Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer, LLC 144A sr. notes 6.00%, 9/15/28 (Canada)		50,000	49,750
Kleopatra Holdings 2 SCA company guaranty sr. unsec. notes Ser. REGS, 6.50%, 9/1/26 (Luxembourg)	EUR	260,000	255,372
Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29		$345,000	338,100
Mercer International, Inc. sr. unsec. notes 5.50%, 1/15/26 (Canada)		164,000	165,230
Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada)		190,000	187,388
Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31		35,000	32,962
Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30		175,000	174,125
Olympus Water US Holding Corp. 144A sr. unsec. notes 6.25%, 10/1/29		235,000	223,786
SCIH Salt Holdings, Inc. 144A sr. notes 4.875%, 5/1/28		360,000	337,500
Sylvamo Corp. 144A company guaranty sr. unsec. notes 7.00%, 9/1/29		150,000	154,125
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 144A company guaranty sr. unsec. notes 5.125%, 4/1/29 (Luxembourg)		495,000	499,604

Premier Income Trust 31

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Basic materials cont.
Tronox, Inc. 144A company guaranty sr. unsec. notes 4.625%, 3/15/29		$195,000	$187,486
WR Grace Holdings, LLC 144A company guaranty sr. notes 5.625%, 10/1/24		267,000	276,345
WR Grace Holdings, LLC 144A company guaranty sr. notes 4.875%, 6/15/27		180,000	179,096
			7,716,506
Capital goods (1.4%)
Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31		130,000	120,788
Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 4.75%, 10/1/27		75,000	76,125
Amsted Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 7/1/27		260,000	266,747
Amsted Industries, Inc. 144A sr. unsec. bonds 4.625%, 5/15/30		65,000	64,675
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 144A company guaranty sr. sub. notes 4.125%, 8/15/26 (Ireland)		470,000	466,334
Clarios Global LP 144A company guaranty sr. notes 6.75%, 5/15/25		158,000	163,925
Crown Cork & Seal Co., Inc. company guaranty sr. unsec. bonds 7.375%, 12/15/26		347,000	402,520
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 (Canada)		45,000	43,650
GFL Environmental, Inc. 144A company guaranty sr. unsec. notes 4.00%, 8/1/28 (Canada)		53,000	49,379
GFL Environmental, Inc. 144A sr. notes 5.125%, 12/15/26 (Canada)		250,000	258,220
Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29		114,000	116,565
LSF11 A5 HoldCo., LLC 144A sr. unsec. notes 6.625%, 10/15/29		260,000	254,800
Madison IAQ, LLC 144A sr. notes 4.125%, 6/30/28		90,000	85,725
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. 144A company guaranty sr. unsec. notes 8.50%, 5/15/27		280,000	292,762
PM General Purchaser, LLC 144A sr. notes 9.50%, 10/1/28		214,000	212,190
Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29		50,000	49,494
Sensata Technologies BV 144A company guaranty sr. unsec. notes 4.00%, 4/15/29		265,000	260,694
Staples, Inc. 144A sr. notes 7.50%, 4/15/26		785,000	774,206
Stevens Holding Co, Inc. 144A company guaranty sr. unsec. notes 6.125%, 10/1/26		465,000	485,344
Terex Corp. 144A company guaranty sr. unsec. notes 5.00%, 5/15/29		130,000	128,947
TransDigm, Inc. company guaranty sr. unsec. sub. notes 5.50%, 11/15/27		330,000	331,650
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29		265,000	254,428
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.625%, 1/15/29		175,000	166,191
Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28		60,000	58,471
Waste Pro USA, Inc. 144A sr. unsec. notes 5.50%, 2/15/26		395,000	383,150
WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.25%, 6/15/28		245,000	262,763
			6,029,743

32 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Communication services (1.7%)
Altice France SA 144A company guaranty sr. notes 5.50%, 1/15/28 (France)		$200,000	$190,750
CCO Holdings, LLC/CCO Holdings Capital Corp. sr. unsec. bonds 4.50%, 5/1/32		185,000	178,294
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A company guaranty sr. unsec. bonds 5.50%, 5/1/26		295,000	302,006
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29		941,000	969,672
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.75%, 3/1/30		130,000	128,998
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 4.50%, 8/15/30		130,000	126,750
CommScope Technologies, LLC 144A company guaranty sr. unsec. notes 6.00%, 6/15/25		185,000	180,192
CSC Holdings, LLC sr. unsec. unsub. bonds 5.25%, 6/1/24		270,000	278,108
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27		197,000	197,729
DISH DBS Corp. company guaranty sr. unsec. notes 7.75%, 7/1/26		65,000	66,892
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 7.375%, 7/1/28		265,000	256,083
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.125%, 6/1/29		175,000	152,688
DISH DBS Corp. 144A company guaranty sr. notes 5.75%, 12/1/28		145,000	138,753
DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26		80,000	77,600
Embarq Corp. sr. unsec. unsub. bonds 7.995%, 6/1/36		440,000	452,927
Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27		195,000	200,792
Frontier Communications Corp. 144A notes 6.75%, 5/1/29		250,000	250,625
Level 3 Financing, Inc. company guaranty sr. unsec. unsub. notes 5.25%, 3/15/26		383,000	389,783
Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.625%, 9/15/27		122,000	121,402
Level 3 Financing, Inc. 144A company guaranty sr. unsec. notes 4.25%, 7/1/28		54,000	51,519
Level 3 Financing, Inc. 144A company guaranty sr. unsec. unsub. notes 3.625%, 1/15/29		125,000	113,750
Sprint Corp. company guaranty sr. unsec. notes 7.625%, 3/1/26		280,000	320,600
Sprint Corp. company guaranty sr. unsec. sub. notes 7.875%, 9/15/23		579,000	625,320
T-Mobile USA, Inc. company guaranty sr. notes 3.875%, 4/15/30		110,000	115,293
T-Mobile USA, Inc. company guaranty sr. notes 3.75%, 4/15/27		280,000	294,303
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31		175,000	164,500
T-Mobile USA, Inc. company guaranty sr. unsec. notes 5.375%, 4/15/27		43,000	44,174
T-Mobile USA, Inc. company guaranty sr. unsec. notes 4.00%, 4/15/22		100,000	100,129
T-Mobile USA, Inc. company guaranty sr. unsec. notes 2.625%, 2/15/29		125,000	117,246
T-Mobile USA, Inc. company guaranty sr. unsec. unsub. bonds 4.75%, 2/1/28		326,000	337,003

Premier Income Trust 33

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Communication services cont.
Virgin Media Finance PLC 144A sr. unsec. bonds 5.00%, 7/15/30 (United Kingdom)		$200,000	$188,520
Virgin Media Secured Finance PLC 144A company guaranty sr. bonds 5.00%, 4/15/27 (United Kingdom)	GBP	255,000	348,364
			7,480,765
Consumer cyclicals (3.7%)
ADT Security Corp. 144A sr. notes 4.125%, 8/1/29		$150,000	141,093
American Builders & Contractors Supply Co., Inc. 144A sr. notes 4.00%, 1/15/28		130,000	127,244
American Builders & Contractors Supply Co., Inc. 144A sr. unsec. notes 3.875%, 11/15/29		125,000	117,813
Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 2/15/32		15,000	14,883
Asbury Automotive Group, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/15/29		35,000	34,441
Bath & Body Works, Inc. company guaranty sr. unsec. notes 7.50%, perpetual maturity		284,000	310,270
Bath & Body Works, Inc. company guaranty sr. unsec. sub. bonds 6.875%, 11/1/35		220,000	253,000
Bath & Body Works, Inc. 144A company guaranty sr. unsec. notes 9.375%, 7/1/25		29,000	34,685
Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30		120,000	128,783
Block, Inc. 144A sr. unsec. bonds 3.50%, 6/1/31		165,000	157,163
Boyd Gaming Corp. company guaranty sr. unsec. notes 4.75%, 12/1/27		130,000	129,341
Brookfield Residential Properties, Inc./Brookfield Residential US Corp. 144A sr. unsec. notes 5.00%, 6/15/29 (Canada)		175,000	172,760
Caesars Entertainment, Inc. 144A sr. unsec. notes 4.625%, 10/15/29		245,000	234,564
Carnival Corp. 144A sr. unsec. notes 5.75%, 3/1/27		240,000	230,208
Cengage Learning, Inc. 144A sr. unsec. unsub. notes 9.50%, 6/15/24		240,000	240,989
Cinemark USA, Inc. 144A company guaranty sr. notes 8.75%, 5/1/25		50,000	52,438
Cinemark USA, Inc. 144A company guaranty sr. unsec. notes 5.25%, 7/15/28		185,000	175,288
Clear Channel Outdoor Holdings, Inc. 144A company guaranty sr. notes 5.125%, 8/15/27		180,000	180,000
Diamond Sports Group, LLC/Diamond Sports Finance Co. 144A sr. notes 5.375%, 8/15/26		526,000	243,275
Entercom Media Corp. 144A company guaranty notes 6.75%, 3/31/29		260,000	244,400
Entercom Media Corp. 144A company guaranty notes 6.50%, 5/1/27		544,000	516,800
Ford Motor Co. sr. unsec. unsub. bonds 3.25%, 2/12/32		50,000	47,137
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 5.125%, 6/16/25		200,000	210,250
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.271%, 1/9/27		260,000	268,190
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.00%, 11/13/30		425,000	427,219
Full House Resorts, Inc. 144A company guaranty sr. notes 8.25%, 2/15/28		260,000	266,500

