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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Putnam Premier Income Trust | NYSE:PPT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.57 | 0 | 12:00:09 |
| 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: | (617) 292-1000 |
| 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: | |||
Putnam
Premier Income
Trust
Semiannual report
1 | 31 | 23
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.
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.
| 2 Premier Income Trust |
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.
| 4 Premier Income Trust |
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.
| 6 Premier Income Trust |
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.
| Premier Income Trust 7 |
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.
| 8 Premier Income Trust |
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.
| Premier Income Trust 9 |
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.
| Premier Income Trust 11 |
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.
| 12 Premier Income Trust |
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.
| Premier Income Trust 13 |
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.
| 14 Premier Income Trust |
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 |
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 |
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 |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
28 Premier Income Trust | |
Premier Income Trust 29 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | |
| 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 | ||
| 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 | |
| * | 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 | |
| FORWARD CURRENCY CONTRACTS at 1/31/23 (aggregate face value $51,947,816) (Unaudited) | ||||||
| Counterparty | Currency | Contract type* |
Delivery date |
Value | Aggregate face value |
Unrealized appreciation/ (depreciation) |
| Bank of America N.A. | ||||||
| Canadian Dollar | Sell | 4/19/23 | $15,116 | $14,859 | $(257) | |
| Euro | Sell | 3/15/23 | 373,546 | 369,255 | (4,291) | |
| New Zealand Dollar | Sell | 4/19/23 | 28,128 | 27,410 | (718) | |
| Swedish Krona | Sell | 3/15/23 | 369,198 | 370,971 | 1,773 | |
| Barclays Bank PLC | ||||||
| Canadian Dollar | Sell | 4/19/23 | 137,247 | 134,937 | (2,310) | |
| Swiss Franc | Buy | 3/15/23 | 221,186 | 215,298 | 5,888 | |
| Citibank, N.A. | ||||||
| Australian Dollar | Sell | 4/19/23 | 21,804 | 21,018 | (786) | |
| Canadian Dollar | Sell | 4/19/23 | 26,397 | 25,868 | (529) | |
| Euro | Buy | 3/15/23 | 4,251 | 4,233 | 18 | |
| Norwegian Krone | Sell | 3/15/23 | 14,103 | 14,164 | 61 | |
| Swedish Krona | Sell | 3/15/23 | 32,787 | 32,613 | (174) | |
