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, 2023

	Date of reporting period:	August 1, 2022 – January 31, 2023

	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 | 23

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 16, 2023

Dear Fellow Shareholder:

Stock and bond markets rose in early 2023 as inflation continued to ease and the U.S. Federal Reserve moderated its interest-rate increases. Investors showed optimism that the Fed might slow the economy and reduce inflation without causing a recession. Still, caution may be warranted. While the Fed has reduced the size of its interest-rate increases, it also signaled that more rate hikes are likely if concerns persist about a resurgence in inflation.

Putnam’s investment teams believe a recession is possible this year or next. However, they also are finding what they believe to be attractive investment opportunities in a range of asset classes, including stocks and taxable and tax-exempt bonds. As active researchers, our teams analyze interest-rate and credit risks as they seek out investments for your fund. They also consider how stocks and bonds are likely to perform in uncertain economic conditions.

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.

*Mike Atkin will retire as a Portfolio Manager of the fund effective March 31, 2023.

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Allocations are shown as a percentage of the fund’s net assets as of 1/31/23. 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 tables 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 (NAV) 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 median is 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 1/31/23. 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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Please describe investing conditions during the reporting period.

Macro-driven headwinds, including high inflation, geopolitical impacts on energy supplies, and central bank monetary tightening challenged bond markets over the period. At the start of the period, the U.S. Federal Reserve and other world banks aggressively raised interest rates to combat stubborn inflation. Higher borrowing rates curtailed business spending, and U.S. home prices, which had soared during the pandemic, began to moderate. Recessionary concerns fueled investor uncertainty.

In November 2022, the pace of inflation, as measured by the Consumer Price Index [CPI], showed signs of easing. After making four consecutive interest-rate hikes of 0.75%, the Fed pared back its rate hike to 0.50% in December 2022. Investor optimism rose as the Fed indicated it would likely scale back its interest-rate hikes in calendar 2023. Still, inflation remained high. Shortly after the close of the period, the Fed raised rates by 0.25%. As of February 1, 2023, the federal funds rate reached 4.50%–4.75%, its highest level since October 2007.

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Credit qualities are shown as a percentage of the fund’s net assets as of 1/31/23. 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. Ratings and portfolio credit quality will vary over time.

Cash and net other assets, if any, represent the market value weights of cash, derivatives, and short-term securities in the portfolio. The fund itself has not been rated by an independent rating agency. Data in the chart reflect a new calculation methodology put into effect on 6/30/22.

Credit spreads widened in the first half of the period and began to tighten as risk sentiment improved. [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.] The yield on the benchmark 10-year U.S. Treasury rose from 2.67% at the start of the period to 3.52% at period-end.

How did the fund perform for the six-month reporting period?

Putnam Premier Income Trust returned 0.20%, underperforming its primary benchmark, the ICE BofA U.S. Treasury Bill Index, which returned 1.54%, and the median return of its Lipper peer group, which was 2.00%. The fund outperformed its secondary benchmark, the Bloomberg Government Bond Index, which returned –2.75%.

What strategies helped performance during the reporting period?

Prepayment strategies were most additive to fund performance. The fund’s long mortgage basis positioning [a strategy that capitalizes on the difference between longer-term U.S. Treasury yields and the interest rates on 30-year home mortgages] benefited returns when the spread between mortgage rates and Treasuries tightened in November 2022. Higher mortgage rates and weaker home sales reduced borrowers’ ability to prepay their loans, which also provided a tailwind for our agency interest-only holdings.

Corporate credit strategies were another top contributor, led by our high-yield bond holdings. Optimism over global growth and an improved inflation outlook were supportive of the high-yield corporate credit sector. Over the period, high-yield corporate spreads, as measured by the JPMorgan Developed High Yield Index, tightened by 70 basis points [bps] to close the period at 469 bps.

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Emerging market [EM] risk strategies also were a highlight. Higher interest rates, China’s willingness to relax some Covid-19 measures, and a weakening U.S. dollar tightened spreads across the EM sector during the period.

Mortgage credit strategies modestly contributed to fund performance. The fund’s exposure to commercial mortgage credit, via a mix of commercial mortgage-backed securities [CMBS] and CMBX cash bonds, helped fund performance. [CMBX is a group of tradable indexes that each reference a basket of 25 CMBS issued in a particular year.] During the period, technicals [supply/demand dynamics] continued to strengthen. Sector fundamentals also improved as forbearance deals were worked out on commercial properties. Our positions in agency credit risk transfer [CRT] securities also aided results. CRTs performed well as they were tendered by issuers and upgraded by rating agencies.

Which holdings and strategies detracted from the fund’s performance during the reporting period?

Term structure risk strategies were the only detractor for the period. In the first half of the period, interest rates rose meaningfully on the heels of more hawkish Fed policy. In August and September 2022, the portfolio was positioned with a positive duration, which had a negative impact on fund performance.

How did you use derivatives during the reporting 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 along the yield curve, and to hedge the risk associated with the fund’s yield curve positioning. We also employed interest-rate swaps to gain exposure to interest rates in various countries. We utilized options

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 1/31/23. Short-term investments, to-be-announced commitments, and derivatives, if any, are excluded. Holdings may vary over time. 

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to hedge duration and convexity, to isolate the prepayment risk associated with our holdings of collateralized mortgage obligations, and to help manage overall downside risk. We used total return swaps as a hedging tool and to help manage the portfolio’s sector exposure and inflation risk. Lastly, we used currency forward contracts to hedge the portfolio’s exposure to foreign currencies and to gain exposure to various currencies.

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

We have a cautious outlook for U.S. corporate credit with an expectation for elevated volatility. High inflation, geopolitical impacts on energy supplies, and central bank tightening will remain considerable headwinds to fundamentals and market technicals, in our view. However, we believe that we may be nearing a point in the coming months where the interest-rate hiking cycle will start to wind down.

We believe corporate fundamentals remain solid overall, but likely will weaken in the face of slower growth and margin pressure. Technicals have also turned more challenging after a highly supportive period during the pandemic. That said, valuations have improved.

Risks to our moderately constructive outlook for U.S. corporate credit include policy missteps from global central banks; a more severe economic slowdown or recession than expected; ongoing supply chain disruptions; commodity price volatility; heightened geopolitical tension; and the impact of Covid outbreaks.

Our outlook for commercial real estate is mixed. We expect fundamentals to improve as more people return to travel, offices, and retail stores. This view is tempered by the Fed’s hawkish interest-rate policy, which we believe could cause a recession. Property types that can pass along inflation costs, such as hotels and apartments, will perform well in this environment, in our view. We believe properties with longer leases, rising capital costs, or requiring large capital improvements will be more challenged. We continue to favor seasoned mezzanine tranches on high-quality deals. We believe

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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these investments offer attractive relative value and are more insulated from losses or a recession.

We expect home prices to decline modestly this year and to grow more slowly thereafter. After sharply rising during the pandemic, home price appreciation is slowing due to affordability constraints for many buyers and a gradual increase in supply. Within residential mortgage credit, we believe wider spreads have created better value across all credit tiers. We are finding attractive investment opportunities in higher-quality areas of the market, as well as seasoned collateral that can withstand declining home prices, in our view.

Within EM credit, we expect global economic conditions to be challenging, but some valuations and countries appear to be attractive. China’s reopening at the end of calendar 2022 has been a positive development for EM markets. We will continue to look for opportunities in countries that are less exposed to geopolitical turmoil or global and domestic policy risks.

We believe many prepayment-sensitive securities offer attractive risk-adjusted returns at current price levels and prepayment speeds. Many of these securities may offer meaningful upside potential if mortgage prepayment speeds slow below market expectations, which we believe is likely. We are maintaining a cautious mortgage basis positioning amid heightened interest-rate volatility. Given last year’s repricing of the fixed income sector, we are finding what we believe to be compelling investment opportunities across a variety of collateral types.

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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What is the team’s outlook as of February 1, 2023?

In the near term, we expect uncertainty to remain high and market volatility to persist. The strength of the U.S. labor market will keep Fed policy hawkish, in our view. However, the labor market is highly sensitive to inflation data releases for risk demand and interest-rate changes. Therefore, the fund maintains a position at the lower end of the risk spectrum with lower spread duration across credit sectors.

Thanks for your time and for bringing us up to date, 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.

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, 2023, 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.

Annualized fund performance Total return for periods ended 1/31/23

	Life of fund
	(since 2/29/88)	10 years	5 years	3 years	1 year	6 months
Net asset value	5.83%	2.31%	0.20%	–2.83%	–1.95%	0.20%
Market price	5.96	3.06	1.37	–4.02	–0.22	2.36

 

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

Performance assumes reinvestment of distributions and does not account for taxes.

Performance includes the deduction of management fees and administrative expenses.

Comparative annualized index returns For periods ended 1/31/23

	Life of fund
	(since 2/29/88)	10 years	5 years	3 years	1 year	6 months
ICE BofA U.S. Treasury
Bill Index	—*	0.81%	1.31%	0.77%	1.69%	1.54%
Bloomberg Government
Bond Index	5.06%	0.93	0.70	–2.55	–8.43	–2.75
Lipper General Bond
Funds (closed-end)	7.01	3.97	3.10	0.60	–4.22	2.00
category median†

 

Index and Lipper results should be compared to fund performance at net asset value. Lipper calculates performance differently than the closed-end funds it ranks, due to varying methods for determining a fund’s monthly reinvestment net asset value.

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

All Bloomberg indices are provided by Bloomberg Index Services Limited.

Lipper peer group median is 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 1/31/23, there were 65, 62, 46, 37, 22, and 4 funds, respectively, in this Lipper category.

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Fund price and distribution information For the six-month period ended 1/31/23

Distributions
Number	6
Income	$0.156
Capital gains	—
Total	$0.156
Share value	NAV	Market price
7/31/22	$4.12	$3.89
1/31/23	3.97	3.82
Current dividend rate*	7.86%	8.17%

 

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.

Annualized fund performance as of most recent calendar quarter
Total return for periods ended 12/31/22

	Life of fund
	(since 2/29/88)	10 years	5 years	3 years	1 year	6 months
Net asset value	5.81%	2.44%	0.40%	–3.16%	–1.58%	1.16%
Market price	5.80	2.68	–0.18	–5.47	–7.88	–0.45

 

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

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

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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 (CRT) security 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 securities.

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.

JPMorgan Developed High Yield Index is an unmanaged index of high-yield fixed income securities issued in developed countries.

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 medians reflect performance trends for funds within a category.

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Other information for shareholders

Important notice regarding share repurchase program

In September 2022, 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, 2022, up to 10% of the fund’s common shares outstanding as of September 30, 2022.

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 semiannual 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, 2022, 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, 2023, Putnam employees had approximately $478,000,000 and the Trustees had approximately $64,000,000 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 or your intermediary.

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 period.

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 1/31/23 (Unaudited)

U.S. GOVERNMENT AND AGENCY MORTGAGE OBLIGATIONS (125.4%)*	Principal amount	Value
U.S. Government Guaranteed Mortgage Obligations (7.6%)
Government National Mortgage Association Pass-Through Certificates
5.50%, 5/20/49	$75,366	$77,608
5.00%, with due dates from 5/20/49 to 3/20/50	275,097	279,297
4.50%, TBA, 2/1/53	12,000,000	11,915,360
4.50%, with due dates from 10/20/49 to 1/20/50	140,063	139,698
4.00%, TBA, 2/1/53	8,000,000	7,774,306
4.00%, with due dates from 8/20/49 to 1/20/50	99,311	97,159
3.50%, with due dates from 8/20/49 to 3/20/50	997,156	947,649
3.00%, TBA, 2/1/53	9,000,000	8,268,161
		29,499,238
U.S. Government Agency Mortgage Obligations (117.8%)
Federal National Mortgage Association Pass-Through Certificates
5.00%, with due dates from 1/1/49 to 8/1/49	132,303	133,382
4.50%, 5/1/49	18,879	18,905
Uniform Mortgage-Backed Securities
6.00%, TBA, 3/1/53	19,000,000	19,483,907
6.00%, TBA, 2/1/53	19,000,000	19,521,016
5.50%, TBA, 3/1/53	29,000,000	29,438,413
5.50%, TBA, 2/1/53	69,000,000	70,099,722
5.00%, TBA, 3/1/53	68,000,000	68,231,091
5.00%, TBA, 2/1/53	174,000,000	174,693,285
4.50%, TBA, 2/1/53	63,000,000	62,227,267
3.50%, TBA, 2/1/53	8,000,000	7,508,125
2.50%, TBA, 2/1/53	5,000,000	4,376,170
2.00%, TBA, 2/1/53	4,000,000	3,366,627
		459,097,910
Total U.S. government and agency mortgage obligations (cost $483,492,694)		$488,597,148

U.S. TREASURY OBLIGATIONS (0.1%)*	Principal amount	Value
U.S. Treasury Bonds 3.125%, 5/15/48 i	$116,000	$105,486
U.S. Treasury Notes 1.625%, 5/15/31 i	432,000	377,369
Total U.S. treasury obligations (cost $482,855)		$482,855