34 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Gap, Inc. (The) 144A company guaranty sr. unsec. bonds 3.875%, 10/1/31		$260,000	$241,285
Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30		300,000	291,000
Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29		45,000	43,650
Gray Escrow II, Inc. 144A sr. unsec. bonds 5.375%, 11/15/31		130,000	128,179
Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24		270,000	275,056
iHeartCommunications, Inc. company guaranty sr. unsec. notes 8.375%, 5/1/27		419,739	436,529
IHS Markit, Ltd. sr. unsec. sub. bonds 4.75%, 8/1/28 (United Kingdom)		145,000	164,031
JELD-WEN, Inc. 144A company guaranty sr. unsec. notes 4.875%, 12/15/27		147,000	146,633
JELD-WEN, Inc. 144A sr. notes 6.25%, 5/15/25		68,000	70,380
La Financiere Atalian SASU company guaranty sr. unsec. notes Ser. REGS, 4.00%, 5/15/24 (France)	EUR	200,000	213,642
Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31		$127,000	122,613
Live Nation Entertainment, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 3/15/26		218,000	221,815
Live Nation Entertainment, Inc. 144A sr. notes 6.50%, 5/15/27		130,000	139,922
Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28		100,000	102,713
Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30		120,000	113,282
Mattamy Group Corp. 144A sr. unsec. notes 5.25%, 12/15/27 (Canada)		355,000	361,259
Mattamy Group Corp. 144A sr. unsec. notes 4.625%, 3/1/30 (Canada)		280,000	276,060
Mattel, Inc. 144A company guaranty sr. unsec. notes 5.875%, 12/15/27		380,000	403,750
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29		430,000	424,625
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.375%, 4/1/26		55,000	54,766
McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28		210,000	199,500
NESCO Holdings II, Inc. 144A company guaranty notes 5.50%, 4/15/29		195,000	193,050
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29		200,000	191,920
Nielsen Co. Luxembourg SARL (The) 144A company guaranty sr. unsec. notes 5.00%, 2/1/25 (Luxembourg)		125,000	125,985
Nielsen Finance, LLC/Nielsen Finance Co. 144A company guaranty sr. unsec. notes 5.625%, 10/1/28		175,000	174,720
Nielsen Finance, LLC/Nielsen Finance Co. 144A company guaranty sr. unsec. notes 4.50%, 7/15/29		95,000	88,588
Nielsen Finance, LLC/Nielsen Finance Co. 144A sr. unsec. bonds 4.75%, 7/15/31		95,000	88,355
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty sr. notes 3.375%, 8/31/27		125,000	116,280
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A notes 6.25%, 1/15/28		250,000	249,016

Premier Income Trust 35

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Consumer cyclicals cont.
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7.875%, 6/15/32		$155,000	$213,900
Raptor Acquisition Corp./Raptor Co-Issuer, LLC 144A sr. notes 4.875%, 11/1/26		55,000	54,450
Sabre GLBL, Inc. 144A company guaranty sr. notes 9.25%, 4/15/25		606,000	680,574
Scientific Games International, Inc. 144A company guaranty sr. notes 5.00%, 10/15/25		150,000	153,109
Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. notes 4.50%, 10/15/29		368,000	374,216
Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. unsub. bonds 4.375%, 2/1/32		85,000	82,573
Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26		221,000	224,359
Signal Parent, Inc. 144A sr. unsec. notes 6.125%, 4/1/29		240,000	206,400
Sinclair Television Group, Inc. 144A sr. bonds 4.125%, 12/1/30		130,000	119,600
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31		252,000	233,100
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28		275,000	266,063
Six Flags Theme Parks, Inc. 144A company guaranty sr. notes 7.00%, 7/1/25		255,000	265,838
Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29		125,000	129,063
Standard Industries, Inc. 144A sr. unsec. bonds 3.375%, 1/15/31		95,000	86,916
Standard Industries, Inc. 144A sr. unsec. notes 4.75%, 1/15/28		25,000	24,656
Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28		250,000	242,740
SugarHouse HSP Gaming Prop. Mezz LP/SugarHouse HSP Gaming Finance Corp. 144A company guaranty sr. unsub. notes 5.875%, 5/15/25		240,000	239,400
Taylor Morrison Communities, Inc. 144A sr. unsec. bonds 5.125%, 8/1/30		275,000	285,027
Taylor Morrison Communities, Inc. 144A sr. unsec. notes 5.75%, 1/15/28		105,000	111,825
Univision Communications, Inc. 144A company guaranty sr. notes 9.50%, 5/1/25		134,000	142,040
Univision Communications, Inc. 144A company guaranty sr. notes 6.625%, 6/1/27		255,000	268,991
Univision Communications, Inc. 144A company guaranty sr. notes 4.50%, 5/1/29		90,000	89,140
Urban One, Inc. 144A company guaranty sr. notes 7.375%, 2/1/28		238,000	241,868
Victoria’s Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29		340,000	326,400
White Cap Buyer, LLC 144A sr. unsec. notes 6.875%, 10/15/28		245,000	251,375
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A company guaranty sr. unsec. sub. notes 5.25%, 5/15/27		338,000	332,531
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. bonds 5.125%, 10/1/29		320,000	311,008
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. notes 7.75%, 4/15/25		80,000	83,304
			16,657,804

36 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Consumer staples (1.2%)
1011778 BC ULC/New Red Finance, Inc. 144A bonds 4.00%, 10/15/30 (Canada)		$170,000	$157,364
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty notes 4.375%, 1/15/28 (Canada)		182,000	178,578
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 3.875%, 1/15/28 (Canada)		225,000	219,375
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30		75,000	76,406
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 3.50%, 3/15/29		880,000	830,861
CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29		40,000	37,941
IRB Holding Corp. 144A company guaranty sr. notes 7.00%, 6/15/25		130,000	135,525
KFC Holding Co./Pizza Hut Holdings, LLC/Taco Bell of America, LLC 144A company guaranty sr. unsec. notes 4.75%, 6/1/27		235,000	239,651
Kraft Heinz Foods Co. company guaranty sr. unsec. notes 5.00%, 7/15/35		252,000	287,447
Kraft Heinz Foods Co. company guaranty sr. unsec. notes 3.00%, 6/1/26		228,000	230,367
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.875%, 5/15/28		185,000	192,400
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30		190,000	187,150
Match Group Holdings II, LLC 144A sr. unsec. bonds 5.00%, 12/15/27		80,000	82,300
Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31		70,000	64,143
Match Group Holdings II, LLC 144A sr. unsec. notes 4.125%, 8/1/30		285,000	273,600
Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28		130,000	128,375
Millennium Escrow Corp. 144A sr. notes 6.625%, 8/1/26		115,000	114,029
Netflix, Inc. sr. unsec. bonds Ser. REGS, 3.875%, 11/15/29	EUR	100,000	130,667
Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28		$95,000	104,510
Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28		544,000	630,360
Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29		135,000	154,366
Netflix, Inc. 144A sr. unsec. bonds 4.875%, 6/15/30		41,000	45,666
Newell Brands, Inc. sr. unsec. notes 4.875%, 6/1/25		143,000	150,131
Newell Brands, Inc. sr. unsec. unsub. notes 4.70%, 4/1/26		235,000	246,113
TripAdvisor, Inc. 144A company guaranty sr. unsec. notes 7.00%, 7/15/25		124,000	129,890
Yum! Brands, Inc. sr. unsec. sub. bonds 3.625%, 3/15/31		125,000	118,143
Yum! Brands, Inc. 144A sr. unsec. bonds 4.75%, 1/15/30		125,000	128,446
			5,273,804
Energy (4.0%)
Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A company guaranty sr. unsec. notes 7.875%, 5/15/26		150,000	161,250
Antero Resources Corp. 144A company guaranty sr. unsec. notes 8.375%, 7/15/26		23,000	25,653
Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40		893,000	936,703
Apache Corp. sr. unsec. unsub. notes 4.875%, 11/15/27		100,000	103,500
Apache Corp. sr. unsec. unsub. notes 4.625%, 11/15/25		60,000	62,594