| Swiss Franc | Sell | 3/15/23 | 20,955 | 20,515 | (440) | |
| Goldman Sachs International | ||||||
| Swiss Franc | Buy | 3/15/23 | 2,456,640 | 2,391,230 | 65,410 | |
| HSBC Bank USA, National Association | ||||||
| Australian Dollar | Sell | 4/19/23 | 164,164 | 158,202 | (5,962) | |
| Canadian Dollar | Sell | 4/19/23 | 72,722 | 71,488 | (1,234) | |
| Euro | Buy | 3/15/23 | 30,084 | 30,182 | (98) | |
| New Zealand Dollar | Sell | 4/19/23 | 25,607 | 24,788 | (819) | |
| Norwegian Krone | Buy | 3/15/23 | 51,011 | 53,082 | (2,071) | |
| Swedish Krona | Sell | 3/15/23 | 209,518 | 215,323 | 5,805 | |
| Swiss Franc | Sell | 3/15/23 | 67,256 | 66,201 | (1,055) | |
| JPMorgan Chase Bank N.A. | ||||||
| British Pound | Sell | 3/15/23 | 329,100 | 326,008 | (3,092) | |
| Canadian Dollar | Sell | 4/19/23 | 324,355 | 318,857 | (5,498) | |
| Euro | Sell | 3/15/23 | 118,702 | 115,084 | (3,618) | |
| Norwegian Krone | Sell | 3/15/23 | 25,164 | 25,085 | (79) | |
| Swiss Franc | Buy | 3/15/23 | 23,040 | 22,432 | 608 | |
| Morgan Stanley & Co. International PLC | ||||||
| British Pound | Buy | 3/15/23 | 2,962 | 3,150 | (188) | |
| Euro | Sell | 3/15/23 | 3,506,017 | 3,426,438 | (79,579) | |
| Japanese Yen | Buy | 2/15/23 | 3,694,251 | 3,630,684 | 63,567 | |
| Japanese Yen | Sell | 2/15/23 | 3,694,251 | 3,659,884 | (34,367) | |
| Japanese Yen | Buy | 5/17/23 | 3,429,141 | 3,422,751 | 6,390 | |
| New Zealand Dollar | Sell | 4/19/23 | 3,326,331 | 3,219,656 | (106,675) | |
| NatWest Markets PLC | ||||||
| Japanese Yen | Buy | 2/15/23 | 982,062 | 964,327 | 17,735 | |
| Japanese Yen | Sell | 2/15/23 | 982,062 | 980,198 | (1,864) | |
| Japanese Yen | Buy | 5/17/23 | 994,694 | 992,819 | 1,875 | |
| State Street Bank and Trust Co. | ||||||
| Australian Dollar | Sell | 4/19/23 | 2,532,827 | 2,440,808 | (92,019) | |
| British Pound | Sell | 3/15/23 | 1,469,164 | 1,458,503 | (10,661) | |
Premier Income Trust 47 | |
| FUTURES CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) | ||||||
| Number of contracts |
Notional amount |
Value | Expiration date |
Unrealized depreciation |
||
| U.S. Treasury Note 2 yr (Short) | 816 | $167,809,125 | $167,809,125 | Mar-23 | $(646,712) | |
| U.S. Treasury Note Ultra 10 yr (Short) | 31 | 3,757,297 | 3,757,297 | Mar-23 | (66,945) | |
| Unrealized appreciation | — | |||||
| Unrealized (depreciation) | (713,657) | |||||
| Total | $(713,657) | |||||
48 Premier Income Trust | |
| FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) | ||||||
| Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/ Maturity date |
Expiration date/strike |
Notional/ contract amount |
Premium receivable/ (payable) |
Unrealized appreciation/ (depreciation) |
||
| Bank of America N.A. | ||||||