MORTGAGE-BACKED SECURITIES (39.4%)*		Principal amount	Value
Agency collateralized mortgage obligations (14.4%)
Federal Home Loan Mortgage Corporation
REMICs Ser. 4077, Class IK, IO, 5.00%, 7/15/42		$995,338	$186,924
REMICs Ser. 5091, Class IL, IO, 4.50%, 3/25/51		5,965,569	1,032,796
REMICs Ser. 5093, Class YI, IO, 4.50%, 12/25/50		4,425,293	903,611
REMICs Ser. 5024, Class HI, IO, 4.50%, 10/25/50		7,917,232	1,611,671
REMICs Ser. 4984, Class IL, IO, 4.50%, 6/25/50		5,523,554	1,154,430
REMICs Ser. 4000, Class PI, IO, 4.50%, 1/15/42		424,855	62,013
REMICs Ser. 4024, Class PI, IO, 4.50%, 12/15/41		564,791	64,635
REMICs Ser. 5134, Class IC, IO, 4.00%, 8/25/51		8,934,244	1,609,397
REMICs Ser. 4546, Class TI, IO, 4.00%, 12/15/45		1,283,122	229,592
REMICs Ser. 4425, IO, 4.00%, 1/15/45		1,389,232	211,802

20 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Federal Home Loan Mortgage Corporation
REMICs Ser. 4452, Class QI, IO, 4.00%, 11/15/44		$1,836,564	$371,996
REMICs Ser. 4193, Class PI, IO, 4.00%, 3/15/43		1,247,160	184,262
REMICs Ser. 4604, Class QI, IO, 3.50%, 7/15/46		1,787,419	226,019
REMICs Ser. 4580, Class ID, IO, 3.50%, 8/15/45		1,115,408	139,268
REMICs Ser. 4105, Class HI, IO, 3.50%, 7/15/41		602,224	44,907
Strips Ser. 304, Class C37, IO, 3.50%, 12/15/27		399,100	15,184
REMICs Ser. 4165, Class TI, IO, 3.00%, 12/15/42		2,809,918	215,538
REMICs Ser. 4210, Class PI, IO, 3.00%, 12/15/41		168,026	1,734
REMICs IFB Ser. 3852, Class SC, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.65%), 2.191%, 4/15/40		804,400	23,464
REMICs IFB Ser. 5011, Class SA, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.25%), 1.744%, 9/25/50		8,802,621	1,042,935
REMICs IFB Ser. 4742, Class S, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.20%), 1.741%, 12/15/47		1,499,303	171,070
REMICs IFB Ser. 4752, Class PS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.20%), 1.741%, 11/15/47		257,954	30,953
REMICs IFB Ser. 4839, Class WS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.641%, 8/15/56		5,110,029	635,739
REMICs IFB Ser. 4678, Class MS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.641%, 4/15/47		1,056,841	133,945
REMICs IFB Ser. 5002, Class SJ, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.594%, 7/25/50		8,335,681	1,050,715
REMICs IFB Ser. 4945, Class SL, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.544%, 1/25/50		5,470,831	561,846
Structured Pass-Through Certificates FRB Ser. 57, Class 1AX, IO, 0.395%, 7/25/43 W		1,490,063	14,901
Federal National Mortgage Association
REMICs Ser. 16-3, Class NI, IO, 6.00%, 2/25/46		2,021,208	354,780
REMICs Ser. 10-99, Class NI, IO, 6.00%, 9/25/40		1,873,202	344,825
Interest Strip Ser. 374, Class 6, IO, 5.50%, 8/25/36		86,877	14,289
REMICs Ser. 15-30, IO, 5.50%, 5/25/45		3,055,840	492,388
Interest Strip Ser. 378, Class 19, IO, 5.00%, 6/25/35		265,352	40,861
REMICs Ser. 20-76, Class BI, IO, 4.50%, 11/25/50		8,228,790	1,492,327
REMICs Ser. 12-127, Class BI, IO, 4.50%, 11/25/42		329,755	63,272
REMICs Ser. 15-88, Class QI, IO, 4.00%, 10/25/44		483,426	30,862
REMICs Ser. 13-58, Class DI, IO, 4.00%, 6/25/43		3,021,918	529,019
REMICs Ser. 13-41, Class IP, IO, 4.00%, 5/25/43		949,976	124,352
REMICs Ser. 13-44, Class PI, IO, 4.00%, 1/25/43		697,450	88,925
REMICs Ser. 13-60, Class IP, IO, 4.00%, 10/25/42		508,455	59,438
REMICs Ser. 12-145, Class TI, IO, 3.00%, 11/25/42		442,002	15,784
REMICs Ser. 21-56, Class WI, IO, 2.50%, 9/25/51		16,048,481	2,037,524
REMICs IFB Ser. 10-35, Class SG, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.40%), 1.894%, 4/25/40		691,055	80,438
REMICs IFB Ser. 18-20, Class SB, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.25%), 1.744%, 3/25/48		3,372,767	340,987
REMICs IFB Ser. 18-38, Class SA, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.20%), 1.694%, 6/25/48		5,884,074	684,965
REMICs IFB Ser. 17-32, Class SA, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.15%), 1.644%, 5/25/47		7,190,593	690,153

Premier Income Trust 21

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Federal National Mortgage Association
REMICs IFB Ser. 13-18, Class SB, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.15%), 1.644%, 10/25/41		$112,189	$733
REMICs IFB Ser. 16-96, Class ST, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.594%, 12/25/46		3,112,369	255,799
REMICs IFB Ser. 16-78, Class CS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.594%, 5/25/39		10,044,552	858,518
REMICs IFB Ser. 20-12, Class SK, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.544%, 3/25/50		4,866,328	537,583
REMICs IFB Ser. 19-43, Class JS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.544%, 8/25/49		3,157,421	262,763
REMICs FRB Ser. 19-61, Class S, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.00%), 1.494%, 11/25/49		6,150,965	701,825
REMICs Ser. 13-107, Class SB, IO, ((-1 x ICE LIBOR USD 1 Month) + 5.95%), 1.444%, 2/25/43		2,373,739	276,148
REMICs IFB Ser. 11-101, Class SA, IO, ((-1 x ICE LIBOR USD 1 Month) + 5.90%), 1.394%, 10/25/41		1,460,188	134,733
Grantor Trust Ser. 00-T6, IO, 0.717%, 11/25/40 W		902,563	5,415
Government National Mortgage Association
Ser. 17-38, Class DI, IO, 5.00%, 3/16/47		844,611	161,895
Ser. 16-42, IO, 5.00%, 2/20/46		2,046,032	385,771
Ser. 18-127, Class IC, IO, 5.00%, 10/20/44		3,484,304	733,028
Ser. 14-76, IO, 5.00%, 5/20/44		814,328	162,306
Ser. 12-146, IO, 5.00%, 12/20/42		582,766	113,639
Ser. 10-35, Class UI, IO, 5.00%, 3/20/40		828,012	170,757
Ser. 10-20, Class UI, IO, 5.00%, 2/20/40		600,107	121,318
Ser. 10-9, Class UI, IO, 5.00%, 1/20/40		2,667,249	546,786
Ser. 09-121, Class UI, IO, 5.00%, 12/20/39		1,364,159	279,816
Ser. 17-26, Class MI, IO, 5.00%, 11/20/39		2,765,504	547,525
Ser. 15-79, Class GI, IO, 5.00%, 10/20/39		491,782	96,622
Ser. 18-94, Class AI, IO, 4.50%, 7/20/48		1,470,571	272,279
Ser. 13-34, Class IH, IO, 4.50%, 3/20/43		1,122,909	210,983
Ser. 17-42, Class IC, IO, 4.50%, 8/20/41		999,073	195,097
Ser. 10-35, Class AI, IO, 4.50%, 3/20/40		1,101,916	183,178
Ser. 10-35, Class DI, IO, 4.50%, 3/20/40		1,765,338	323,904
Ser. 10-35, Class QI, IO, 4.50%, 3/20/40		963,853	168,338
Ser. 16-29, IO, 4.00%, 2/16/46		940,523	159,402
Ser. 15-186, Class AI, IO, 4.00%, 12/20/45		2,240,559	363,307
Ser. 15-53, Class MI, IO, 4.00%, 4/16/45		1,967,303	360,607
Ser. 15-64, Class YI, IO, 4.00%, 11/20/44		1,301,660	153,960
Ser. 14-149, Class IP, IO, 4.00%, 7/16/44		4,313,561	640,315
Ser. 17-93, Class TI, IO, 4.00%, 3/20/44		1,056,694	41,229
Ser. 14-4, Class IC, IO, 4.00%, 1/20/44		518,462	86,346
Ser. 14-100, Class NI, IO, 4.00%, 6/20/43		1,229,868	76,692
Ser. 13-165, Class IL, IO, 4.00%, 3/20/43		501,598	77,759
Ser. 12-56, Class IB, IO, 4.00%, 4/20/42		475,955	81,088
Ser. 18-H02, Class EI, IO, 3.876%, 1/20/68 W		8,731,888	447,509
Ser. 17-H02, Class BI, IO, 3.561%, 1/20/67 W		4,000,340	135,712
Ser. 21-156, IO, 3.50%, 7/20/51		9,681,884	1,624,440
Ser. 20-167, Class PI, IO, 3.50%, 11/20/50		5,698,696	1,035,560

22 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
Ser. 17-118, Class KI, IO, 3.50%, 10/20/46		$71,015	$2,231
Ser. 16-75, Class EI, IO, 3.50%, 8/20/45		982,192	113,858
Ser. 13-28, IO, 3.50%, 2/20/43		343,454	42,636
Ser. 13-54, Class JI, IO, 3.50%, 2/20/43		529,581	57,777
Ser. 13-14, IO, 3.50%, 12/20/42		1,991,706	206,719
Ser. 12-140, Class IC, IO, 3.50%, 11/20/42		2,174,994	362,317
Ser. 12-128, Class IA, IO, 3.50%, 10/20/42		2,122,515	334,196
Ser. 12-113, Class ID, IO, 3.50%, 9/20/42		936,079	153,577
Ser. 15-52, Class KI, IO, 3.50%, 11/20/40		1,110,516	79,957
Ser. 21-59, Class IP, IO, 3.00%, 4/20/51		8,326,520	1,187,861
Ser. 20-175, Class NI, IO, 3.00%, 11/20/50		6,513,034	997,861
Ser. 18-H05, Class BI, IO, 2.945%, 2/20/68 W		6,121,816	325,221
Ser. 18-H05, Class AI, IO, 2.829%, 2/20/68 W		3,737,189	207,297
Ser. 18-H03, Class XI, IO, 2.786%, 2/20/68 W		6,212,782	284,545
Ser. 17-H06, Class BI, IO, 2.55%, 2/20/67 W		5,846,295	205,205
Ser. 17-H08, Class NI, IO, 2.14%, 3/20/67 W		7,622,169	266,014
Ser. 17-H19, Class MI, IO, 2.064%, 4/20/67 W		2,652,319	151,182
Ser. 16-H03, Class DI, IO, 2.041%, 12/20/65 W		5,639,241	259,505
Ser. 15-H25, Class EI, IO, 1.819%, 10/20/65 W		4,262,884	196,945
IFB Ser. 21-98, Class SK, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.30%), 1.814%, 6/20/51		11,693,709	1,527,432
IFB Ser. 21-77, Class SM, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.30%), 1.814%, 5/20/51		7,292,370	931,018
IFB Ser. 21-59, Class SQ, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.30%), 1.814%, 4/20/51		5,137,517	571,299
IFB Ser. 20-133, Class CS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.30%), 1.814%, 9/20/50		6,488,602	876,565
Ser. 17-H09, IO, 1.764%, 4/20/67 W		7,559,438	221,930
Ser. 15-H20, Class AI, IO, 1.757%, 8/20/65 W		5,305,665	226,021
FRB Ser. 21-116, Class ES, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.20%), 1.741%, 11/20/47		7,674,866	1,158,393
FRB Ser. 15-H08, Class CI, IO, 1.73%, 3/20/65 W		4,065,544	167,094
IFB Ser. 14-60, Class SD, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.18%), 1.694%, 4/20/44		3,918,396	433,173
Ser. 15-H23, Class BI, IO, 1.683%, 9/20/65 W		5,747,494	221,279
IFB Ser. 20-97, Class QS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.15%), 1.664%, 7/20/50		3,947,358	556,430
IFB Ser. 19-5, Class SB, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.15%), 1.664%, 1/20/49		3,628,013	361,052
Ser. 16-H16, Class EI, IO, 1.638%, 6/20/66 W		4,530,313	212,925
Ser. 16-H24, Class CI, IO, 1.619%, 10/20/66 W		4,207,237	179,228
IFB Ser. 20-63, Class SP, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.614%, 5/20/50		4,779,977	530,919
IFB Ser. 20-63, Class PS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.614%, 4/20/50		6,149,176	753,246
IFB Ser. 19-96, Class SY, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.614%, 8/20/49		4,838,413	502,953
IFB Ser. 19-83, Class SY, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.614%, 7/20/49		4,316,590	422,206