Premier Income Trust 37

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Energy cont.
Apache Corp. sr. unsec. unsub. notes 4.375%, 10/15/28		$83,000	$85,877
Callon Petroleum Co. 144A company guaranty notes 9.00%, 4/1/25		125,000	133,750
Cenovus Energy, Inc. sr. unsec. bonds 6.75%, 11/15/39 (Canada)		214,000	279,805
ChampionX Corp. company guaranty sr. unsec. notes 6.375%, 5/1/26		95,000	98,088
Cheniere Energy Partners LP company guaranty sr. unsec. notes 4.50%, 10/1/29		1,270,000	1,298,219
Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 4.00%, 3/1/31		200,000	198,989
Cheniere Energy Partners LP 144A company guaranty sr. unsec. unsub. bonds 3.25%, 1/31/32		15,000	14,063
Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 7.50%, 5/15/25		49,000	49,843
Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30		175,000	173,924
Continental Resources, Inc. company guaranty sr. unsec. bonds 4.90%, 6/1/44		175,000	184,188
Continental Resources, Inc. company guaranty sr. unsec. notes 4.375%, 1/15/28		249,000	262,615
Continental Resources, Inc. company guaranty sr. unsec. unsub. notes 4.50%, 4/15/23		231,000	236,611
Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 5.75%, 1/15/31		272,000	310,056
Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 2.875%, 4/1/32		280,000	263,578
DCP Midstream Operating LP company guaranty sr. unsec. notes 5.625%, 7/15/27		124,000	133,920
DCP Midstream Operating LP 144A company guaranty sr. unsec. unsub. bonds 6.75%, 9/15/37		118,000	152,220
Devon Energy Corp. sr. unsec. unsub. bonds 5.60%, 7/15/41		98,000	117,479
Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28		549,000	555,176
Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. bonds 5.75%, 1/30/28		438,000	453,142
Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. notes 6.625%, 7/15/25		131,000	136,921
EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28		109,000	111,910
EQT Corp. sr. unsec. notes 5.00%, 1/15/29		25,000	26,313
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28		236,000	240,482
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 4.25%, 2/15/30		65,000	62,725
Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.625%, 2/15/26		283,000	288,660
Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28		433,000	421,400
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 9.00%, 2/1/25		160,671	166,294
Oasis Petroleum, Inc. 144A company guaranty sr. unsec. notes 6.375%, 6/1/26		90,000	92,446

38 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Energy cont.
Occidental Petroleum Corp. sr. unsec. bonds 6.625%, 9/1/30		$60,000	$70,411
Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40		248,000	287,060
Occidental Petroleum Corp. sr. unsec. sub. notes 6.45%, 9/15/36		1,467,000	1,781,965
Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 7.375%, 11/1/31		430,000	550,491
Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 6.625%, 8/15/37		155,000	191,893
PBF Holding Co., LLC/PBF Finance Corp. 144A company guaranty sr. notes 9.25%, 5/15/25		440,000	429,791
Pertamina Persero PT 144A sr. unsec. unsub. notes 4.875%, 5/3/22 (Indonesia)		270,000	272,337
Pertamina Persero PT 144A sr. unsec. unsub. notes 4.30%, 5/20/23 (Indonesia)		400,000	411,826
Petrobras Global Finance BV company guaranty sr. unsec. unsub. bonds 5.50%, 6/10/51 (Brazil)		917,000	807,134
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.999%, 1/27/28 (Brazil)		378,000	403,515
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.60%, 1/3/31 (Brazil)		946,000	975,326
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.299%, 1/27/25 (Brazil)		300,000	319,503
Petroleos Mexicanos company guaranty sr. unsec. unsub. FRB 7.69%, 1/23/50 (Mexico)		931,000	862,572
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 6.875%, 1/15/29 (Canada)		40,000	40,068
Rattler Midstream LP 144A company guaranty sr. unsec. notes 5.625%, 7/15/25		180,000	185,400
Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29		107,000	108,338
SM Energy Co. sr. unsec. notes 6.625%, 1/15/27		137,000	140,768
SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26		133,000	134,330
SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28		439,000	453,487
SM Energy Co. 144A company guaranty notes 10.00%, 1/15/25		70,000	76,125
Southwestern Energy Co. company guaranty sr. unsec. bonds 4.75%, 2/1/32		397,000	396,329
Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30		757,000	775,630
Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 2/1/29		505,000	513,524
Transocean Pontus, Ltd. 144A company guaranty sr. notes 6.125%, 8/1/25 (Cayman Islands)		87,100	85,358
Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27		190,000	184,300
Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27		80,000	82,600
			18,378,475
Financials (3.3%)
AG Issuer, LLC 144A sr. notes 6.25%, 3/1/28		235,000	244,125
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. notes 4.25%, 10/15/27		60,000	58,350
Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31		1,216,000	1,647,938

Premier Income Trust 39

---

CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Financials cont.
AmWINS Group, Inc. 144A sr. unsec. notes 4.875%, 6/30/29		$70,000	$68,513
Banca Monte dei Paschi di Siena SpA sr. unsec. unsub. notes Ser. EMTN, 2.625%, 4/28/25 (Italy)	EUR	230,000	253,401
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity		$148,000	158,360
Blackstone Mortgage Trust, Inc. 144A sr. notes 3.75%, 1/15/27 R		28,000	26,810
CIT Group, Inc. sr. unsec. unsub. notes 5.25%, 3/7/25		578,000	629,946
CNO Financial Group, Inc. sr. unsec. notes 5.25%, 5/30/29		225,000	250,221
Cobra AcquisitionCo., LLC 144A company guaranty sr. unsec. notes 6.375%, 11/1/29		428,000	416,821
Coinbase Global, Inc. 144A company guaranty sr. unsec. unsub. bonds 3.625%, 10/1/31		80,000	69,700
Coinbase Global, Inc. 144A company guaranty sr. unsec. unsub. notes 3.375%, 10/1/28		85,000	76,075
Deutsche Bank AG jr. unsec. sub. FRN 6.00%, perpetual maturity (Germany)		200,000	201,500
Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31		200,000	277,278
Freedom Mortgage Corp. 144A sr. unsec. notes 8.125%, 11/15/24		120,000	120,150
Freedom Mortgage Corp. 144A sr. unsec. notes 6.625%, 1/15/27		90,000	83,592
goeasy, Ltd. 144A company guaranty sr. unsec. notes 5.375%, 12/1/24 (Canada)		75,000	76,500
goeasy, Ltd. 144A company guaranty sr. unsec. notes 4.375%, 5/1/26 (Canada)		150,000	149,250
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.75%, 2/1/24		210,000	210,000
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 6.25%, 5/15/26		237,000	243,636
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5.25%, 5/15/27		55,000	55,396
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. sub. notes 4.375%, 2/1/29		136,000	129,274
International Lease Finance Corp. sr. unsec. unsub. notes 5.875%, 8/15/22		20,000	20,519
Intesa Sanpaolo SpA 144A company guaranty jr. unsec. sub. FRB 7.70%, perpetual maturity (Italy)		200,000	219,500
iStar, Inc. sr. unsec. notes 5.50%, 2/15/26 R		205,000	208,588
iStar, Inc. sr. unsec. notes 4.75%, 10/1/24 R		347,000	351,338
Itau Unibanco Holding SA/Cayman Islands 144A unsec. sub. FRB 3.875%, 4/15/31 (Brazil)		2,050,000	1,940,961
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 R		379,000	370,912
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25 R		55,000	55,275
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27 R		250,000	244,375
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31		175,000	169,223
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28		203,000	198,424