| (1.39)/US SOFR/Dec-26 (Purchased) | Dec-24/1.39 | $95,706,500 | $(1,100,625) | $1,681,562 | ||
| 1.39/US SOFR/Dec-26 (Purchased) | Dec-24/1.39 | 95,706,500 | (1,100,625) | (755,124) | ||
| (1.085)/3 month USD-LIBOR-ICE/Apr-34 (Written) | Apr-24/1.085 | 65,015,900 | 892,343 | 782,141 | ||
| 2.17/3 month USD-LIBOR-ICE/Apr-34 (Purchased) | Apr-24/2.17 | 32,507,900 | (1,570,132) | (1,250,579) | ||
| (1.29)/3 month USD-LIBOR-ICE/Mar-34 (Written) | Mar-24/1.29 | 16,254,000 | 253,562 | 222,192 | ||
| (2.35)/3 month USD-LIBOR-ICE/Apr-56 (Purchased) | Apr-26/2.35 | 14,707,300 | (1,911,949) | 747,572 | ||
| 2.35/3 month USD-LIBOR-ICE/Apr-56 (Purchased) | Apr-26/2.35 | 14,707,300 | (1,911,949) | (1,016,716) | ||
| (2.558)/US SOFR/Dec-57 (Purchased) | Dec-27/2.558 | 14,076,200 | (2,080,462) | (89,102) | ||
| 2.558/US SOFR/Dec-57 (Purchased) | Dec-27/2.558 | 14,076,200 | (2,080,462) | (430,169) | ||
| (2.47)/US SOFR/Dec-57 (Purchased) | Dec-27/2.47 | 11,414,100 | (1,694,994) | 10,843 | ||
| 2.47/US SOFR/Dec-57 (Purchased) | Dec-27/2.47 | 11,414,100 | (1,694,994) | (437,502) | ||
| 2.29/3 month USD-LIBOR-ICE/Mar-34 (Purchased) | Mar-24/2.29 | 11,377,800 | (559,625) | (443,848) | ||
| 3.073/US SOFR/Jun-37 (Written) | Jun-27/3.073 | 10,783,700 | 784,514 | 102,877 | ||
| (3.073)/US SOFR/Jun-37 (Written) | Jun-27/3.073 | 10,783,700 | 784,514 | 81,740 | ||
| (0.925)/3 month USD-LIBOR-ICE/Mar-40 (Purchased) | Mar-30/0.925 | 9,326,800 | (667,799) | 1,116,138 | ||
| 0.925/3 month USD-LIBOR-ICE/Mar-40 (Purchased) | Mar-30/0.925 | 9,326,800 | (667,799) | (457,946) | ||
| (3.17)/US SOFR/Dec-35 (Purchased) | Dec-25/3.17 | 9,143,300 | (475,452) | (39,865) | ||
| 2.67/US SOFR/Dec-35 (Purchased) | Dec-25/2.67 | 9,143,300 | (466,308) | (81,010) | ||
| 3.343/US SOFR/Dec-35 (Purchased) | Dec-25/3.343 | 9,049,800 | (586,880) | 70,045 | ||
| (3.343)/US SOFR/Dec-35 (Purchased) | Dec-25/3.343 | 9,049,800 | (586,880) | (187,150) | ||
| (3.18)/US SOFR/Dec-35 (Purchased) | Dec-25/3.18 | 8,869,000 | (447,885) | (29,534) | ||
| 2.68/US SOFR/Dec-35 (Purchased) | Dec-25/2.68 | 8,869,000 | (447,885) | (71,484) | ||
| (0.85)/3 month USD-LIBOR-ICE/Mar-40 (Purchased) | Mar-30/0.85 | 4,749,700 | (346,728) | 584,783 | ||
| 0.85/3 month USD-LIBOR-ICE/Mar-40 (Purchased) | Mar-30/0.85 | 4,749,700 | (346,728) | (240,857) | ||
| (1.275)/3 month USD-LIBOR-ICE/Mar-50 (Purchased) | Mar-30/1.275 | 4,687,800 | (610,586) | 648,041 | ||
| 1.275/3 month USD-LIBOR-ICE/Mar-50 (Purchased) | Mar-30/1.275 | 4,687,800 | (610,586) | (406,479) | ||
| (3.101)/US SOFR/Jun-39 (Written) | Jun-29/3.101 | 4,270,400 | 333,518 | 29,936 | ||
| 3.101/US SOFR/Jun-39 (Written) | Jun-29/3.101 | 4,270,400 | 333,518 | 27,160 | ||
| (1.405)/US SOFR/Dec-58 (Purchased) | Dec-28/1.405 | 2,121,700 | (325,416) | 250,233 | ||
| 1.405/US SOFR/Dec-58 (Purchased) | Dec-28/1.405 | 2,121,700 | (325,416) | (194,136) | ||