Premier Income Trust 23

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Agency collateralized mortgage obligations cont.
Government National Mortgage Association
IFB Ser. 19-89, Class PS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.10%), 1.614%, 7/20/49		$5,734,963	$531,253
Ser. 17-H11, Class DI, IO, 1.609%, 5/20/67 W		5,121,111	267,962
Ser. 16-H14, IO, 1.601%, 6/20/66 W		4,360,561	150,771
IFB Ser. 20-7, Class SK, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.564%, 1/20/50		3,590,440	375,477
IFB Ser. 19-152, Class ES, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.564%, 12/20/49		3,007,744	293,960
IFB Ser. 19-110, Class SQ, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.05%), 1.564%, 9/20/49		4,799,870	518,195
Ser. 13-H08, Class CI, IO, 1.529%, 2/20/63 W		4,100,219	127,927
IFB Ser. 20-63, Class AS, IO, ((-1 x ICE LIBOR USD 1 Month) + 6.00%), 1.514%, 8/20/43		5,377,073	551,419
Ser. 17-H12, Class QI, IO, 1.471%, 5/20/67 W		4,792,731	182,963
IFB Ser. 10-90, Class ES, IO, ((-1 x ICE LIBOR USD 1 Month) + 5.95%), 1.464%, 7/20/40		4,332,195	409,501
Ser. 14-H21, Class BI, IO, 1.462%, 10/20/64 W		6,293,052	218,369
IFB Ser. 14-119, Class SA, IO, ((-1 x ICE LIBOR USD 1 Month) + 5.60%), 1.114%, 8/20/44		1,719,676	149,227
Ser. 17-H16, Class FI, IO, 0.797%, 8/20/67 W		4,308,579	172,710
Ser. 17-H16, Class JI, IO, 0.571%, 8/20/67 W		12,916,819	716,835
Ser. 18-H15, Class KI, IO, 0.419%, 8/20/68 W		5,138,702	244,860
Ser. 16-H22, Class AI, IO, 0.407%, 10/20/66 W		6,100,259	220,884
Ser. 16-H23, Class NI, IO, 0.36%, 10/20/66 W		16,181,945	656,987
Ser. 17-H16, Class IG, IO, 0.181%, 7/20/67 W		11,820,405	359,231
Ser. 15-H20, Class CI, IO, 0.114%, 8/20/65 W		6,040,536	322,565
Ser. 16-H18, Class QI, IO, 0.078%, 6/20/66 W		4,050,485	201,609
Ser. 16-H09, Class BI, IO, 0.067%, 4/20/66 W		7,087,778	345,175
Ser. 16-H17, Class KI, IO, 0.049%, 7/20/66 W		2,680,932	111,312
Ser. 15-H15, Class BI, IO, 0.037%, 6/20/65 W		3,349,286	126,603
Ser. 15-H10, Class BI, IO, 0.03%, 4/20/65 W		3,846,789	153,102
Ser. 16-H03, Class AI, IO, 0.028%, 1/20/66 W		4,660,810	162,244
Ser. 16-H02, Class HI, IO, 0.02%, 1/20/66 W		6,449,122	203,792
Ser. 15-H24, Class AI, IO, 0.014%, 9/20/65 W		4,828,962	141,619
Ser. 16-H06, Class DI, IO, 0.007%, 7/20/65 W		7,734,410	164,843
Ser. 16-H06, Class CI, IO, 0.001%, 2/20/66 W		7,074,285	129,544
Ser. 16-H10, Class AI, IO, zero %, 4/20/66 W		11,137,992	223,127
			56,129,354
Commercial mortgage-backed securities (12.6%)
Barclays Commercial Mortgage Trust 144A Ser. 19-C4, Class E, 3.25%, 8/15/52		802,000	561,681
Bear Stearns Commercial Mortgage Securities Trust FRB Ser. 07-T26, Class AJ, 5.566%, 1/12/45 W		20,215	19,507
Benchmark Mortgage Trust 144A
FRB Ser. 18-B3, Class D, 3.029%, 4/10/51 W		842,000	573,693
Ser. 19-B13, Class D, 2.50%, 8/15/57		689,000	449,710
BWAY Mortgage Trust 144A FRB Ser. 22-26BW, Class F, 4.866%, 2/10/44 W		1,247,000	856,336

24 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
CD Commercial Mortgage Trust 144A
Ser. 17-CD3, Class D, 3.25%, 2/10/50		$1,279,000	$923,481
Ser. 19-CD8, Class D, 3.00%, 8/15/57		597,000	394,617
CFCRE Commercial Mortgage Trust 144A
FRB Ser. 11-C2, Class F, 5.25%, 12/15/47 W		2,275,000	1,082,445
FRB Ser. 11-C2, Class E, 5.08%, 12/15/47 W		1,068,000	875,760
Citigroup Commercial Mortgage Trust Ser. 13-GC11, Class C, 4.134%, 4/10/46 W		703,000	690,269
Citigroup Commercial Mortgage Trust 144A
Ser. 15-P1, Class D, 3.225%, 9/15/48		863,000	713,464
Ser. 15-GC27, Class E, 3.00%, 2/10/48		1,182,000	895,720
COMM Mortgage Trust
FRB Ser. 14-CR16, Class C, 4.926%, 4/10/47 W		912,000	813,553
FRB Ser. 15-CR26, Class D, 3.467%, 10/10/48 W		658,000	539,870
COMM Mortgage Trust 144A
FRB Ser. 14-CR17, Class E, 4.845%, 5/10/47 W		919,000	628,265
FRB Ser. 14-UBS3, Class D, 4.766%, 6/10/47 W		481,000	433,913
Ser. 12-CR3, Class F, 4.75%, 10/15/45 W		1,755,510	782,014
FRB Ser. 14-CR19, Class D, 4.697%, 8/10/47 W		810,000	733,338
FRB Ser. 15-LC19, Class E, 4.215%, 2/10/48 W		781,000	640,685
FRB Ser. 18-COR3, Class D, 2.81%, 5/10/51 W		672,000	449,671
Credit Suisse Mortgage Trust 144A FRB Ser. 22-NWPT, Class A, 7.621%, 9/9/24		511,000	509,403
CSAIL Commercial Mortgage Trust FRB Ser. 20-C19, Class C, 3.614%, 3/15/53 W		520,000	406,836
CSAIL Commercial Mortgage Trust 144A FRB Ser. 15-C1, Class D, 3.758%, 4/15/50 W		1,390,000	943,964
Federal Home Loan Mortgage Corporation 144A Multifamily Structured Credit Risk FRB Ser. 21-MN3, Class M2, 8.31%, 11/25/51		1,421,000	1,273,271
GS Mortgage Securities Corp., II 144A FRB Ser. 13-GC10, Class D, 4.505%, 2/10/46 W		1,423,000	1,410,678
GS Mortgage Securities Trust Ser. 14-GC18, Class B, 4.885%, 1/10/47 W		700,000	645,018
GS Mortgage Securities Trust 144A FRB Ser. 14-GC24, Class D, 4.525%, 9/10/47 W		2,827,000	1,671,211
JPMBB Commercial Mortgage Securities Trust 144A
FRB Ser. 14-C18, Class D, 4.735%, 2/15/47 W		2,173,000	1,558,321
FRB Ser. 14-C19, Class C19, 4.653%, 4/15/47 W		581,000	534,571
FRB Ser. 13-C14, Class E, 4.548%, 8/15/46 W		1,277,000	271,363
FRB Ser. C14, Class D, 4.548%, 8/15/46 W		1,265,000	671,770
FRB Ser. 14-C18, Class E, 4.235%, 2/15/47 W		914,000	530,664
FRB Ser. 14-C23, Class D, 3.984%, 9/15/47 W		574,000	495,755
FRB Ser. 14-C25, Class D, 3.935%, 11/15/47 W		1,404,000	876,839
Ser. 14-C25, Class E, 3.332%, 11/15/47 W		1,823,000	1,127,137
JPMCC Commercial Mortgage Securities Trust 144A FRB Ser. 17-JP7, Class D, 4.383%, 9/15/50 W		577,000	476,022
JPMDB Commercial Mortgage Securities Trust Ser. 17-C5, Class C, 4.512%, 3/15/50 W		680,000	531,651

Premier Income Trust 25

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
JPMorgan Chase Commercial Mortgage Securities Trust
FRB Ser. 13-LC11, Class D, 4.261%, 4/15/46 W		$1,312,000	$859,240
Ser. 13-LC11, Class B, 3.499%, 4/15/46		508,000	436,068
JPMorgan Chase Commercial Mortgage Securities Trust 144A
FRB Ser. 11-C3, Class F, 5.525%, 2/15/46 W		1,113,000	203,926
FRB Ser. 12-C6, Class E, 4.964%, 5/15/45 W		659,000	513,427
FRB Ser. 13-LC11, Class E, 3.25%, 4/15/46 W		1,807,000	849,290
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
Ser. 12-C6, Class C, 4.536%, 11/15/45 W		663,000	633,239
FRB Ser. 15-C22, Class C, 4.202%, 4/15/48 W		510,000	465,750
Morgan Stanley Bank of America Merrill Lynch Trust 144A
FRB Ser. 13-C11, Class D, 4.398%, 8/15/46 W		1,900,000	133,960
FRB Ser. 15-C23, Class D, 4.142%, 7/15/50 W		1,499,000	1,277,628
FRB Ser. 13-C10, Class E, 4.07%, 7/15/46 W		2,187,000	748,829
FRB Ser. 13-C10, Class F, 4.07%, 7/15/46 W		1,988,000	405,919
Ser. 14-C17, Class E, 3.50%, 8/15/47		1,025,000	752,822
Ser. 14-C19, Class D, 3.25%, 12/15/47		1,493,000	1,306,126
Morgan Stanley Capital I Trust
Ser. 06-HQ10, Class B, 5.448%, 11/12/41 W		384,505	354,025
FRB Ser. 18-H3, Class C, 4.863%, 7/15/51 W		576,000	505,033
Multifamily Connecticut Avenue Securities Trust 144A
FRB Ser. 20-01, Class M10, 8.256%, 3/25/50		1,558,000	1,470,353
FRB Ser. 19-01, Class M10, 7.756%, 10/25/49		1,198,603	1,134,499
Ready Capital Mortgage Financing, LLC 144A FRB Ser. 22-FL9, Class A, 6.997%, 6/25/37		982,545	983,682
RIAL Issuer, Ltd. 144A FRB Ser. 22-FL8, Class B, 7.733%, 1/19/37		1,046,000	1,012,005
TIAA Real Estate CDO, Ltd. 144A Ser. 03-1A, Class E, 8.00%, 12/28/38 (In default) †		1,081,996	11
UBS Commercial Mortgage Trust FRB Ser. 17-C3, Class C, 4.391%, 8/15/50 W		629,000	523,269
UBS-Barclays Commercial Mortgage Trust 144A Ser. 12-C2, Class F, 5.00%, 5/10/63 W		1,476,000	15
Wachovia Bank Commercial Mortgage Trust 144A FRB Ser. 04-C15, Class G, 5.395%, 10/15/41 W		36,328	32,779
Wells Fargo Commercial Mortgage Trust
FRB Ser. 15-SG1, Class B, 4.453%, 9/15/48 W		446,000	397,451
FRB Ser. 15-C29, Class D, 4.218%, 6/15/48 W		689,000	592,808
Wells Fargo Commercial Mortgage Trust 144A
FRB Ser. 15-C30, Class D, 4.498%, 9/15/58 W		534,000	446,656
FRB Ser. 13-LC12, Class D, 4.291%, 7/15/46 W		356,000	147,398
Ser. 14-LC16, Class D, 3.938%, 8/15/50		2,218,000	370,464
Ser. 16-C33, Class D, 3.123%, 3/15/59		1,087,000	872,810
WF-RBS Commercial Mortgage Trust Ser. 14-C21, Class C, 4.234%, 8/15/47 W		514,000	450,217
WF-RBS Commercial Mortgage Trust 144A
FRB Ser. 13-UBS1, Class D, 5.024%, 3/15/46 W		457,000	437,389
FRB Ser. 13-UBS1, Class E, 5.024%, 3/15/46 W		616,000	587,545