40 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Financials cont.
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.125%, 12/15/30		$75,000	$70,345
OneMain Finance Corp. company guaranty sr. unsec. notes 8.875%, 6/1/25		105,000	111,448
OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29		448,000	454,877
PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25		240,000	238,200
PHH Mortgage Corp. 144A company guaranty sr. notes 7.875%, 3/15/26		235,000	238,525
Provident Funding Associates LP/PFG Finance Corp. 144A sr. unsec. notes 6.375%, 6/15/25		525,000	535,500
Service Properties Trust company guaranty sr. unsec. unsub. notes 7.50%, 9/15/25 R		88,000	92,737
Stichting AK Rabobank Certificaten jr. unsec. sub. FRN 6.50%, perpetual maturity (Netherlands)	EUR	252,125	365,746
TMX Finance, LLC/TitleMax Finance Corp. 144A sr. notes 11.125%, 4/1/23		$147,000	147,551
VTB Bank OJSC Via VTB Capital SA 144A unsec. sub. bonds 6.95%, 10/17/22 (Russia)		3,280,000	3,271,800
			14,752,680
Health care (1.6%)
Bausch Health Cos., Inc. 144A company guaranty sr. notes 6.125%, 2/1/27		116,000	115,855
Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 7.25%, 5/30/29		235,000	211,500
Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 6.25%, 2/15/29		180,000	152,325
Bausch Health Cos., Inc. 144A company guaranty sr. unsec. notes 5.00%, 2/15/29		100,000	80,500
Bausch Health Cos., Inc. 144A sr. notes 4.875%, 6/1/28		140,000	132,698
Centene Corp. sr. unsec. bonds 3.00%, 10/15/30		120,000	116,460
Centene Corp. sr. unsec. notes 4.625%, 12/15/29		560,000	581,000
Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/31		125,000	120,000
Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29		120,000	115,800
CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 6.00%, 1/15/29		25,000	25,406
CHS/Community Health Systems, Inc. 144A company guaranty sr. notes 5.625%, 3/15/27		100,000	100,750
CHS/Community Health Systems, Inc. 144A company guaranty sr. unsec. sub. notes 6.875%, 4/1/28		235,000	222,800
Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 5.90%, 8/28/28		290,000	316,100
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc. 144A company guaranty sr. notes 6.125%, 4/1/29 (Luxembourg)		105,000	99,488
Global Medical Response, Inc. 144A sr. notes 6.50%, 10/1/25		125,000	125,064
HCA, Inc. company guaranty sr. notes 4.125%, 6/15/29		155,000	165,112
HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26		540,000	585,900
HCA, Inc. company guaranty sr. unsec. notes 3.50%, 9/1/30		125,000	124,424

Premier Income Trust 41

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Health care cont.
Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland)		$200,000	$197,470
Laboratoire Eimer Selarl company guaranty sr. unsec. notes Ser. REGS, 5.00%, 2/1/29 (France)	EUR	250,000	276,073
Mallinckrodt International Finance SA/Mallinckrodt CB, LLC 144A company guaranty sub. notes 10.00%, 4/15/25 (Luxembourg)		$235,000	223,838
Option Care Health, Inc. 144A company guaranty sr. unsec. notes 4.375%, 10/31/29		50,000	48,716
Organon Finance 1, LLC 144A sr. notes 4.125%, 4/30/28		270,000	265,685
Owens & Minor, Inc. 144A sr. unsec. notes 4.50%, 3/31/29		130,000	126,286
Service Corp. International sr. unsec. bonds 5.125%, 6/1/29		350,000	366,625
Service Corp. International sr. unsec. notes 3.375%, 8/15/30		95,000	88,688
Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31		90,000	87,153
Tenet Healthcare Corp. company guaranty sr. notes 4.625%, 7/15/24		272,000	273,083
Tenet Healthcare Corp. 144A company guaranty notes 6.25%, 2/1/27		63,000	64,462
Tenet Healthcare Corp. 144A company guaranty sr. notes 7.50%, 4/1/25		65,000	67,715
Tenet Healthcare Corp. 144A company guaranty sr. notes 5.125%, 11/1/27		525,000	526,160
Tenet Healthcare Corp. 144A company guaranty sr. notes 4.875%, 1/1/26		555,000	557,509
Tenet Healthcare Corp. 144A company guaranty sr. notes 4.25%, 6/1/29		210,000	202,460
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 5.125%, 5/9/29 (Israel)		275,000	266,750
			7,029,855
Technology (0.5%)
Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28		80,000	75,543
Arches Buyer, Inc. 144A sr. unsec. notes 6.125%, 12/1/28		80,000	77,700
CommScope Finance, LLC 144A sr. notes 6.00%, 3/1/26		40,000	40,510
Crowdstrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29		182,000	170,625
Diebold Nixdorf, Inc. 144A company guaranty sr. notes 9.375%, 7/15/25		119,000	124,995
Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29		290,000	282,161
Microchip Technology, Inc. company guaranty sr. unsec. notes 4.25%, 9/1/25		257,000	264,774
Plantronics, Inc. 144A company guaranty sr. unsec. notes 4.75%, 3/1/29		316,000	286,770
Tempo Acquisition, LLC/Tempo Acquisition Finance Corp. 144A company guaranty sr. notes 5.75%, 6/1/25		105,000	108,151
TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29		195,000	185,738
Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31		140,000	134,050
Twilio, Inc. company guaranty sr. unsec. notes 3.625%, 3/15/29		260,000	249,447
Western Digital Corp. company guaranty sr. unsec. notes 4.75%, 2/15/26		94,000	98,645
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29		285,000	268,256
			2,367,365

42 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.0%)* cont.		Principal amount	Value
Transportation (0.3%)
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.75%, 4/20/29		$260,000	$266,175
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. 144A company guaranty sr. notes 5.50%, 4/20/26		260,000	266,175
Delta Air Lines Inc/SkyMiles IP, Ltd. 144A company guaranty sr. notes 4.75%, 10/20/28		375,000	400,285
United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29		100,000	98,947
United Airlines, Inc. 144A company guaranty sr. notes 4.375%, 4/15/26		100,000	99,260
			1,130,842
Utilities and power (0.6%)
Buckeye Partners LP sr. unsec. bonds 5.85%, 11/15/43		122,000	111,612
Buckeye Partners LP sr. unsec. notes 3.95%, 12/1/26		67,000	66,864
Buckeye Partners LP 144A sr. unsec. notes 4.50%, 3/1/28		100,000	97,337
Calpine Corp. 144A company guaranty sr. notes 5.25%, 6/1/26		62,000	63,116
Calpine Corp. 144A company guaranty sr. notes 4.50%, 2/15/28		380,000	371,412
Calpine Corp. 144A sr. unsec. notes 4.625%, 2/1/29		25,000	23,672
Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity		41,000	38,745
NRG Energy, Inc. company guaranty sr. unsec. notes 6.625%, 1/15/27		19,000	19,641
NRG Energy, Inc. 144A company guaranty sr. notes 3.75%, 6/15/24		385,000	394,908
NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 2/15/32		185,000	173,946
NRG Energy, Inc. 144A sr. unsec. bonds 5.25%, 6/15/29		109,000	112,161
Pacific Gas and Electric Co. company guaranty sr. unsec. unsub. notes 2.95%, 3/1/26		240,000	240,175
Pacific Gas and Electric Co. sr. notes 3.30%, 3/15/27		65,000	65,302
Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29		115,000	118,978
Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 5.625%, 2/15/27		152,000	155,045
Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 5.50%, 9/1/26		369,000	376,380
Vistra Operations Co., LLC 144A company guaranty sr. unsec. sub. notes 5.00%, 7/31/27		165,000	166,304
			2,595,598
Total corporate bonds and notes (cost $89,854,350)			$89,413,437