| Barclays Bank PLC | ||||||
| (3.09)/US SOFR/Dec-42 (Purchased) | Dec-32/3.09 | 16,333,000 | (1,328,690) | (45,569) | ||
| 3.09/US SOFR/Dec-42 (Purchased) | Dec-32/3.09 | 16,333,000 | (1,328,690) | (68,925) | ||
Premier Income Trust 49 | |
| FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | ||||||
| Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/ Maturity date |
Expiration date/strike |
Notional/ contract amount |
Premium receivable/ (payable) |
Unrealized appreciation/ (depreciation) |
||
| Citibank, N.A. | ||||||
| 2.703/US SOFR/Jul-33 (Purchased) | Jul-23/2.703 | $65,311,700 | $(728,033) | $(112,336) | ||
| 2.643/US SOFR/Jul-33 (Purchased) | Jul-23/2.643 | 65,311,700 | (728,033) | (195,935) | ||
| (3.27)/US SOFR/Apr-28 (Purchased) | Apr-23/3.27 | 42,799,900 | (490,059) | (58,208) | ||
| 3.27/US SOFR/Apr-28 (Purchased) | Apr-23/3.27 | 42,799,900 | (490,059) | (116,416) | ||
| (1.752)/3 month USD-LIBOR-ICE/Dec-31 (Purchased) | Dec-26/1.752 | 35,403,600 | (1,154,157) | 1,353,480 | ||
| 1.752/3 month USD-LIBOR-ICE/Dec-31 (Purchased) | Dec-26/1.752 | 35,403,600 | (1,154,157) | (686,122) | ||
| (1.90)/3 month USD-LIBOR-ICE/Jun-28 (Purchased) | Jun-26/1.90 | 23,865,100 | (318,122) | 324,565 | ||
| 1.90/3 month USD-LIBOR-ICE/Jun-28 (Purchased) | Jun-26/1.90 | 23,865,100 | (318,122) | (156,316) | ||
| (1.887)/US SOFR/Jan-35 (Written) | Jan-25/1.887 | 22,859,100 | 392,831 | 88,922 | ||
| (2.25)/US SOFR/Jan-34 (Written) | Jan-24/2.25 | 22,859,100 | 297,745 | 74,292 | ||
| (1.947)/US SOFR/Jan-35 (Written) | Jan-25/1.947 | 22,859,100 | 392,831 | 65,377 | ||
| (2.311)/US SOFR/Jan-34 (Written) | Jan-24/2.311 | 22,859,100 | 297,745 | 49,376 | ||
| 2.394/US SOFR/Sep-33 (Purchased) | Sep-23/2.394 | 21,969,300 | (265,829) | (83,483) | ||
| (1.826)/US SOFR/Jan-42 (Purchased) | Jan-32/1.826 | 14,768,300 | (1,090,639) | 757,614 | ||
| 1.826/US SOFR/Jan-42 (Purchased) | Jan-32/1.826 | 14,768,300 | (1,090,639) | (488,683) | ||
| (1.75)/US SOFR/Mar-53 (Purchased) | Mar-23/1.75 | 8,954,300 | (670,229) | 1,401,796 | ||
| 1.75/US SOFR/Mar-53 (Purchased) | Mar-23/1.75 | 8,954,300 | (670,229) | (667,364) | ||
| (1.724)/US SOFR/Mar-53 (Purchased) | Mar-23/1.724 | 7,816,900 | (589,785) | 1,258,599 | ||
| 1.724/US SOFR/Mar-53 (Purchased) | Mar-23/1.724 | 7,816,900 | (589,785) | (587,206) | ||
| (1.735)/US SOFR/Mar-53 (Purchased) | Mar-23/1.735 | 7,654,400 | (565,852) | 1,227,153 | ||
| 1.735/US SOFR/Mar-53 (Purchased) | Mar-23/1.735 | 7,654,400 | (565,852) | (563,364) | ||
| (2.427)/3 month USD-LIBOR-ICE/Jun-41 (Purchased) | Jun-31/2.427 | 4,617,700 | (336,399) | 172,240 | ||
| 2.427/3 month USD-LIBOR-ICE/Jun-41 (Purchased) | Jun-31/2.427 | 4,617,700 | (336,399) | (128,926) | ||