26 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Commercial mortgage-backed securities cont.
WF-RBS Commercial Mortgage Trust 144A
Ser. 11-C4, Class F, 5.00%, 6/15/44 W		$2,560,000	$1,602,048
FRB Ser. 12-C9, Class E, 4.915%, 11/15/45 W		537,000	536,853
FRB Ser. 12-C10, Class D, 4.392%, 12/15/45 W		687,000	430,678
Ser. 13-C12, Class E, 3.50%, 3/15/48		425,000	406,938
			48,873,616
Residential mortgage-backed securities (non-agency) (12.4%)
American Home Mortgage Investment Trust FRB Ser. 07-1, Class GA1C, (ICE LIBOR USD 1 Month + 0.19%), 4.579%, 5/25/47		649,447	347,957
Bear Stearns Alt-A Trust
FRB Ser. 05-10, Class 11A1, (ICE LIBOR USD 1 Month + 0.50%), 5.006%, 1/25/36		127,962	162,517
FRB Ser. 05-7, Class 21A1, 4.004%, 9/25/35 W		170,645	138,533
Cascade Funding Mortgage Trust, LLC 144A Ser. 20-HB4, Class M4, 4.948%, 12/26/30 W		595,000	499,800
Chevy Chase Funding, LLC Mortgage-Backed Certificates 144A FRB Ser. 06-4A, Class A2, (ICE LIBOR USD 1 Month + 0.18%), 4.686%, 11/25/47		541,295	449,320
Citigroup Mortgage Loan Trust, Inc.
FRB Ser. 07-AMC3, Class A2D, (ICE LIBOR USD 1 Month + 0.35%), 4.856%, 3/25/37		1,655,755	1,369,438
FRB Ser. 07-AR5, Class 1A1A, 3.647%, 4/25/37 W		182,825	155,472
Countrywide Alternative Loan Trust
FRB Ser. 05-38, Class A3, (ICE LIBOR USD 1 Month + 0.70%), 5.206%, 9/25/35		438,285	381,728
FRB Ser. 05-59, Class 1A1, (ICE LIBOR USD 1 Month + 0.66%), 5.146%, 11/20/35		1,127,762	1,009,467
FRB Ser. 06-OA10, Class 2A1, (ICE LIBOR USD 1 Month + 0.38%), 4.886%, 8/25/46		376,086	314,620
FRB Ser. 06-OA10, Class 3A1, (ICE LIBOR USD 1 Month + 0.38%), 4.886%, 8/25/46		528,795	454,677
FRB Ser. 06-OA10, Class 4A1, (ICE LIBOR USD 1 Month + 0.38%), 4.886%, 8/25/46		2,744,242	2,216,619
FRB Ser. 07-OH1, Class A1D, (ICE LIBOR USD 1 Month + 0.21%), 4.716%, 4/25/47		435,585	351,716
FRB Ser. 06-OA10, Class 1A1, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.96%), 3.387%, 8/25/46		219,928	193,276
FRB Ser. 06-OA7, Class 1A2, (Federal Reserve US 12 Month Cumulative Avg 1 yr CMT + 0.94%), 3.367%, 6/25/46		370,999	312,497
FRB Ser. 06-OA7, Class 1A1, 2.834%, 6/25/46 W		922,828	851,863
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 16-DNA3, Class B, (ICE LIBOR USD 1 Month + 11.25%), 15.756%, 12/25/28		483,462	530,665
Structured Agency Credit Risk Debt FRN Ser. 15-HQA2, Class B, (ICE LIBOR USD 1 Month + 10.50%), 15.006%, 5/25/28		826,714	857,177
Structured Agency Credit Risk Debt FRN Ser. 16-DNA1, Class B, (ICE LIBOR USD 1 Month + 10.00%), 14.389%, 7/25/28		2,796,282	2,960,564
Structured Agency Credit Risk Debt FRN Ser. 15-DNA3, Class B, (ICE LIBOR USD 1 Month + 9.35%), 13.856%, 4/25/28		1,284,838	1,334,644
Structured Agency Credit Risk Debt FRN Ser. 15-DNA1, Class B, (ICE LIBOR USD 1 Month + 9.20%), 13.706%, 10/25/27		727,845	750,097

Premier Income Trust 27

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal Home Loan Mortgage Corporation
Structured Agency Credit Risk Debt FRN Ser. 15-DNA2, Class B, (ICE LIBOR USD 1 Month + 7.55%), 12.056%, 12/25/27		$1,241,031	$1,238,313
Structured Agency Credit Risk Debt FRN Ser. 16-HQA1, Class M3, (ICE LIBOR USD 1 Month + 6.35%), 10.856%, 9/25/28		97,184	102,631
Structured Agency Credit Risk Debt FRN Ser. 17-DNA1, Class B1, (ICE LIBOR USD 1 Month + 4.95%), 9.456%, 7/25/29		570,000	604,455
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%), 15.81%, 10/25/50		491,000	556,799
Structured Agency Credit Risk Trust FRB Ser. 19-HQA2, Class B2, (ICE LIBOR USD 1 Month + 11.25%), 15.756%, 4/25/49		298,000	321,523
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B2, (ICE LIBOR USD 1 Month + 11.00%), 15.506%, 10/25/48		1,619,000	1,818,499
Structured Agency Credit Risk Trust FRB Ser. 19-DNA1, Class B2, (ICE LIBOR USD 1 Month + 10.75%), 15.256%, 1/25/49		315,000	357,772
Structured Agency Credit Risk Trust FRB Ser. 19-DNA2, Class B2, (ICE LIBOR USD 1 Month + 10.50%), 15.006%, 3/25/49		252,000	279,384
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-DNA4, Class B2, (ICE LIBOR USD 1 Month + 10.00%), 14.506%, 8/25/50		966,000	1,062,600
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B2, (ICE LIBOR USD 1 Month + 10.00%), 14.506%, 7/25/50		1,027,000	1,125,959
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B2, (ICE LIBOR USD 1 Month + 7.75%), 12.256%, 9/25/48		389,000	399,846
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA3, Class B1, (ICE LIBOR USD 1 Month + 5.75%), 10.256%, 7/25/50		623,259	667,526
Structured Agency Credit Risk Trust REMICs FRB Ser. 20-HQA4, Class B1, (ICE LIBOR USD 1 Month + 5.25%), 9.756%, 9/25/50		864,700	910,878
Structured Agency Credit Risk Trust FRB Ser. 19-HQA1, Class HQA1, (ICE LIBOR USD 1 Month + 4.40%), 8.906%, 2/25/49		410,000	430,404
Structured Agency Credit Risk Trust FRB Ser. 18-HQA2, Class B1, (ICE LIBOR USD 1 Month + 4.25%), 8.756%, 10/25/48		1,548,000	1,613,292
Structured Agency Credit Risk Trust FRB Ser. 18-DNA3, Class B1, (ICE LIBOR USD 1 Month + 3.90%), 8.406%, 9/25/48		420,000	433,354
Structured Agency Credit Risk Trust FRB Ser. 18-DNA2, Class B1, (ICE LIBOR USD 1 Month + 3.70%), 8.206%, 12/25/30		599,000	610,980
Seasoned Credit Risk Transfer Trust Ser. 19-2, Class M, 4.75%, 8/25/58 W		685,000	596,478
Seasoned Credit Risk Transfer Trust Ser. 19-4, Class M, 4.50%, 2/25/59 W		346,000	302,098
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C03, Class 2B, (ICE LIBOR USD 1 Month + 12.75%), 17.256%, 10/25/28		238,596	272,178
Connecticut Avenue Securities FRB Ser. 16-C02, Class 1B, (ICE LIBOR USD 1 Month + 12.25%), 16.756%, 9/25/28		2,299,432	2,588,308
Connecticut Avenue Securities FRB Ser. 16-C03, Class 1B, (ICE LIBOR USD 1 Month + 11.75%), 16.256%, 10/25/28		1,289,914	1,437,619
Connecticut Avenue Securities FRB Ser. 16-C01, Class 1B, (ICE LIBOR USD 1 Month + 11.75%), 16.256%, 8/25/28		833,891	925,017
Connecticut Avenue Securities FRB Ser. 16-C05, Class 2B, (ICE LIBOR USD 1 Month + 10.75%), 15.256%, 1/25/29		268,925	293,176

28 Premier Income Trust

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Federal National Mortgage Association
Connecticut Avenue Securities FRB Ser. 16-C04, Class 1B, (ICE LIBOR USD 1 Month + 10.25%), 14.756%, 1/25/29		$266,883	$287,737
Connecticut Avenue Securities FRB Ser. 16-C06, Class 1B, (ICE LIBOR USD 1 Month + 9.25%), 13.756%, 4/25/29		396,484	417,119
Connecticut Avenue Securities FRB Ser. 17-C02, Class 2B1, (ICE LIBOR USD 1 Month + 5.50%), 10.006%, 9/25/29		872,000	950,209
Connecticut Avenue Securities FRB Ser. 17-C03, Class 1B1, (ICE LIBOR USD 1 Month + 4.85%), 9.356%, 10/25/29		2,039,000	2,173,659
Connecticut Avenue Securities FRB Ser. 18-C04, Class 2B1, (ICE LIBOR USD 1 Month + 4.50%), 9.006%, 12/25/30		699,000	739,407
Connecticut Avenue Securities FRB Ser. 17-C07, Class 2B1, (ICE LIBOR USD 1 Month + 4.45%), 8.956%, 5/25/30		180,000	190,199
Connecticut Avenue Securities FRB Ser. 17-C06, Class 2B1, (ICE LIBOR USD 1 Month + 4.45%), 8.956%, 2/25/30		110,000	115,638
Connecticut Avenue Securities FRB Ser. 18-C05, Class 1B1, (ICE LIBOR USD 1 Month + 4.25%), 8.756%, 1/25/31		322,000	340,204
Connecticut Avenue Securities FRB Ser. 15-C02, Class 1M2, (ICE LIBOR USD 1 Month + 4.00%), 8.506%, 5/25/25		14,344	14,633
Connecticut Avenue Securities FRB Ser. 17-C05, Class 1B1, (ICE LIBOR USD 1 Month + 3.60%), 8.106%, 1/25/30		427,000	437,148
Federal National Mortgage Association 144A
Connecticut Avenue Securities Trust FRB Ser. 22-R02, Class 2B1, (US 30 Day Average SOFR + 4.50%), 8.81%, 1/25/42		402,000	390,694
Connecticut Avenue Securities Trust FRB Ser. 19-R03, Class 1B1, (ICE LIBOR USD 1 Month + 4.10%), 8.606%, 9/25/31		578,000	591,362
Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1B1, (ICE LIBOR USD 1 Month + 3.25%), 7.756%, 1/25/40		459,000	441,989
Connecticut Avenue Securities Trust FRB Ser. 19-R01, Class 2M2, (ICE LIBOR USD 1 Month + 2.45%), 6.956%, 7/25/31		16,495	16,516
Connecticut Avenue Securities Trust FRB Ser. 20-R01, Class 1M2, (ICE LIBOR USD 1 Month + 2.05%), 6.556%, 1/25/40		262,235	262,561
GSR Mortgage Loan Trust FRB Ser. 07-OA1, Class 2A3A, (ICE LIBOR USD 1 Month + 0.31%), 4.816%, 5/25/37		562,546	408,191
HarborView Mortgage Loan Trust FRB Ser. 05-2, Class 1A, (ICE LIBOR USD 1 Month + 0.52%), 4.99%, 5/19/35		408,837	139,956
Home Re, Ltd. 144A FRB Ser. 21-2, Class B1, (US 30 Day Average SOFR + 4.15%), 8.46%, 1/25/34 (Bermuda)		300,000	252,485
JPMorgan Alternative Loan Trust FRB Ser. 07-A2, Class 12A1, IO, (ICE LIBOR USD 1 Month + 0.20%), 4.906%, 6/25/37		663,964	280,198
Morgan Stanley Re-REMIC Trust 144A FRB Ser. 10-R4, Class 4B, (ICE LIBOR USD 1 Month + 0.23%), 2.702%, 2/26/37		452,753	391,771
MortgageIT Trust FRB Ser. 05-3, Class M2, (ICE LIBOR USD 1 Month + 0.80%), 5.301%, 8/25/35		90,467	83,597
Oaktown Re II, Ltd. 144A FRB Ser. 18-1A, Class M2, (ICE LIBOR USD 1 Month + 2.85%), 7.356%, 7/25/28 (Bermuda)		1,230,000	1,247,249
Radnor Re, Ltd. 144A FRB Ser. 18-1, Class M2, (ICE LIBOR USD 1 Month + 2.70%), 7.206%, 3/25/28 (Bermuda)		593,058	598,729

Premier Income Trust 29

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MORTGAGE-BACKED SECURITIES (39.4%)* cont.		Principal amount	Value
Residential mortgage-backed securities (non-agency) cont.
Structured Asset Mortgage Investments II Trust
FRB Ser. 06-AR7, Class A1A, (ICE LIBOR USD 1 Month + 0.21%), 4.926%, 8/25/36		$412,279	$319,516
FRB Ser. 07-AR1, Class 2A1, (ICE LIBOR USD 1 Month + 0.18%), 4.686%, 1/25/37		588,921	503,874
Toorak Mortgage Corp., Ltd. 144A Ser. 20-1, Class A1, 2.734%, 3/25/23 W		454,454	437,955
Towd Point Mortgage Trust 144A
Ser. 19-2, Class A2, 3.75%, 12/25/58 W		1,033,000	930,858
Ser. 18-5, Class M1, 3.25%, 7/25/58 W		815,000	653,925
WaMu Mortgage Pass-Through Certificates Trust FRB Ser. 05-AR13, Class A1C3, (ICE LIBOR USD 1 Month + 0.98%), 5.486%, 10/25/45		275,112	257,673
			48,466,788
Total mortgage-backed securities (cost $175,346,574)			$153,469,758