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (9.5%)*		Principal amount	Value
Bahrain (Kingdom of) 144A sr. unsec. notes 7.375%, 5/14/30 (Bahrain)		$2,130,000	$2,297,667
Dominican (Republic of) sr. unsec. bonds Ser. REGS, 4.875%, 9/23/32 (Dominican Republic)		690,000	677,063
Dominican (Republic of) sr. unsec. unsub. bonds Ser. REGS, 5.875%, 1/30/60 (Dominican Republic)		1,325,000	1,199,125
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.875%, 1/29/26 (Dominican Republic)		715,000	805,269
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.00%, 7/19/28 (Dominican Republic)		1,350,000	1,471,514

Premier Income Trust 43

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FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (9.5%)* cont.		Principal amount	Value
Dominican (Republic of) 144A sr. unsec. notes 4.50%, 1/30/30 (Dominican Republic)		$230,000	$225,632
Dominican (Republic of) 144A sr. unsec. unsub. bonds 5.50%, 1/27/25 (Dominican Republic)		1,650,000	1,763,438
Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.125%, 1/18/26 (Ghana)		2,620,000	2,354,725
Indonesia (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.75%, 1/8/26 (Indonesia)		2,370,000	2,601,075
Indonesia (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.125%, 1/15/25 (Indonesia)		760,000	808,440
Indonesia (Republic of) 144A sr. unsec. notes 4.75%, 1/8/26 (Indonesia)		300,000	329,252
Indonesia (Republic of) 144A sr. unsec. unsub. bonds 6.625%, 2/17/37 (Indonesia)		640,000	839,962
Indonesia (Republic of) 144A sr. unsec. unsub. notes 4.35%, 1/8/27 (Indonesia)		1,265,000	1,377,257
Indonesia (Republic of) 144A sr. unsec. unsub. notes 3.375%, 4/15/23 (Indonesia)		1,355,000	1,388,872
Ivory Coast (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.125%, 6/15/33 (Ivory Coast)		4,755,000	4,861,988
Ivory Coast (Republic of) sr. unsec. unsub. bonds Ser. REGS, 5.75%, 12/31/32 (Ivory Coast)		1,353,307	1,344,849
Ivory Coast (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.375%, 3/3/28 (Ivory Coast)		630,000	673,313
Ivory Coast (Republic of) sr. unsec. unsub. notes Ser. REGS, 5.375%, 7/23/24 (Ivory Coast)		300,000	310,125
Ivory Coast (Republic of) 144A sr. unsec. unsub. bonds 5.25%, 3/22/30 (Ivory Coast)	EUR	760,000	852,627
Jamaica (Government of) sr. unsec. unsub. bonds 8.00%, 3/15/39 (Jamaica)		$127,000	175,261
Kenya (Republic of) sr. unsec. notes Ser. REGS, 7.00%, 5/22/27 (Kenya)		1,000,000	1,027,713
Kenya (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.875%, 6/24/24 (Kenya)		760,000	805,592
Mongolia (Government of) sr. unsec. notes Ser. REGS, 5.125%, 4/7/26 (Mongolia)		670,000	679,202
Senegal (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.75%, 3/13/48 (Senegal)		3,900,000	3,646,500
Senegal (Republic of) unsec. bonds Ser. REGS, 6.25%, 5/23/33 (Senegal)		3,605,000	3,627,531
Senegal (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.75%, 3/13/28 (Senegal)	EUR	140,000	156,808
Tunisia (Central Bank of) sr. unsec. unsub. notes Ser. REGS, 5.75%, 1/30/25 (Tunisia)		$1,680,000	1,297,800
Turkey (Republic of) sr. unsec. unsub. notes 6.35%, 8/10/24 (Turkey)		940,000	944,380
United Mexican States sr. unsec. bonds 2.659%, 5/24/31 (Mexico)		2,230,000	2,096,468
Venezuela (Republic of) sr. unsec. notes 9.00%, 5/7/23 (Venezuela) (In default) †		1,652,000	90,860
Vietnam (Socialist Republic of) sr. unsec. notes Ser. REGS, 4.80%, 11/19/24 (Vietnam)		1,720,000	1,837,694
Total foreign government and agency bonds and notes (cost $42,726,141)			$42,568,002

44 Premier Income Trust

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CONVERTIBLE BONDS AND NOTES (5.8%)*		Principal amount	Value
Capital goods (0.1%)
John Bean Technologies Corp. 144A cv. sr. unsec. notes 0.25%, 5/15/26		$235,000	$239,405
Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25		182,000	276,832
			516,237
Communication services (0.4%)
Cable One, Inc. 144A company guaranty cv. sr. unsec. notes 1.125%, 3/15/28		438,000	405,807
DISH Network Corp. cv. sr. unsec. notes 3.375%, 8/15/26		796,000	740,908
Liberty Media Corp. cv. sr. unsec. bonds 1.375%, 10/15/23		84,000	115,080
Liberty Media Corp. cv. sr. unsec. unsub. bonds 0.50%, 12/1/50		175,000	235,099
Liberty Media Corp. 144A cv. sr. unsec. unsub. bonds 2.75%, 12/1/49		415,000	425,339
			1,922,233
Consumer cyclicals (1.1%)
Alarm.com Holdings, Inc. sr. unsec. notes zero %, 1/15/26		139,000	120,784
Block, Inc. cv. sr. unsec. sub. notes 0.25%, 11/1/27		217,000	202,095
Block, Inc. cv. sr. unsec. sub. notes zero %, 5/1/26		177,000	165,663
Booking Holdings, Inc. cv. sr. unsec. notes 0.75%, 5/1/25		271,000	404,638
Burlington Stores, Inc. cv. sr. unsec. notes 2.25%, 4/15/25		196,000	255,455
DraftKings, Inc. 144A cv. sr. unsec. unsub. notes zero %, 3/15/28		182,000	138,498
Expedia Group, Inc. 144A company guaranty cv. sr. unsec. unsub. notes zero %, 2/15/26		380,000	443,956
Ford Motor Co. 144A cv. sr. unsec. notes zero %, 3/15/26		523,000	709,499
Live Nation Entertainment, Inc. cv. sr. unsec. notes 2.50%, 3/15/23		335,000	558,748
National Vision Holdings, Inc. cv. sr. unsec. sub. notes 2.50%, 5/15/25		81,000	120,083
NCL Corp, Ltd. cv. company guaranty sr. unsec. notes 5.375%, 8/1/25		81,000	115,673
NCL Corp, Ltd. 144A cv. sr. unsec. notes 1.125%, 2/15/27		172,000	163,546
Royal Caribbean Cruises, Ltd. cv. sr. unsec. notes 2.875%, 11/15/23		484,000	574,011
Shift4 Payments, Inc. 144A cv. sr. unsec. sub. notes zero %, 12/15/25		241,000	241,926
Vail Resorts, Inc. cv. sr. unsec. sub. notes zero %, 1/1/26		375,000	375,690
Winnebago Industries, Inc. cv. sr. unsec. notes 1.50%, 4/1/25		165,000	196,481
			4,786,746
Consumer staples (0.5%)
Airbnb, Inc. 144A cv. sr. unsec. sub. notes zero %, 3/15/26		312,000	296,402
Beauty Health Co. (The) 144A cv. sr. unsec. sub. notes 1.25%, 10/1/26		185,000	154,198
Cheesecake Factory, Inc. (The) cv. sr. unsec. sub. notes 0.375%, 6/15/26		236,000	207,893
Chegg, Inc. cv. sr. unsec. notes zero %, 9/1/26		247,000	199,260
Etsy, Inc. 144A cv. sr. unsec. notes 0.25%, 6/15/28		400,000	395,000
Lyft, Inc. cv. sr. unsec. notes 1.50%, 5/15/25		155,000	194,499
Shake Shack, Inc. 144A cv. sr. unsec. notes zero %, 3/1/28		250,000	206,771
Uber Technologies, Inc. cv. sr. unsec. notes zero %, 12/15/25		202,000	189,162
Wayfair, Inc. cv. sr. unsec. notes 0.625%, 10/1/25		419,000	367,186
Zillow Group, Inc. cv. sr. unsec. notes 2.75%, 5/15/25		90,000	104,091
			2,314,462

Premier Income Trust 45

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CONVERTIBLE BONDS AND NOTES (5.8%)* cont.		Principal amount	Value
Energy (0.4%)
Enphase Energy, Inc. 144A cv. sr. unsec. notes zero %, 3/1/28		$359,000	$327,629
Pioneer Natural Resources Co. cv. sr. unsec. notes 0.25%, 5/15/25		345,000	715,228
SolarEdge Technologies, Inc. cv. sr. unsec. notes zero %, 9/15/25 (Israel)		160,000	186,424
Sunrun, Inc. 144A cv. sr. unsec. notes zero %, 2/1/26		199,000	148,753
Transocean, Inc. cv. company guaranty sr. unsec. sub. notes 0.50%, 1/30/23		215,000	198,150
			1,576,184
Financials (0.2%)
Blackstone Mortgage Trust, Inc. cv. sr. unsec. notes 4.75%, 3/15/23 R		238,000	243,712
JPMorgan Chase Financial Co., LLC cv. company guaranty sr. unsec. notes 0.25%, 5/1/23		240,000	267,503
SoFi Technologies, Inc. 144A cv. sr. unsec. notes zero %, 10/15/26		176,000	163,305
			674,520
Health care (0.8%)
BioMarin Pharmaceutical, Inc. cv. sr. unsec. sub. notes 1.25%, 5/15/27		144,000	153,761
DexCom, Inc. cv. sr. unsec. unsub. notes 0.25%, 11/15/25		360,000	382,790
Exact Sciences Corp. cv. sr. unsec. sub. notes 0.375%, 3/1/28		542,000	517,813
Guardant Health, Inc. cv. sr. unsec. sub. notes zero %, 11/15/27		272,000	231,173
Halozyme Therapeutics, Inc. 144A cv. sr. unsec. notes 0.25%, 3/1/27		331,000	285,345
Insulet Corp. cv. sr. unsec. notes 0.375%, 9/1/26		128,000	162,624
Ironwood Pharmaceuticals, Inc. cv. sr. unsec. notes 1.50%, 6/15/26		171,000	189,351
Jazz Investments I, Ltd. cv. company guaranty sr. unsec. sub. notes 1.50%, 8/15/24 (Ireland)		336,000	341,670
NeoGenomics, Inc. cv. sr. unsec. notes 0.25%, 1/15/28		255,000	189,184
Neurocrine Biosciences, Inc. cv. sr. unsec. notes 2.25%, 5/15/24		92,000	110,698
Omnicell, Inc. cv. sr. unsec. notes 0.25%, 9/15/25		160,000	257,029
Pacira Pharmaceuticals, Inc. cv. sr. unsec. sub. notes 0.75%, 8/1/25		300,000	341,557
Tandem Diabetes Care, Inc. 144A cv. sr. unsec. notes 1.50%, 5/1/25		118,000	149,624
Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27		187,000	166,243
			3,478,862
Technology (2.0%)
3D Systems Corp. 144A cv. sr. unsec. notes zero %, 11/15/26		128,000	112,955
Akamai Technologies, Inc. cv. sr. unsec. notes 0.375%, 9/1/27		379,000	433,197
Akamai Technologies, Inc. cv. sr. unsec. notes 0.125%, 5/1/25		206,000	264,298
Avalara, Inc. 144A cv. sr. unsec. notes 0.25%, 8/1/26		186,000	164,913
Bentley Systems, Inc. 144A cv. sr. unsec. sub. notes 0.375%, 7/1/27		351,000	300,983
Bill.com Holdings, Inc. 144A cv. sr. unsec. unsub. notes zero %, 4/1/27		233,000	209,878
Blackline, Inc. 144A cv. sr. unsec. notes zero %, 3/15/26		233,000	205,961
Box, Inc. sr. unsec. notes zero %, 1/15/26		293,000	349,020
Ceridian HCM Holding, Inc. 144A cv. sr. unsec. notes 0.25%, 3/15/26		208,000	190,593
Coupa Software, Inc. cv. sr. unsec. notes 0.375%, 6/15/26		348,000	310,138
CyberArk Software, Ltd. cv. sr. unsec. notes zero %, 11/15/24 (Israel)		199,000	221,001
Datadog, Inc. cv. sr. unsec. notes 0.125%, 6/15/25		72,000	123,301
DigitalOcean Holdings, Inc. 144A cv. sr. unsec. notes zero %, 12/1/26		131,000	105,938

46 Premier Income Trust

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CONVERTIBLE BONDS AND NOTES (5.8%)* cont.		Principal amount	Value
Technology cont.
Envestnet, Inc. 144A cv. company guaranty sr. unsec. notes 0.75%, 8/15/25		$206,000	$198,495
Everbridge, Inc. 144A cv. sr. unsec. notes zero %, 3/15/26		265,000	216,505
Five9, Inc. cv. sr. unsec. notes 0.50%, 6/1/25		104,000	121,568
Guidewire Software, Inc. cv. sr. unsec. sub. notes 1.25%, 3/15/25		236,000	256,622
Impinj, Inc. 144A cv. sr. unsec. notes 1.125%, 5/15/27		128,000	134,852
Lumentum Holdings, Inc. cv. sr. unsec. notes 0.50%, 12/15/26		304,000	364,878
Okta, Inc. cv. sr. unsec. notes 0.375%, 6/15/26		433,000	482,051
ON Semiconductor Corp. 144A cv. sr. unsec. notes zero %, 5/1/27		249,000	332,445
Palo Alto Networks, Inc. cv. sr. unsec. notes 0.375%, 6/1/25		192,000	339,439
Pegasystems, Inc. 144A cv. sr. unsec. notes 0.75%, 3/1/25		159,000	160,313
Perficient, Inc. 144A cv. sr. unsec. notes 0.125%, 11/15/26		78,000	68,588
Rapid7, Inc. 144A cv. sr. unsec. notes 0.25%, 3/15/27		228,000	258,828
RingCentral, Inc. cv. sr. unsec. notes zero %, 3/1/25		269,000	245,964
Silicon Laboratories, Inc. cv. sr. unsec. notes 0.625%, 6/15/25		168,000	246,817
Snap, Inc. 144A cv. sr. unsec. notes zero %, 5/1/27		297,000	254,846
Splunk, Inc. cv. sr. unsec. notes 1.125%, 6/15/27		666,000	604,757
Twitter, Inc. 144A cv. sr. unsec. sub. notes zero %, 3/15/26		589,000	521,265
Unity Software, Inc. 144A cv. sr. unsec. notes zero %, 11/15/26		170,000	142,205
Viavi Solutions, Inc. cv. sr. unsec. unsub. notes 1.00%, 3/1/24		109,000	144,289
Zendesk, Inc. cv. sr. unsec. notes 0.625%, 6/15/25		190,000	219,260
Ziff Davis, Inc. 144A cv. sr. unsec. notes 1.75%, 11/1/26		157,000	187,772
Zscaler, Inc. cv. sr. unsec. notes 0.125%, 7/1/25		115,000	207,723
			8,701,658
Transportation (0.2%)
American Airlines Group, Inc. cv. company guaranty notes 6.50%, 7/1/25		205,000	271,008
JetBlue Airways Corp. 144A cv. sr. unsec. notes 0.50%, 4/1/26		329,000	314,761
Southwest Airlines Co. cv. sr. unsec. notes 1.25%, 5/1/25		380,000	517,759
			1,103,528
Utilities and power (0.1%)
NextEra Energy Partners LP 144A company guaranty cv. sr. unsec. notes zero %, 11/15/25		324,000	335,678
NRG Energy, Inc. cv. company guaranty sr. unsec. bonds 2.75%, 6/1/48		287,000	325,103
			660,781
Total convertible bonds and notes (cost $25,641,249)			$25,735,211

SENIOR LOANS (3.0%)*c		Principal amount	Value
Basic materials (0.2%)
Klockner-Pentaplast of America, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 5.25%, 2/4/26		$69,475	$69,041
PQ Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 3.25%, 6/9/28		44,775	44,747
Starfruit US Holdco, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 3.105%, 10/1/25		376,935	374,202
TAMKO Building Products, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 3.091%, 5/3/26		561,210	557,467
			1,045,457