CORPORATE BONDS AND NOTES (20.2%)*		Principal amount	Value
Basic materials (2.1%)
Avient Corp. 144A sr. unsec. unsub. notes 7.125%, 8/1/30		$45,000	$45,335
Axalta Coating Systems, LLC 144A company guaranty sr. unsec. notes 3.375%, 2/15/29		150,000	129,000
Beacon Roofing Supply, Inc. 144A company guaranty sr. notes 4.50%, 11/15/26		90,000	85,794
Big River Steel, LLC/BRS Finance Corp. 144A sr. notes 6.625%, 1/31/29		200,000	196,158
Boise Cascade Co. 144A company guaranty sr. unsec. notes 4.875%, 7/1/30		680,000	611,525
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 6.375%, 6/15/32		70,000	68,532
Builders FirstSource, Inc. 144A company guaranty sr. unsec. bonds 4.25%, 2/1/32		165,000	141,941
Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.33%, 7/15/29 (Germany)		200,000	202,826
Celanese US Holdings, LLC company guaranty sr. unsec. notes 6.165%, 7/15/27 (Germany)		85,000	86,097
CF Industries, Inc. company guaranty sr. unsec. bonds 4.95%, 6/1/43		1,110,000	1,010,221
Freeport-McMoRan, Inc. company guaranty sr. unsec. bonds 4.625%, 8/1/30 (Indonesia)		130,000	124,860
Freeport-McMoRan, Inc. company guaranty sr. unsec. notes 4.375%, 8/1/28 (Indonesia)		130,000	123,861
Freeport-McMoRan, Inc. company guaranty sr. unsec. unsub. notes 5.45%, 3/15/43 (Indonesia)		670,000	650,906
IHS Holding, Ltd. company guaranty sr. unsec. notes Ser. REGS, 6.25%, 11/29/28 (Nigeria)		1,640,000	1,346,850
Kleopatra Holdings 2 SCA company guaranty sr. unsec. notes Ser. REGS, 6.50%, 9/1/26 (Luxembourg)	EUR	260,000	158,524
Louisiana-Pacific Corp. 144A sr. unsec. notes 3.625%, 3/15/29		$345,000	298,658
LSF11 A5 HoldCo, LLC 144A sr. unsec. notes 6.625%, 10/15/29		260,000	213,355
Mauser Packaging Solutions Holding Co. 144A sr. notes 7.875%, 8/15/26		250,000	252,188

30 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Basic materials cont.
Mauser Packaging Solutions Holding Co. 144A sr. notes 5.50%, 4/15/24		$40,000	$39,972
Mercer International, Inc. sr. unsec. notes 5.50%, 1/15/26 (Canada)		164,000	158,673
Mercer International, Inc. sr. unsec. notes 5.125%, 2/1/29 (Canada)		190,000	162,488
Novelis Corp. 144A company guaranty sr. unsec. bonds 3.875%, 8/15/31		255,000	215,220
Novelis Corp. 144A company guaranty sr. unsec. notes 4.75%, 1/30/30		175,000	158,375
Novelis Corp. 144A company guaranty sr. unsec. notes 3.25%, 11/15/26		693,000	627,387
Sylvamo Corp. 144A company guaranty sr. unsec. notes 7.00%, 9/1/29		455,000	433,956
Tronox, Inc. 144A company guaranty sr. unsec. notes 4.625%, 3/15/29		185,000	158,175
WR Grace Holdings, LLC 144A company guaranty sr. notes 5.625%, 10/1/24		283,000	281,585
WR Grace Holdings, LLC 144A company guaranty sr. notes 4.875%, 6/15/27		140,000	129,892
			8,112,354
Capital goods (2.2%)
Allison Transmission, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 1/30/31		350,000	295,971
Allison Transmission, Inc. 144A company guaranty sr. unsec. notes 4.75%, 10/1/27		75,000	71,117
Amsted Industries, Inc. 144A company guaranty sr. unsec. sub. notes 5.625%, 7/1/27		260,000	255,510
Amsted Industries, Inc. 144A sr. unsec. bonds 4.625%, 5/15/30		65,000	58,244
Chart Industries, Inc. 144A company guaranty sr. notes 7.50%, 1/1/30		300,000	306,750
Clarios Global LP 144A company guaranty sr. notes 6.75%, 5/15/25		158,000	158,959
Clarios Global LP/Clarios US Finance Co. company guaranty sr. notes Ser. REGS, 4.375%, 5/15/26	EUR	895,000	925,206
Clean Harbors, Inc. 144A company guaranty sr. unsec. unsub. notes 6.375%, 2/1/31		$105,000	106,964
Crown Cork & Seal Co., Inc. company guaranty sr. unsec. bonds 7.375%, 12/15/26		347,000	362,471
GFL Environmental, Inc. 144A sr. notes 5.125%, 12/15/26 (Canada)		250,000	243,188
Great Lakes Dredge & Dock Corp. 144A company guaranty sr. unsec. notes 5.25%, 6/1/29		505,000	425,589
Howmet Aerospace, Inc. sr. unsec. unsub. notes 3.00%, 1/15/29		603,000	526,118
Roller Bearing Co. of America, Inc. 144A sr. notes 4.375%, 10/15/29		270,000	243,289
Sensata Technologies BV 144A company guaranty sr. unsec. notes 4.00%, 4/15/29		700,000	628,250
Sensata Technologies BV 144A company guaranty sr. unsec. unsub. notes 5.875%, 9/1/30		50,000	49,063
Staples, Inc. 144A sr. notes 7.50%, 4/15/26		785,000	697,512
TransDigm, Inc. company guaranty sr. unsec. sub. notes 5.50%, 11/15/27		1,100,000	1,050,473
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.875%, 5/1/29		265,000	239,111

Premier Income Trust 31

---

CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Capital goods cont.
TransDigm, Inc. company guaranty sr. unsec. sub. notes 4.625%, 1/15/29		$175,000	$157,878
TransDigm, Inc. 144A company guaranty sr. notes 6.25%, 3/15/26		390,000	389,863
Vertiv Group Corp. 144A company guaranty sr. notes 4.125%, 11/15/28		753,000	652,956
Waste Pro USA, Inc. 144A sr. unsec. notes 5.50%, 2/15/26		315,000	292,950
WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.25%, 6/15/28		245,000	251,046
WESCO Distribution, Inc. 144A company guaranty sr. unsec. unsub. notes 7.125%, 6/15/25		298,000	302,768
			8,691,246
Communication services (1.3%)
Altice France SA 144A company guaranty sr. notes 5.50%, 1/15/28 (France)		200,000	166,104
CCO Holdings, LLC/CCO Holdings Capital Corp. 144A sr. unsec. bonds 5.375%, 6/1/29		1,643,000	1,519,775
DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc. 144A sr. notes 5.875%, 8/15/27		197,000	178,444
DISH DBS Corp. company guaranty sr. unsec. unsub. notes 5.875%, 11/15/24		285,000	268,990
DISH DBS Corp. 144A company guaranty sr. notes 5.75%, 12/1/28		62,000	50,727
DISH DBS Corp. 144A company guaranty sr. notes 5.25%, 12/1/26		80,000	68,950
Frontier Communications Corp. 144A company guaranty sr. notes 5.875%, 10/15/27		1,275,000	1,217,523
Lumen Technologies, Inc. 144A sr. unsec. unsub. notes 4.50%, 1/15/29		550,000	369,875
Sprint Corp. company guaranty sr. unsec. notes 7.625%, 3/1/26		280,000	296,147
Sprint Corp. company guaranty sr. unsec. sub. notes 7.875%, 9/15/23		579,000	587,611
T-Mobile USA, Inc. company guaranty sr. unsec. bonds 2.875%, 2/15/31		175,000	149,610
T-Mobile USA, Inc. company guaranty sr. unsec. notes 5.375%, 4/15/27		43,000	43,134
Virgin Media Secured Finance PLC 144A company guaranty sr. bonds 5.00%, 4/15/27 (United Kingdom)	GBP	255,000	288,189
			5,205,079
Consumer cyclicals (3.4%)
ADT Security Corp. 144A sr. notes 4.125%, 8/1/29		$150,000	133,538
Bath & Body Works, Inc. company guaranty sr. unsec. notes 7.50%, perpetual maturity		719,000	729,418
Bath & Body Works, Inc. 144A company guaranty sr. unsec. notes 9.375%, 7/1/25		29,000	31,040
Bath & Body Works, Inc. 144A company guaranty sr. unsec. unsub. bonds 6.625%, 10/1/30		120,000	117,262
Block, Inc. sr. unsec. notes 3.50%, 6/1/31		165,000	137,778
Boyd Gaming Corp. company guaranty sr. unsec. notes 4.75%, 12/1/27		130,000	123,587
Caesars Entertainment, Inc. 144A sr. notes 7.00%, 2/15/30		25,000	25,438
Caesars Resort Collection, LLC/CRC Finco, Inc. 144A company guaranty sr. notes 5.75%, 7/1/25		625,000	625,106
Carnival Corp. notes 10.125%, 2/1/26		465,000	525,286

32 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Carnival Corp. 144A notes 10.50%, 2/1/26		$100,000	$104,591
Cinemark USA, Inc. 144A company guaranty sr. notes 8.75%, 5/1/25		50,000	50,923
Diamond Sports Group, LLC/Diamond Sports Finance Co. 144A company guaranty notes 5.375%, 8/15/26		526,000	38,793
Ford Motor Co. sr. unsec. unsub. bonds 7.45%, 7/16/31		220,000	235,984
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 5.125%, 6/16/25		200,000	196,574
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.271%, 1/9/27		260,000	242,993
Ford Motor Credit Co., LLC sr. unsec. unsub. notes 4.00%, 11/13/30		425,000	371,085
Gartner, Inc. 144A company guaranty sr. unsec. bonds 3.75%, 10/1/30		300,000	265,875
Gartner, Inc. 144A company guaranty sr. unsec. notes 3.625%, 6/15/29		45,000	40,410
Hanesbrands, Inc. 144A company guaranty sr. unsec. unsub. notes 4.625%, 5/15/24		270,000	265,294
Hilton Domestic Operating Co., Inc. company guaranty sr. unsec. bonds 4.875%, 1/15/30		422,000	397,828
JELD-WEN, Inc. 144A company guaranty sr. sub. notes 6.25%, 5/15/25		68,000	65,147
JELD-WEN, Inc. 144A company guaranty sr. unsec. notes 4.875%, 12/15/27		142,000	116,027
La Financiere Atalian SASU company guaranty sr. unsec. notes Ser. REGS, 4.00%, 5/15/24 (France)	EUR	200,000	190,484
Levi Strauss & Co. 144A sr. unsec. sub. bonds 3.50%, 3/1/31		$127,000	106,045
Masonite International Corp. 144A company guaranty sr. unsec. notes 5.375%, 2/1/28		100,000	93,602
Masonite International Corp. 144A company guaranty sr. unsec. notes 3.50%, 2/15/30		130,000	107,306
Mattel, Inc. 144A company guaranty sr. unsec. notes 5.875%, 12/15/27		380,000	379,050
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.75%, 4/1/29		195,000	175,188
Mattel, Inc. 144A company guaranty sr. unsec. notes 3.375%, 4/1/26		55,000	51,288
McGraw-Hill Education, Inc. 144A sr. notes 5.75%, 8/1/28		210,000	184,513
Neptune Bidco US, Inc. 144A sr. notes 9.29%, 4/15/29		1,509,000	1,466,793
News Corp. 144A company guaranty sr. unsec. unsub. bonds 5.125%, 2/15/32		20,000	18,830
News Corp. 144A sr. unsec. notes 3.875%, 5/15/29		200,000	178,956
Prime Security Services Borrower, LLC/Prime Finance, Inc. 144A company guaranty sr. notes 3.375%, 8/31/27		125,000	110,919
PulteGroup, Inc. company guaranty sr. unsec. unsub. notes 7.875%, 6/15/32		155,000	178,169
Royal Caribbean Cruises, Ltd. 144A company guaranty sr. unsec. unsub. notes 9.25%, 1/15/29		765,000	806,976
Sabre GLBL, Inc. 144A company guaranty sr. notes 9.25%, 4/15/25		438,000	449,368
Scotts Miracle-Gro Co. (The) company guaranty sr. unsec. notes 4.50%, 10/15/29		368,000	317,400
Shift4 Payments, LLC/Shift4 Payments Finance Sub, Inc. 144A company guaranty sr. unsec. notes 4.625%, 11/1/26		221,000	209,296
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 9/1/31		537,000	442,692