Premier Income Trust 47

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SENIOR LOANS (3.0%)*c cont.		Principal amount	Value
Capital goods (0.5%)
Adient US, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 3.605%, 4/1/28		$174,125	$174,017
American Axle and Manufacturing, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 2.25%), 3.00%, 4/6/24		50,049	49,852
BWAY Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 3.356%, 4/3/24		774,817	766,945
Filtration Group Corp. bank term loan FRN (1 Month US LIBOR + 3.50%), 4.00%, 10/19/28		24,938	24,886
GFL Environmental, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 3.50%, 5/31/25		433,189	433,249
Staples, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 5.317%, 4/9/26		191,159	182,199
Titan Acquisition, Ltd. (United Kingdom) bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 3.354%, 3/28/25		488,937	481,911
TK Elevator US Newco, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.50%), 4.004%, 7/31/27		103,694	103,694
			2,216,753
Communication services (0.1%)
Altice US Finance I Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.25%), 2.356%, 1/15/26		394,824	388,408
Asurion, LLC bank term loan FRN Ser. B9, (BBA LIBOR USD 3 Month + 3.25%), 3.355%, 7/31/27		69,649	69,162
DIRECTV Financing, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 5.00%), 5.75%, 7/22/27		171,063	171,170
Intelsat Jackson Holdings SA bank term loan FRN Ser. B3, (BBA LIBOR USD 3 Month + 3.75%), 8.00%, 11/27/23		2,103	2,096
			630,836
Consumer cyclicals (0.8%)
AppleCaramel Buyer, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 6.25%, 10/19/27		469,731	469,303
Cengage Learning, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.75%), 5.75%, 6/29/26		374,063	374,912
Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 3.799%, 8/21/26		502,484	495,073
Cornerstone Building Brands, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 3.75%, 4/12/28		330,558	329,421
CPG International, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 2.50%), 3.25%, 5/5/24		219,490	219,307
Diamond Sports Group, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 3.36%, 8/24/26		210,163	85,204
Fertitta Entertainment, LLC/NV bank term loan FRN Ser. B, (1 Month US LIBOR + 2.50%), 3.25%, 10/4/23		188,954	189,623
Garda World Security Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.25%), 4.36%, 10/30/26		182,072	182,338
iHeartCommunications, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.00%), 3.105%, 5/1/26		97,581	97,024
Nexstar Broadcasting, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 2.606%, 6/19/26		276,079	275,043
Robertshaw Holdings Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 8.00%), 9.00%, 2/28/26		220,000	170,500

48 Premier Income Trust

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SENIOR LOANS (3.0%)*c cont.		Principal amount	Value
Consumer cyclicals cont.
Scientific Games International, Inc. bank term loan FRN Ser. B5, (BBA LIBOR USD 3 Month + 2.75%), 2.855%, 8/14/24		$136,456	$136,004
Terrier Media Buyer, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.50%), 3.605%, 12/17/26		266,859	264,783
Werner Finco LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 5.00%, 7/24/24		409,169	409,169
			3,697,704
Consumer staples (0.2%)
Brand Industrial Services, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.25%), 5.25%, 6/21/24		577,515	565,364
IRB Holding Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.25%, 12/15/27		89,100	89,100
IRB Holding Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.75%), 3.75%, 2/5/25		218,750	218,135
			872,599
Energy (0.1%)
CQP Holdco LP bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 4.25%, 6/4/28		208,950	208,572
Southwestern Energy Co. bank term loan FRN Ser. B, (CME TERM SOFR 3 Month PLUS CSA + 2.50%), 3.00%, 6/8/27		145,000	145,091
			353,663
Financials (0.1%)
Forest City Enterprises LP bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 3.605%, 12/7/25		222,171	220,474
HUB International, Ltd. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.00%, 4/25/25		98,010	97,782
			318,256
Health care (0.4%)
Elanco Animal Health, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 1.75%), 1.852%, 2/4/27		137,319	135,087
Enterprise Merger Sub, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.75%), 3.855%, 10/10/25		227,074	175,394
Global Medical Response, Inc. bank term loan FRN (1 Month US LIBOR + 4.25%), 4.459%, 10/2/25		514,800	514,481
Jazz Financing Lux Sarl bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.50%), 4.00%, 5/31/28		287,555	287,520
One Call Corp. bank term loan FRN Ser. B, (1 Month US LIBOR + 5.50%), 6.25%, 4/22/27		303,475	302,728
Ortho-Clinical Diagnostics, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.00%), 3.278%, 6/30/25		148,842	148,719
Quorum Health Corp. bank term loan FRN (BBA LIBOR USD 3 Month + 7.75%), 8.748%, 4/29/25		196,163	187,499
			1,751,428
Technology (0.5%)
Arches Buyer, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 3.25%), 3.75%, 12/6/27		406,917	403,939
Boxer Parent Co., Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 3.974%, 10/2/25		400,366	398,748
Epicor Software Corp. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.25%), 4.00%, 7/30/27		202,438	201,840

Premier Income Trust 49

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SENIOR LOANS (3.0%)*c cont.		Principal amount	Value
Technology cont.
Greeneden US Holdings II, LLC bank term loan FRN (BBA LIBOR USD 3 Month + 4.00%), 4.75%, 12/1/27		$400,950	$400,701
Plantronics, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 2.50%), 2.605%, 7/2/25		338,593	332,197
Polaris Newco, LLC bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 4.00%), 4.50%, 6/3/28		204,488	204,324
Rocket Software, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.25%), 4.75%, 11/28/25		134,325	134,325
UKG, Inc. bank term loan FRN (1 Month US LIBOR + 5.25%), 5.75%, 5/3/27		265,000	266,876
			2,342,950
Transportation (0.1%)
American Airlines, Inc. bank term loan FRN (BBA LIBOR USD 3 Month + 4.75%), 5.50%, 4/20/28		120,000	124,384
United Airlines, Inc. bank term loan FRN Ser. B, (BBA LIBOR USD 3 Month + 3.75%), 4.50%, 4/21/28		253,088	252,981
			377,365
Total senior loans (cost $13,780,288)			$13,607,011

PURCHASED SWAP OPTIONS OUTSTANDING (2.3%)*
Counterparty Fixed right % to receive or (pay)/ Floating rate index/Maturity date	Expiration date/strike		Notional/ Contract amount	Value
Bank of America N.A.
0.485/3 month USD-LIBOR-BBA/Jan-25	Jan-24/0.485		$49,147,400	$27,031
Goldman Sachs International
2.988/3 month USD-LIBOR-BBA/Feb-39	Feb-29/2.988		7,048,900	736,822
(2.988)/3 month USD-LIBOR-BBA/Feb-39	Feb-29/2.988		7,048,900	240,297
JPMorgan Chase Bank N.A.
2.795/3 month USD-LIBOR-BBA/Dec-37	Dec-27/2.795		6,980,300	648,260
2.7575/3 month USD-LIBOR-BBA/Dec-37	Dec-27/2.7575		6,980,300	633,183
(2.7575)/3 month USD-LIBOR-BBA/Dec-37	Dec-27/2.7575		6,980,300	256,247
(2.795)/3 month USD-LIBOR-BBA/Dec-37	Dec-27/2.795		6,980,300	249,476
Morgan Stanley & Co. International PLC
3.00/3 month USD-LIBOR-BBA/Feb-73	Feb-48/3.00		6,990,700	1,636,242
3.00/3 month USD-LIBOR-BBA/Apr-72	Apr-47/3.00		6,990,700	1,613,454
2.75/3 month USD-LIBOR-BBA/May-73	May-48/2.75		6,990,700	1,388,703
(1.613)/3 month USD-LIBOR-BBA/Aug-34	Aug-24/1.613		8,725,000	567,998
1.613/3 month USD-LIBOR-BBA/Aug-34	Aug-24/1.613		8,725,000	243,253
NatWest Markets PLC
(0.52)/Sterling Overnight Index Average/Sep-23 (United Kingdom)	Sep-22/0.52	GBP	92,703,900	1,261,736
UBS AG
(0.153)/6 month EUR-EURIBOR-Reuters/Sep-29	Sep-24/0.153	EUR	13,220,400	472,011
0.153/6 month EUR-EURIBOR-Reuters/Sep-29	Sep-24/0.153	EUR	13,220,400	189,517
Total purchased swap options outstanding (cost $6,634,110)				$10,164,230