Premier Income Trust 33

---

CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Sirius XM Radio, Inc. 144A company guaranty sr. unsec. notes 4.00%, 7/15/28		$275,000	$244,778
Spectrum Brands, Inc. 144A company guaranty sr. unsec. bonds 5.00%, 10/1/29		125,000	110,145
Standard Industries, Inc. sr. unsec. notes 2.25%, 11/21/26		370,000	348,059
Standard Industries, Inc. 144A sr. unsec. bonds 3.375%, 1/15/31		95,000	75,451
Standard Industries, Inc. 144A sr. unsec. notes 5.00%, 2/15/27		868,000	822,549
Standard Industries, Inc. 144A sr. unsec. notes 4.75%, 1/15/28		25,000	23,429
Station Casinos, LLC 144A sr. unsec. notes 4.50%, 2/15/28		250,000	225,063
Univision Communications, Inc. 144A sr. notes 7.375%, 6/30/30		45,000	44,129
Victoria’s Secret & Co. 144A sr. unsec. notes 4.625%, 7/15/29		100,000	82,750
Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp. 144A company guaranty sr. unsec. sub. notes 5.25%, 5/15/27		153,000	144,536
Wynn Resorts Finance, LLC/Wynn Resorts Capital Corp. 144A sr. unsec. bonds 5.125%, 10/1/29		270,000	240,975
			12,668,716
Consumer staples (0.9%)
1011778 BC ULC/New Red Finance, Inc. 144A company guaranty sr. notes 3.875%, 1/15/28 (Canada)		225,000	205,031
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 4.875%, 2/15/30		75,000	68,988
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons, LLC 144A company guaranty sr. unsec. notes 3.50%, 3/15/29		590,000	508,875
CDW, LLC/CDW Finance Corp. company guaranty sr. unsec. notes 3.25%, 2/15/29		40,000	34,648
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	227,950
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.875%, 5/15/28		185,000	178,926
Lamb Weston Holdings, Inc. 144A company guaranty sr. unsec. notes 4.125%, 1/31/30		190,000	171,238
Match Group Holdings II, LLC 144A sr. unsec. bonds 5.00%, 12/15/27		80,000	76,709
Match Group Holdings II, LLC 144A sr. unsec. bonds 3.625%, 10/1/31		70,000	56,175
Match Group Holdings II, LLC 144A sr. unsec. notes 4.125%, 8/1/30		55,000	47,300
Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 4.625%, 6/1/28		130,000	119,570
Match Group Holdings II, LLC 144A sr. unsec. unsub. notes 5.625%, 2/15/29		430,000	404,246
Netflix, Inc. sr. unsec. bonds Ser. REGS, 3.875%, 11/15/29	EUR	100,000	106,087
Netflix, Inc. sr. unsec. notes 4.875%, 4/15/28		$95,000	94,644
Netflix, Inc. sr. unsec. unsub. notes 5.875%, 11/15/28		544,000	564,361
Netflix, Inc. 144A sr. unsec. bonds 5.375%, 11/15/29		135,000	136,921
Newell Brands, Inc. sr. unsec. notes 4.875%, 6/1/25		143,000	139,818
Newell Brands, Inc. sr. unsec. unsub. notes 4.45%, 4/1/26		235,000	223,259
Yum! Brands, Inc. sr. unsec. sub. bonds 3.625%, 3/15/31		125,000	106,553
Yum! Brands, Inc. 144A sr. unsec. bonds 4.75%, 1/15/30		125,000	116,906
			3,588,205

34 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Energy (5.6%)
Antero Midstream Partners LP/Antero Midstream Finance Corp. 144A company guaranty sr. unsec. notes 7.875%, 5/15/26		$150,000	$153,938
Apache Corp. sr. unsec. unsub. notes 5.10%, 9/1/40		893,000	779,812
Apache Corp. sr. unsec. unsub. notes 4.375%, 10/15/28		83,000	76,750
Callon Petroleum Co. 144A company guaranty sr. unsec. notes 7.50%, 6/15/30		525,000	507,938
Cenovus Energy, Inc. sr. unsec. bonds 6.75%, 11/15/39 (Canada)		96,000	104,995
Centennial Resource Production, LLC 144A company guaranty sr. unsec. notes 6.875%, 4/1/27		877,000	859,364
Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 4.00%, 3/1/31		200,000	179,432
Cheniere Energy Partners LP company guaranty sr. unsec. unsub. notes 3.25%, 1/31/32		15,000	12,522
Comstock Resources, Inc. 144A company guaranty sr. unsec. notes 5.875%, 1/15/30		175,000	150,063
Continental Resources, Inc. company guaranty sr. unsec. notes 4.375%, 1/15/28		249,000	236,917
Continental Resources, Inc. 144A company guaranty sr. unsec. bonds 5.75%, 1/15/31		212,000	208,153
DCP Midstream Operating LP company guaranty sr. unsec. notes 5.625%, 7/15/27		124,000	125,850
DCP Midstream Operating LP 144A company guaranty sr. unsec. unsub. bonds 6.75%, 9/15/37		118,000	129,263
Ecopetrol SA sr. unsec. unsub. bonds 8.875%, 1/13/33 (Colombia)		1,300,000	1,333,410
Encino Acquisition Partners Holdings, LLC 144A company guaranty sr. unsec. notes 8.50%, 5/1/28		624,000	581,762
Endeavor Energy Resources LP/EER Finance, Inc. 144A sr. unsec. bonds 5.75%, 1/30/28		1,133,000	1,110,340
EnLink Midstream, LLC 144A company guaranty sr. unsec. notes 5.625%, 1/15/28		109,000	106,548
EQT Corp. sr. unsec. notes 5.00%, 1/15/29		25,000	24,234
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 5.125%, 6/15/28		236,000	222,249
Hess Midstream Operations LP 144A company guaranty sr. unsec. notes 4.25%, 2/15/30		65,000	56,927
Hess Midstream Operations LP 144A company guaranty sr. unsec. sub. notes 5.625%, 2/15/26		773,000	765,363
Holly Energy Partners LP/Holly Energy Finance Corp. 144A company guaranty sr. unsec. notes 5.00%, 2/1/28		433,000	403,231
Kinetik Holdings LP 144A company guaranty sr. unsec. notes 5.875%, 6/15/30		435,000	413,250
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 9.00%, 2/1/25		160,671	163,435
Nabors Industries, Inc. 144A company guaranty sr. unsec. notes 7.375%, 5/15/27		1,045,000	1,046,359
Occidental Petroleum Corp. sr. unsec. bonds 6.625%, 9/1/30		60,000	63,699
Occidental Petroleum Corp. sr. unsec. sub. bonds 6.20%, 3/15/40		248,000	250,594
Occidental Petroleum Corp. sr. unsec. sub. notes 6.45%, 9/15/36		1,857,000	1,952,877
Occidental Petroleum Corp. sr. unsec. sub. notes 5.875%, 9/1/25		53,000	53,646
Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 7.375%, 11/1/31		430,000	478,844

Premier Income Trust 35

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CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Energy cont.
Ovintiv, Inc. company guaranty sr. unsec. unsub. bonds 6.625%, 8/15/37		$155,000	$163,382
Patterson-UTI Energy, Inc. sr. unsec. sub. notes 5.15%, 11/15/29		638,000	596,049
Pertamina Persero PT 144A sr. unsec. unsub. notes 4.30%, 5/20/23 (Indonesia)		400,000	398,000
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.60%, 1/3/31 (Brazil)		473,000	455,012
Petrobras Global Finance BV company guaranty sr. unsec. unsub. notes 5.299%, 1/27/25 (Brazil)		300,000	299,055
Petroleos Mexicanos company guaranty sr. unsec. unsub. notes 6.70%, 2/16/32 (Mexico)		425,000	352,778
Petroleos Mexicanos 144A sr. unsec. bonds 10.00%, 2/7/33 (Mexico)		2,840,000	2,774,680
Precision Drilling Corp. 144A company guaranty sr. unsec. notes 7.125%, 1/15/26 (Canada)		510,000	504,737
Rockcliff Energy II, LLC 144A sr. unsec. notes 5.50%, 10/15/29		882,000	838,994
SM Energy Co. sr. unsec. notes 6.625%, 1/15/27		137,000	133,143
SM Energy Co. sr. unsec. unsub. notes 6.75%, 9/15/26		263,000	258,885
SM Energy Co. sr. unsec. unsub. notes 6.50%, 7/15/28		39,000	37,098
SM Energy Co. sr. unsec. unsub. notes 5.625%, 6/1/25		340,000	333,200
Southwestern Energy Co. company guaranty sr. unsec. bonds 4.75%, 2/1/32		397,000	349,963
Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 3/15/30		757,000	704,956
Southwestern Energy Co. company guaranty sr. unsec. notes 5.375%, 2/1/29		505,000	474,521
Transocean Pontus, Ltd. 144A company guaranty sr. notes 6.125%, 8/1/25 (Cayman Islands)		72,800	74,984
Transocean Poseidon, Ltd. 144A company guaranty sr. notes 6.875%, 2/1/27		166,250	165,859
Venture Global Calcasieu Pass, LLC 144A company guaranty sr. notes 6.25%, 1/15/30		30,000	30,563
Viper Energy Partners LP 144A company guaranty sr. unsec. notes 5.375%, 11/1/27		80,000	77,435
			21,575,059
Financials (1.8%)
AG Issuer, LLC 144A sr. notes 6.25%, 3/1/28		235,000	222,075
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer 144A sr. notes 4.25%, 10/15/27		60,000	54,987
Ally Financial, Inc. company guaranty sr. unsec. notes 8.00%, 11/1/31		1,216,000	1,339,237
Banca Monte dei Paschi di Siena SpA sr. unsec. unsub. notes Ser. EMTN, 2.625%, 4/28/25 (Italy)	EUR	230,000	229,243
Bank of America Corp. jr. unsec. sub. FRN Ser. AA, 6.10%, perpetual maturity		$148,000	148,059
CNO Financial Group, Inc. sr. unsec. notes 5.25%, 5/30/29		225,000	219,433
Credit Suisse Group AG 144A jr. unsec. sub. FRN 7.50%, perpetual maturity (Switzerland)		300,000	284,250
Deutsche Bank AG jr. unsec. sub. FRN 6.00%, perpetual maturity (Germany)		200,000	181,531
Dresdner Funding Trust I 144A jr. unsec. sub. notes 8.151%, 6/30/31		200,000	216,000

36 Premier Income Trust

---

CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Financials cont.
Freedom Mortgage Corp. 144A sr. unsec. notes 8.25%, 4/15/25		$295,000	$280,496
Freedom Mortgage Corp. 144A sr. unsec. notes 8.125%, 11/15/24		120,000	116,104
goeasy, Ltd. 144A company guaranty sr. unsec. notes 5.375%, 12/1/24 (Canada)		75,000	71,789
goeasy, Ltd. 144A company guaranty sr. unsec. notes 4.375%, 5/1/26 (Canada)		150,000	133,864
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. notes 5.25%, 5/15/27		55,000	51,210
Icahn Enterprises LP/Icahn Enterprises Finance Corp. company guaranty sr. unsec. sub. notes 4.375%, 2/1/29		136,000	118,431
iStar, Inc. sr. unsec. notes 5.50%, 2/15/26 R		425,000	427,848
iStar, Inc. sr. unsec. notes 4.75%, 10/1/24 R		160,000	159,080
Itau Unibanco Holding SA/Cayman Islands 144A unsec. sub. FRB 3.875%, 4/15/31 (Brazil)		1,030,000	947,260
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. notes 4.75%, 6/15/29 R		379,000	314,885
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A company guaranty sr. unsec. unsub. notes 5.25%, 10/1/25 R		55,000	52,938
Ladder Capital Finance Holdings, LLLP/Ladder Capital Finance Corp. 144A sr. unsec. notes 4.25%, 2/1/27 R		250,000	220,313
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.75%, 11/15/31		285,000	229,425
Nationstar Mortgage Holdings, Inc. 144A company guaranty sr. unsec. notes 5.50%, 8/15/28		203,000	177,363
OneMain Finance Corp. company guaranty sr. unsec. unsub. notes 5.375%, 11/15/29		448,000	392,269
PennyMac Financial Services, Inc. 144A company guaranty sr. unsec. notes 5.375%, 10/15/25		240,000	223,200
Service Properties Trust company guaranty sr. unsec. unsub. notes 7.50%, 9/15/25 R		88,000	86,530
Stichting AK Rabobank Certificaten jr. unsec. sub. FRN 6.50%, perpetual maturity (Netherlands)	EUR	252,125	273,755
			7,171,575
Health care (1.4%)
Bausch Health Cos., Inc. 144A company guaranty sr. sub. notes 11.00%, 9/30/28		$49,000	38,338
Bausch Health Cos., Inc. 144A company guaranty sub. notes 14.00%, 10/15/30		9,000	5,618
Centene Corp. sr. unsec. bonds 3.00%, 10/15/30		120,000	102,600
Centene Corp. sr. unsec. notes 4.625%, 12/15/29		349,000	331,571
Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/15/31		125,000	110,156
Charles River Laboratories International, Inc. 144A company guaranty sr. unsec. notes 3.75%, 3/15/29		120,000	106,650
Elanco Animal Health, Inc. sr. unsec. notes Ser. WI, 6.40%, 8/28/28		585,000	571,077
HCA, Inc. company guaranty sr. notes 4.125%, 6/15/29		155,000	147,331
HCA, Inc. company guaranty sr. unsec. notes 5.375%, 9/1/26		540,000	543,181
HCA, Inc. company guaranty sr. unsec. notes 3.50%, 9/1/30		125,000	112,041
Jazz Securities DAC 144A company guaranty sr. unsub. notes 4.375%, 1/15/29 (Ireland)		200,000	182,468

Premier Income Trust 37

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CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Health care cont.
Laboratoire Eimer Selarl company guaranty sr. unsec. notes Ser. REGS, 5.00%, 2/1/29 (France)	EUR	250,000	$208,573
Organon Finance 1, LLC 144A sr. notes 4.125%, 4/30/28		$270,000	244,202
Owens & Minor, Inc. 144A sr. unsec. notes 4.50%, 3/31/29		130,000	105,897
Service Corp. International sr. unsec. bonds 5.125%, 6/1/29		350,000	335,161
Service Corp. International sr. unsec. notes 3.375%, 8/15/30		95,000	79,832
Service Corp. International sr. unsec. sub. notes 4.00%, 5/15/31		90,000	78,703
Tenet Healthcare Corp. company guaranty sr. notes 5.125%, 11/1/27		300,000	288,750
Tenet Healthcare Corp. company guaranty sr. notes 4.875%, 1/1/26		282,000	274,660
Tenet Healthcare Corp. company guaranty sr. notes 4.625%, 7/15/24		272,000	268,260
Tenet Healthcare Corp. company guaranty sr. notes 4.25%, 6/1/29		120,000	106,849
Tenet Healthcare Corp. 144A company guaranty sr. unsub. notes 6.125%, 6/15/30		190,000	184,435
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. notes 6.75%, 3/1/28 (Israel)		435,000	437,488
Teva Pharmaceutical Finance Netherlands III BV company guaranty sr. unsec. unsub. notes 5.125%, 5/9/29 (Israel)		505,000	465,703
			5,329,544
Technology (0.8%)
Arches Buyer, Inc. 144A sr. notes 4.25%, 6/1/28		421,000	353,640
Crowdstrike Holdings, Inc. company guaranty sr. unsec. notes 3.00%, 2/15/29		542,000	465,079
Imola Merger Corp. 144A sr. notes 4.75%, 5/15/29		818,000	711,660
Picard Midco, Inc. 144A sr. notes. 6.50%, 3/31/29		444,000	389,650
TTM Technologies, Inc. 144A company guaranty sr. unsec. notes 4.00%, 3/1/29		232,000	203,000
Twilio, Inc. company guaranty sr. unsec. notes 3.875%, 3/15/31		140,000	115,568
Twilio, Inc. company guaranty sr. unsec. notes 3.625%, 3/15/29		695,000	590,093
ZoomInfo Technologies, LLC/ZoomInfo Finance Corp. 144A company guaranty sr. unsec. notes 3.875%, 2/1/29		478,000	412,275
			3,240,965
Transportation (0.1%)
Delta Air Lines, Inc./SkyMiles IP, Ltd. 144A company guaranty sr. notes 4.75%, 10/20/28		324,000	315,677
United Airlines, Inc. 144A company guaranty sr. notes 4.625%, 4/15/29		100,000	91,211
United Airlines, Inc. 144A company guaranty sr. notes 4.375%, 4/15/26		100,000	94,933
			501,821
Utilities and power (0.6%)
Buckeye Partners LP sr. unsec. bonds 5.85%, 11/15/43		122,000	93,330
Buckeye Partners LP sr. unsec. notes 3.95%, 12/1/26		67,000	61,321
Buckeye Partners LP 144A sr. unsec. notes 4.50%, 3/1/28		76,000	69,369
Calpine Corp. 144A company guaranty sr. notes 5.25%, 6/1/26		62,000	59,965
Calpine Corp. 144A company guaranty sr. notes 4.50%, 2/15/28		380,000	350,649
Energy Transfer LP jr. unsec. sub. FRN 6.625%, perpetual maturity		41,000	34,242
NRG Energy, Inc. company guaranty sr. unsec. notes 6.625%, 1/15/27		19,000	18,913

38 Premier Income Trust

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CORPORATE BONDS AND NOTES (20.2%)* cont.		Principal amount	Value
Utilities and power cont.
NRG Energy, Inc. 144A company guaranty sr. notes 3.75%, 6/15/24		$385,000	$372,807
NRG Energy, Inc. 144A company guaranty sr. unsec. bonds 3.875%, 2/15/32		395,000	307,469
NRG Energy, Inc. 144A sr. unsec. bonds 5.25%, 6/15/29		116,000	104,690
Pacific Gas and Electric Co. company guaranty sr. unsec. unsub. notes 2.95%, 3/1/26		122,000	113,926
ReNew Wind Energy AP2/ReNew Power Pvt, Ltd. other 9 Subsidiaries company guaranty sr. notes Ser. REGS, 4.50%, 7/14/28 (India)		279,000	238,256
Vistra Operations Co., LLC 144A company guaranty sr. notes 4.30%, 7/15/29		115,000	106,311
Vistra Operations Co., LLC 144A company guaranty sr. unsec. notes 5.50%, 9/1/26		369,000	359,385
Vistra Operations Co., LLC 144A company guaranty sr. unsec. sub. notes 5.00%, 7/31/27		165,000	155,278
			2,445,911
Total corporate bonds and notes (cost $84,101,541)			$78,530,475

FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (7.4%)*		Principal amount	Value
Benin (Republic of) sr. unsec. bonds Ser. REGS, 4.95%, 1/22/35 (Benin)	EUR	470,000	$372,076
Cote d’lvoire (Republic of) sr. unsec. notes Ser. REGS, 5.875%, 10/17/31 (Cote d’lvoire)	EUR	760,000	694,318
Cote d’lvoire (Republic of) sr. unsec. notes Ser. REGS, 4.875%, 1/30/32 (Cote d’lvoire)	EUR	2,060,000	1,752,118
Cote d’lvoire (Republic of) sr. unsec. unsub. bonds Ser. REGS, 6.125%, 6/15/33 (Cote d’lvoire)		$2,765,000	2,457,394
Cote d’lvoire (Republic of) sr. unsec. unsub. notes Ser. REGS, 5.375%, 7/23/24 (Cote d’lvoire)		300,000	291,375
Dominican (Republic of) sr. unsec. bonds Ser. REGS, 4.875%, 9/23/32 (Dominican Republic)		690,000	586,803
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.875%, 1/29/26 (Dominican Republic)		715,000	735,716
Dominican (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.00%, 7/19/28 (Dominican Republic)		1,350,000	1,323,381
Dominican (Republic of) 144A sr. unsec. notes 4.50%, 1/30/30 (Dominican Republic)		230,000	199,493
Dominican (Republic of) 144A sr. unsec. unsub. bonds 5.50%, 1/27/25 (Dominican Republic)		1,650,000	1,643,930
Egypt (Arab Republic of) sr. unsec. bonds Ser. REGS, 7.30%, 9/30/33 (Egypt)		810,000	596,347
Egypt (Arab Republic of) sr. unsec. notes Ser. REGS, 7.60%, 3/1/29 (Egypt)		2,480,000	2,049,090
Ghana (Republic of) sr. unsec. notes Ser. REGS, 7.625%, 5/16/29 (Ghana) (In default) †		1,310,000	484,700
Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 8.125%, 1/18/26 (Ghana) (In default) †		3,040,000	1,216,000
Ghana (Republic of) sr. unsec. unsub. notes Ser. REGS, 6.375%, 2/11/27 (Ghana) (In default) †		1,300,000	492,375
Indonesia (Republic of) sr. unsec. unsub. notes 4.65%, 9/20/32 (Indonesia)		2,670,000	2,671,864

Premier Income Trust 39

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FOREIGN GOVERNMENT AND AGENCY BONDS AND NOTES (7.4%)* cont.		Principal amount	Value
Indonesia (Republic of) sr. unsec. unsub. notes Ser. REGS, 4.125%, 1/15/25 (Indonesia)		$760,000	$754,513
Indonesia (Republic of) 144A sr. unsec. unsub. bonds 6.625%, 2/17/37 (Indonesia)		640,000	737,670
Indonesia (Republic of) 144A sr. unsec. unsub. notes 4.35%, 1/8/27 (Indonesia)		1,265,000	1,257,903
Indonesia (Republic of) 144A sr. unsec. unsub. notes 3.375%, 4/15/23 (Indonesia)		1,355,000	1,350,556
Mongolia (Government of) sr. unsec. notes Ser. REGS, 5.125%, 4/7/26 (Mongolia)		670,000	628,125
Tunisia (Central Bank of) sr. unsec. unsub. notes Ser. REGS, 5.75%, 1/30/25 (Tunisia)		3,710,000	2,430,987
United Mexican States sr. unsec. unsub. bonds 4.28%, 8/14/41 (Mexico)		2,780,000	2,279,232
Vietnam (Socialist Republic of) sr. unsec. notes Ser. REGS, 4.80%, 11/19/24 (Vietnam)		1,720,000	1,694,200
Total foreign government and agency bonds and notes (cost $32,439,756)			$28,700,166

CONVERTIBLE BONDS AND NOTES (3.7%)*		Principal amount	Value
Capital goods (0.1%)
Axon Enterprise, Inc. 144A cv. sr. unsec. notes 0.50%, 12/15/27		$36,000	$38,664
John Bean Technologies Corp. cv. sr. unsec. notes 0.25%, 5/15/26		183,000	168,635
Middleby Corp. (The) cv. sr. unsec. notes 1.00%, 9/1/25		93,000	121,319
			328,618
Communication services (0.2%)
DISH Network Corp. cv. sr. unsec. notes 3.375%, 8/15/26		381,000	249,285
Liberty Media Corp. cv. sr. unsec. bonds 1.375%, 10/15/23		84,000	109,830
Liberty Media Corp. 144A cv. sr. unsec. unsub. bonds 2.75%, 12/1/49		328,000	303,072
			662,187
Consumer cyclicals (0.8%)
Alarm.com Holdings, Inc. cv. sr. unsec. notes zero %, 1/15/26		139,000	116,496
Block, Inc. cv. sr. unsec. sub. notes 0.25%, 11/1/27		217,000	173,871
Block, Inc. cv. sr. unsec. sub. notes zero %, 5/1/26		95,000	79,990
Booking Holdings, Inc. cv. sr. unsec. notes 0.75%, 5/1/25		181,000	257,708
Burlington Stores, Inc. cv. sr. unsec. notes 2.25%, 4/15/25		113,000	139,979
DraftKings, Inc. cv. sr. unsec. unsub. notes zero %, 3/15/28		182,000	123,760
Expedia Group, Inc. company guaranty cv. sr. unsec. unsub. notes zero %, 2/15/26		217,000	197,470
Ford Motor Co. cv. sr. unsec. notes zero %, 3/15/26		303,000	307,545
Liberty TripAdvisor Holdings, Inc. 144A cv. sr. unsec. bonds 0.50%, 6/30/51		212,000	168,964
Live Nation Entertainment, Inc. 144A cv. sr. unsec. notes 3.125%, 1/15/29		377,000	404,333
National Vision Holdings, Inc. cv. sr. unsec. sub. notes 2.50%, 5/15/25		81,000	116,033
NCL Corp., Ltd. company guaranty cv. sr. unsec. notes 5.375%, 8/1/25		81,000	92,664
NCL Corp., Ltd. 144A company guaranty cv. sr. unsec. notes 2.50%, 2/15/27		181,000	142,538

40 Premier Income Trust

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CONVERTIBLE BONDS AND NOTES (3.7%)* cont.		Principal amount	Value
Consumer cyclicals cont.
Royal Caribbean Cruises, Ltd. 144A cv. sr. unsec. unsub. notes 6.00%, 8/15/25		$215,000	$328,198
Shift4 Payments, Inc. cv. sr. unsec. sub. notes zero %, 12/15/25		164,000	175,070
Vail Resorts, Inc. cv. sr. unsec. sub. notes zero %, 1/1/26		272,000	257,380
			3,081,999
Consumer staples (0.4%)
Airbnb, Inc. cv. sr. unsec. sub. notes zero %, 3/15/26		80,000	68,680
Beauty Health Co. (The) 144A cv. sr. unsec. sub. notes 1.25%, 10/1/26		144,000	117,810
Cheesecake Factory, Inc. (The) cv. sr. unsec. sub. notes 0.375%, 6/15/26		148,000	128,668
Chegg, Inc. cv. sr. unsec. notes zero %, 9/1/26		172,000	135,123
Etsy, Inc. cv. sr. unsec. notes 0.25%, 6/15/28		400,000	359,760
Lyft, Inc. cv. sr. unsec. notes 1.50%, 5/15/25		107,000	98,012
Shake Shack, Inc. cv. sr. unsec. notes zero %, 3/1/28		162,000	120,457
Uber Technologies, Inc. cv. sr. unsec. notes zero %, 12/15/25		206,000	181,022
Upwork, Inc. cv. sr. unsec. notes 0.25%, 8/15/26		160,000	125,808
Wayfair, Inc. cv. sr. unsec. notes 0.625%, 10/1/25		192,000	148,320
Zillow Group, Inc. cv. sr. unsec. notes 2.75%, 5/15/25		100,000	102,450
			1,586,110
Energy (0.2%)
Enphase Energy, Inc. cv. sr. unsec. sub. notes zero %, 3/1/28		204,000	219,358
Northern Oil and Gas, Inc. 144A cv. sr. unsec. notes 3.625%, 4/15/29		223,000	252,994
Pioneer Natural Resources Co. cv. sr. unsec. notes 0.25%, 5/15/25		59,000	138,798
SolarEdge Technologies, Inc. cv. sr. unsec. notes zero %, 9/15/25 (Israel)		115,000	154,388
			765,538
Financials (—%)
SoFi Technologies, Inc. 144A cv. sr. unsec. notes zero %, 10/15/26		176,000	131,824
			131,824
Health care (0.6%)
BioMarin Pharmaceutical, Inc. cv. sr. unsec. sub. notes 1.25%, 5/15/27		144,000	162,000
CONMED Corp. 144A cv. sr. unsec. notes 2.25%, 6/15/27		84,000	79,926
Dexcom, Inc. cv. sr. unsec. unsub. notes 0.25%, 11/15/25		190,000	200,070
Exact Sciences Corp. cv. sr. unsec. sub. notes 0.375%, 3/1/28		308,000	274,890
Halozyme Therapeutics, Inc. cv. sr. unsec. notes 0.25%, 3/1/27		331,000	309,899
Insulet Corp. cv. sr. unsec. notes 0.375%, 9/1/26		152,000	209,836
Ironwood Pharmaceuticals, Inc. cv. sr. unsec. notes 1.50%, 6/15/26		111,000	116,717
Jazz Investments I, Ltd. company guaranty cv. sr. unsec. sub. notes 1.50%, 8/15/24 (Ireland)		252,000	247,433
Lantheus Holdings, Inc. 144A cv. company guaranty sr. unsec. unsub. notes 2.625%, 12/15/27		239,000	254,989
Neurocrine Biosciences, Inc. cv. sr. unsec. notes 2.25%, 5/15/24		92,000	134,734
Pacira Pharmaceuticals, Inc. cv. sr. unsec. sub. notes 0.75%, 8/1/25		209,000	190,974
Teladoc Health, Inc. cv. sr. unsec. sub. notes 1.25%, 6/1/27		155,000	124,295
			2,305,763