50 Premier Income Trust

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ASSET-BACKED SECURITIES (0.7%)*		Principal amount	Value
1Sharpe Mortgage Trust 144A FRB Ser. 20-1, Class NOTE, (BBA LIBOR USD 3 Month + 2.90%), 3.025%, 7/25/24		$1,314,000	$1,314,000
Cascade Funding Mortgage Trust, LLC 144A Ser. 20-HB4, Class M4, 4.948%, 12/26/30 W		595,000	588,647
Finance of America HECM Buyout 144A Ser. 21-HB1, Class M4, 6.414%, 2/25/31 W		1,000,000	1,012,200
Total asset-backed securities (cost $2,908,999)			$2,914,847

COMMON STOCKS (0.1%)*	Shares	Value
iHeartMedia, Inc. Class A †	15,096	$304,184
MWO Holdings, LLC (Units) F	169	431
Oasis Petroleum, Inc.	854	115,657
Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights)	21,073	27,395
Tribune Media Co. Class 1C	92,963	930
Total common stocks (cost $527,619)		$448,597

PURCHASED OPTIONS OUTSTANDING (0.1%)* Counterparty	Expiration date/strike price	Notional amount		Contract amount	Value
JPMorgan Chase Bank N.A.
Uniform Mortgage-Backed Securities 30 yr 3.00% TBA commitments (Call)	Feb-22/$101.63	$51,093,760		$50,000,000	$307,350
Total purchased options outstanding (cost $171,797)					$307,350

SHORT-TERM INVESTMENTS (18.1%)*		Principal amount/ shares	Value
Atlantic Asset Securitization, LLC asset backed commercial paper 0.130%, 3/3/22		$2,000,000	$1,999,788
ING (U.S.) Funding, LLC commercial paper 0.140%, 3/21/22		1,750,000	1,749,688
Interest in $485,000,000 joint tri-party repurchase agreement dated 1/31/2022 with Citigroup Global Markets, Inc. due 2/1/2022 — maturity value of $14,086,023 for an effective yield of 0.060% (collateralized by Agency Mortgage-Backed Securities with coupon rates ranging from 2.500% to 4.000% and due dates ranging from 12/20/2051 to 1/20/2052, valued at $494,721,690)		14,086,000	14,086,000
Nationwide Building Society commercial paper 0.105%, 2/24/22		2,000,000	1,999,847
Societe Generale SA commercial paper 0.190%, 3/3/22		2,000,000	1,999,859
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03% P	Shares	197,000	197,000
TotalEnergies Capital Canada, Ltd. commercial paper 0.100%, 2/28/22		$2,000,000	1,999,849
U.S. Treasury Bills 0.055%, 5/19/22 # ∆ § Φ		2,000,000	1,998,408
U.S. Treasury Bills 0.054%, 4/7/22 # ∆		10,341,000	10,338,409
U.S. Treasury Bills 0.048%, 3/24/22 ∆		4,500,000	4,499,506
U.S. Treasury Bills 0.046%, 2/17/22 ∆		928,000	927,988
U.S. Treasury Bills 0.044%, 3/3/22 ∆		3,200,000	3,199,907
U.S. Treasury Bills 0.043%, 2/24/22 ∆		6,400,000	6,399,856
U.S. Treasury Bills 0.041%, 3/17/22 # ∆		10,700,000	10,699,585
U.S. Treasury Bills 0.041%, 2/10/22 # ∆		4,900,000	4,899,960
U.S. Treasury Bills 0.040%, 4/21/22 ∆ § Φ		5,100,000	5,098,139

Premier Income Trust 51

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SHORT-TERM INVESTMENTS (18.1%)* cont.		Principal amount/ shares	Value
U.S. Treasury Bills 0.040%, 3/10/22 ∆		$500,000	$499,983
U.S. Treasury Bills 0.040%, 2/3/22 # ∆		6,200,000	6,199,988
Victory Receivables Corp. asset backed commercial paper 0.160%, 3/18/22		2,000,000	1,999,558
Total short-term investments (cost $80,797,494)			$80,793,318

TOTAL INVESTMENTS
Total investments (cost $820,522,330)	$790,467,547

Key to holding’s currency abbreviations
AUD	Australian Dollar
CAD	Canadian Dollar
CHF	Swiss Franc
EUR	Euro
GBP	British Pound
JPY	Japanese Yen
NOK	Norwegian Krone
NZD	New Zealand Dollar
SEK	Swedish Krona
USD/$	United States Dollar

Key to holding’s abbreviations
bp	Basis Points
DAC	Designated Activity Company
EMTN	Euro Medium Term Notes
FRB	Floating Rate Bonds: the rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
FRN	Floating Rate Notes: the rate shown is the current interest rate or yield at the close of the reporting period. Rates may be subject to a cap or floor. For certain securities, the rate may represent a fixed rate currently in place at the close of the reporting period.
IFB	Inverse Floating Rate Bonds, which are securities that pay interest rates that vary inversely to changes in the market interest rates. As interest rates rise, inverse floaters produce less current income. The rate shown is the current interest rate at the close of the reporting period. Rates may be subject to a cap or floor.
IO	Interest Only
OJSC	Open Joint Stock Company
OTC	Over-the-counter
PO	Principal Only
REGS	Securities sold under Regulation S may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
TBA	To Be Announced Commitments

Notes to the fund’s portfolio
	Unless noted otherwise, the notes to the fund’s portfolio are for the close of the fund’s reporting period, which ran from August 1, 2021 through January 31, 2022 (the reporting period). Within the following notes to the portfolio, references to “Putnam Management” represent Putnam Investment Management, LLC, the fund’s manager, an indirect wholly-owned subsidiary of Putnam Investments, LLC and references to “ASC 820” represent Accounting Standards Codification 820 Fair Value Measurements and Disclosures.
*	Percentages indicated are based on net assets of $446,549,520.

52 Premier Income Trust

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†	This security is non-income-producing.
#	This security, in part or in entirety, was pledged and segregated with the broker to cover margin requirements for futures contracts at the close of the reporting period. Collateral at period end totaled $1,922,683 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
∆	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period. Collateral at period end totaled $31,635,496 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
Φ	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain TBA commitments at the close of the reporting period. Collateral at period end totaled $118,945 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
§	This security, in part or in entirety, was pledged and segregated with the custodian for collateral on the initial margin on certain centrally cleared derivative contracts at the close of the reporting period. Collateral at period end totaled $2,720,429 and is included in Investments in securities on the Statement of assets and liabilities (Notes 1 and 9).
c	Senior loans are exempt from registration under the Securities Act of 1933, as amended, but contain certain restrictions on resale and cannot be sold publicly. These loans pay interest at rates which adjust periodically. The interest rates shown for senior loans are the current interest rates at the close of the reporting period. Senior loans are also subject to mandatory and/or optional prepayment which cannot be predicted. As a result, the remaining maturity may be substantially less than the stated maturity shown (Notes 1 and 7).
F	This security is valued by Putnam Management at fair value following procedures approved by the Trustees. Securities are classified as Level 3 for ASC 820 based on the securities’ valuation inputs (Note 1).
i	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (Note 1).
P	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts and TBA commitments. The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
R	Real Estate Investment Trust.
W	The rate shown represents the weighted average coupon associated with the underlying mortgage pools. Rates may be subject to a cap or floor.
	At the close of the reporting period, the fund maintained liquid assets totaling $400,043,938 to cover certain derivative contracts and delayed delivery securities.
	Unless otherwise noted, the rates quoted in Short-term investments security descriptions represent the weighted average yield to maturity.
	Debt obligations are considered secured unless otherwise indicated.
	144A after the name of an issuer represents securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
	See Note 1 to the financial statements regarding TBA commitments.
	The dates shown on debt obligations are the original maturity dates.

DIVERSIFICATION BY COUNTRY
Distribution of investments by country of risk at the close of the reporting period, excluding collateral received, if any (as a percentage of Portfolio Value):
United States	90.7%		Canada	0.6%
Indonesia	1.2		Brazil	0.6
Ivory Coast	1.0		United Kingdom	0.5
Senegal	0.9		Other	3.7
Dominican Republic	0.8		Total	100.0%

Premier Income Trust 53