Premier Income Trust 41

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CONVERTIBLE BONDS AND NOTES (3.7%)* cont.		Principal amount	Value
Technology (1.2%)
3D Systems Corp. cv. sr. unsec. notes zero %, 11/15/26		$97,000	$71,962
Akamai Technologies, Inc. cv. sr. unsec. notes 0.375%, 9/1/27		379,000	375,210
Akamai Technologies, Inc. cv. sr. unsec. notes 0.125%, 5/1/25		164,000	175,726
Bentley Systems, Inc. cv. sr. unsec. sub. notes 0.375%, 7/1/27		201,000	167,835
Bill.com Holdings, Inc. cv. sr. unsec. unsub. notes zero %, 4/1/27		196,000	157,192
Box, Inc. cv. sr. unsec. notes zero %, 1/15/26		138,000	184,989
Ceridian HCM Holding, Inc. cv. sr. unsec. notes 0.25%, 3/15/26		152,000	137,940
CyberArk Software, Ltd. cv. sr. unsec. notes zero %, 11/15/24 (Israel)		115,000	126,431
Datadog, Inc. cv. sr. unsec. notes 0.125%, 6/15/25		135,000	147,825
DigitalOcean Holdings, Inc. cv. sr. unsec. notes zero %, 12/1/26		131,000	100,543
Everbridge, Inc. cv. sr. unsec. notes zero %, 3/15/26		153,000	129,193
Five9, Inc. cv. sr. unsec. notes 0.50%, 6/1/25		104,000	98,228
Impinj, Inc. cv. sr. unsec. notes 1.125%, 5/15/27		128,000	175,206
Lumentum Holdings, Inc. cv. sr. unsec. notes 0.50%, 12/15/26		304,000	275,880
MongoDB, Inc. cv. sr. unsec. notes 0.25%, 1/15/26		103,000	126,175
Okta, Inc. cv. sr. unsec. notes 0.375%, 6/15/26		263,000	223,024
ON Semiconductor Corp. cv. sr. unsec. notes zero %, 5/1/27		104,000	155,948
Palo Alto Networks, Inc. cv. sr. unsec. notes 0.375%, 6/1/25		112,000	183,568
Pegasystems, Inc. 144A cv. sr. unsec. notes 0.75%, 3/1/25		159,000	138,628
Perficient, Inc. cv. sr. unsec. notes 0.125%, 11/15/26		78,000	63,133
RingCentral, Inc. cv. sr. unsec. notes zero %, 3/1/25		199,000	174,001
Snap, Inc. cv. sr. unsec. notes zero %, 5/1/27		215,000	158,670
Splunk, Inc. cv. sr. unsec. notes 1.125%, 6/15/27		326,000	280,556
Spotify USA, Inc. company guaranty cv. sr. unsec. notes zero %, 3/15/26		152,000	126,768
Tyler Technologies, Inc. cv. sr. unsec. sub. notes 0.25%, 3/15/26		95,000	90,203
Unity Software, Inc. cv. sr. unsec. notes zero %, 11/15/26		177,000	136,467
Viavi Solutions, Inc. cv. sr. unsec. unsub. notes 1.00%, 3/1/24		109,000	113,088
Wolfspeed, Inc. 144A cv. sr. unsec. notes 1.875%, 12/1/29		145,000	140,813
Ziff Davis, Inc. 144A cv. sr. unsec. notes 1.75%, 11/1/26		157,000	165,792
Zscaler, Inc. cv. sr. unsec. notes 0.125%, 7/1/25		96,000	104,880
			4,705,874
Transportation (0.1%)
JetBlue Airways Corp. cv. sr. unsec. notes 0.50%, 4/1/26		163,000	128,852
Southwest Airlines Co. cv. sr. unsec. notes 1.25%, 5/1/25		258,000	309,342
			438,194
Utilities and power (0.1%)
NextEra Energy Partners LP 144A company guaranty cv. sr. unsec. notes zero %, 11/15/25		234,000	239,382
NRG Energy, Inc. company guaranty cv. sr. unsec. bonds 2.75%, 6/1/48		200,000	204,300
			443,682
Total convertible bonds and notes (cost $15,943,360)			$14,449,789

SENIOR LOANS (2.3%)*c		Principal amount	Value
Adient US, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.25%), 7.82%, 4/1/28		$172,375	$171,729
American Airlines, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.75%), 9.558%, 4/20/28		120,000	123,131

42 Premier Income Trust

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SENIOR LOANS (2.3%)*c cont.		Principal amount	Value
AppleCaramel Buyer, LLC bank term loan FRN (CME Term SOFR 3 Month Plus CSA + 0.00%), 8.311%, 10/19/27		$465,033	$460,467
Asurion, LLC bank term loan FRN Ser. B9, (ICE LIBOR USD 1 Month + 3.25%), 7.82%, 7/31/27		68,947	65,019
Axalta Coating Systems US Holdings, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.00%), 7.506%, 12/7/29		545,000	547,044
Brand Industrial Services, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 4.25%), 9.065%, 6/21/24		571,468	532,385
BWAY Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.25%), 7.816%, 4/3/24		344,090	340,649
BWAY Holding Co. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.00%), 8.568%, 8/15/26		85,000	84,150
Cengage Learning, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.75%), 9.88%, 6/29/26		370,313	352,352
Chart Industries, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 3.75%), 8.033%, 12/8/29		1,079,000	1,079,453
Clear Channel Outdoor Holdings, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.50%), 8.325%, 8/21/26		497,344	472,243
CQP Holdco LP bank term loan FRN (ICE LIBOR USD 3 Month + 3.75%), 8.48%, 5/27/28		206,850	207,057
CSC Holdings, LLC bank term loan FRN Ser. B6, (CME Term SOFR 1 Month + 4.50%), 8.823%, 1/14/28		391,771	370,960
Diamond Sports Group, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 3.25%), 8.026%, 8/24/26		208,061	15,692
DIRECTV Financing, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 5.00%), 9.57%, 7/22/27		560,052	549,959
Elanco Animal Health, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 1.75%), 6.316%, 2/4/27		131,629	129,490
Envision Healthcare Corp. bank term loan FRN (US SOFR + 4.25%), 8.83%, 3/31/27		61,232	24,340
Envision Healthcare Corp. bank term loan FRN (CME Term SOFR 1 Month + 3.75%), 8.33%, 3/31/27		149,923	36,731
Forest City Enterprises LP bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.50%), 8.047%, 12/7/25		185,143	173,942
GFL Environmental, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 3.00%), 7.825%, 5/31/25		428,813	429,529
Global Medical Response, Inc. bank term loan FRN (ICE LIBOR USD 1 Month + 4.25%), 8.651%, 10/2/25		160,491	118,362
Greeneden US Holdings II, LLC bank term loan FRN (ICE LIBOR USD 3 Month + 4.00%), 8.57%, 12/1/27		396,900	389,212
One Call Corp. bank term loan FRN Ser. B, (ICE LIBOR USD 1 Month + 5.50%), 10.375%, 4/22/27		148,581	123,508
PetSmart, LLC bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.75%), 8.411%, 1/29/28		119,093	118,126
Proofpoint, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 6.25%), 10.985%, 8/31/29		115,000	110,400
Robertshaw Holdings Corp. bank term loan FRN (ICE LIBOR USD 3 Month + 8.00%), 12.75%, 2/28/26		162,000	75,735
TAMKO Building Products, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.00%), 7.755%, 5/3/26		555,469	547,137
Terrier Media Buyer, Inc. bank term loan FRN (ICE LIBOR USD 3 Month + 3.50%), 8.23%, 12/17/26		264,164	250,076

Premier Income Trust 43

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SENIOR LOANS (2.3%)*c cont.		Principal amount	Value
TIBCO Software, Inc. bank term loan FRN Ser. B, (CME Term SOFR 1 Month + 4.50%), 9.18%, 3/30/29		$288,000	$265,320
United Airlines, Inc. bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 3.75%), 8.568%, 4/21/28		250,538	249,976
Vision Solutions, Inc. bank term loan FRN (US SOFR + 4.00%), 8.818%, 4/24/28		448,864	393,429
Werner Finco LP bank term loan FRN Ser. B, (ICE LIBOR USD 3 Month + 4.00%), 8.73%, 7/24/24		76,628	69,252
Total senior loans (cost $9,321,724)			$8,876,855

ASSET-BACKED SECURITIES (0.8%)*		Principal amount	Value
1Sharpe Mortgage Trust 144A FRB Ser. 20-1, Class NOTE, (ICE LIBOR USD 3 Month + 2.90%), 3.025%, 7/25/24		$477,807	$471,834
Mello Warehouse Securitization Trust 144A
FRB Ser. 21-3, Class E, (ICE LIBOR USD 1 Month + 3.25%), 7.756%, 11/25/55		1,286,000	1,250,635
FRB Ser. 21-3, Class D, (ICE LIBOR USD 1 Month + 2.00%), 6.506%, 11/25/55		936,000	845,356
NewRez Warehouse Securitization Trust 144A FRB Ser. 21-1, Class F, (ICE LIBOR USD 1 Month + 5.25%), 9.756%, 5/25/55		480,000	470,400
Total asset-backed securities (cost $3,038,576)			$3,038,225

COMMON STOCKS (—%)*	Shares	Value
Texas Competitive Electric Holdings Co., LLC/TCEH Finance, Inc. (Rights)	21,073	$24,234
Total common stocks (cost $21,953)		$24,234

SHORT-TERM INVESTMENTS (26.0%)*		Principal amount/ shares	Value
ABN AMRO Funding USA, LLC commercial paper 4.367%, 2/13/23		$2,000,000	$1,996,728
Banco Santander SA commercial paper 4.864%, 5/25/23 (Spain)		2,000,000	1,969,043
ING (U.S.) Funding, LLC commercial paper 5.057%, 9/1/23		2,000,000	1,941,591
Interest in $385,600,000 joint tri-party repurchase agreement dated 1/31/2023 with Royal Bank of Canada due 2/1/2023 — maturity value of $16,307,948 for an effective yield of 4.300% (collateralized by Agency Mortgage-Backed Securities and U.S. Treasuries (including strips) with coupon rates ranging from 0.000% to 6.500% and due dates ranging from 2/28/2023 to 12/20/2052, valued at $393,359,048)		16,306,000	16,306,000
Mitsubishi UFJ Trust & Banking Corp./NY commercial paper 4.469%, 2/6/23		2,000,000	1,998,516
Mizuho Bank, Ltd./New York, NY commercial paper 4.374%, 2/6/23		2,000,000	1,998,516
NRW.Bank commercial paper 4.444%, 2/21/23 (Germany)		2,000,000	1,994,836
Putnam Short Term Investment Fund Class P 4.58% L	Shares	51,546,233	51,546,233
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.18% P	Shares	7,795,000	7,795,000
Sumitomo Mitsui Trust Bank, Ltd./Singapore commercial paper 4.431%, 2/2/23 (Singapore)		$2,000,000	1,999,522
TotalEnergies Capital Canada, Ltd. commercial paper 4.435%, 2/13/23 (Canada)		2,000,000	1,996,733
U.S. Treasury Bills 4.492%, 3/16/23 ∆ § Φ		1,400,000	1,392,528

44 Premier Income Trust

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SHORT-TERM INVESTMENTS (26.0%)* cont.		Principal amount/ shares	Value
U.S. Treasury Bills 4.412%, 2/23/23 # ∆ §		$8,100,000	$8,077,960
U.S. Treasury Bills 3.848%, 2/2/23 ∆		200,000	199,978
Total short-term investments (cost $101,217,094)			$101,213,184

TOTAL INVESTMENTS
Total investments (cost $905,406,127)	$877,382,689

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

Key to holding’s abbreviations
bp	Basis Points
CME	Chicago Mercantile Exchange
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.
ICE	Intercontinental Exchange
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
LIBOR	London Interbank Offered Rate
OTC	Over-the-counter
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.
REMICs	Real Estate Mortgage Investment Conduits
SOFR	Secured Overnight Financing Rate
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, 2022 through January 31, 2023 (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.

Premier Income Trust 45

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*	Percentages indicated are based on net assets of $389,515,781.
†	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 $1,195,523 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 $2,901,035 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 $138,236 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 $4,817,694 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).
i	This security was pledged, or purchased with cash that was pledged, to the fund for collateral on certain derivative contracts (Note 1).
L	Affiliated company (Note 5). The rate quoted in the security description is the annualized 7-day yield of the fund at the close of the reporting period.
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.
	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	93.9%		Dominican Republic	0.5%
Indonesia	0.9		Other	3.5
Mexico	0.6		Total	100.0%
Cote d’lvoire	0.6

46 Premier Income Trust