| (1.625)/3 month USD-LIBOR-ICE/Jan-61 (Purchased) | Jan-41/1.625 | 4,450,300 | (656,419) | 164,706 | ||
| 1.625/3 month USD-LIBOR-ICE/Jan-61 (Purchased) | Jan-41/1.625 | 4,450,300 | (656,419) | (169,556) | ||
| (2.689)/3 month USD-LIBOR-ICE/Nov-49 (Purchased) | Nov-24/2.689 | 2,064,000 | (265,740) | (5,304) | ||
| 2.689/3 month USD-LIBOR-ICE/Nov-49 (Purchased) | Nov-24/2.689 | 2,064,000 | (265,740) | (164,088) | ||
| (0.055)/3 month EUR-EURIBOR/Mar-25 (Written) | Mar-24/0.055 | EUR | 219,158,200 | 703,152 | 674,270 | |
| 0.555/3 month EUR-EURIBOR/Mar-25 (Purchased) | Mar-24/0.555 | EUR | 109,579,100 | (691,234) | (662,357) | |
| Goldman Sachs International | ||||||
| (2.40)/US SOFR/May-57 (Purchased) | May-27/2.40 | $12,168,600 | (1,569,749) | 263,450 | ||
| 2.40/US SOFR/May-57 (Purchased) | May-27/2.40 | 12,168,600 | (1,569,749) | (399,495) | ||
| 3.92/US SOFR/Feb-33 (Purchased) | Feb-23/3.92 | 9,044,400 | (197,620) | 366,841 | ||
50 Premier Income Trust | |
| FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | ||||||
| Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/ Maturity date |
Expiration date/strike |
Notional/ contract amount |
Premium receivable/ (payable) |
Unrealized appreciation/ (depreciation) |
||
| Goldman Sachs International cont. | ||||||
| (3.92)/US SOFR/Feb-33 (Purchased) | Feb-23/3.92 | $9,044,400 | $(197,620) | $(197,349) | ||
| (2.8175)/3 month USD-LIBOR-ICE/Mar-47 (Purchased) | Mar-27/2.8175 | 1,629,100 | (205,674) | 212 | ||
| 2.8175/3 month USD-LIBOR-ICE/Mar-47 (Purchased) | Mar-27/2.8175 | 1,629,100 | (205,674) | (87,124) | ||
| JPMorgan Chase Bank N.A. | ||||||
| (3.0175)/US SOFR/Dec-42 (Purchased) | Dec-32/3.0175 | 28,152,400 | (2,371,840) | (79,108) | ||
| 3.0175/US SOFR/Dec-42 (Purchased) | Dec-32/3.0175 | 28,152,400 | (2,371,840) | (246,334) | ||
| (1.70)/US SOFR/Jan-29 (Written) | Jan-24/1.70 | 22,135,000 | 472,306 | 389,133 | ||
| 1.70/US SOFR/Jan-29 (Written) | Jan-24/1.70 | 22,135,000 | 472,306 | (864,372) | ||
| (2.317)/US SOFR/Apr-42 (Written) | Apr-32/2.317 | 4,718,700 | 399,674 | 145,100 | ||
| 2.317/US SOFR/Apr-42 (Written) | Apr-32/2.317 | 4,718,700 | 399,674 | (100,556) | ||
| 3.187/US SOFR/Jan-36 (Purchased) | Jan-26/3.187 | 4,077,500 | (263,203) | 2,080 | ||
| (3.187)/US SOFR/Jan-36 (Purchased) | Jan-26/3.187 | 4,077,500 | (263,203) | (63,976) | ||
| (1.81)/US SOFR/Jan-37 (Written) | Jan-27/1.81 | 3,636,400 | 214,911 | 124,001 | ||
| 1.81/US SOFR/Jan-37 (Written) | Jan-27/1.81 | 3,636,400 | 214,911 | (209,857) | ||
| (3.315)/6 month AUD-BBR-BBSW/May-52 (Purchased) | May-32/3.315 | AUD | 9,928,600 | (834,904) | 121,380 | |
| 3.315/6 month AUD-BBR-BBSW/May-52 (Purchased) | May-32/3.315 | AUD | 9,928,600 | (834,904) | (165,041) | |
| (4.12)/6 month AUD-BBR-BBSW/Jan-43 (Purchased) | Jan-33/4.12 | AUD | 6,533,800 | (340,868) | 17,156 | |
| 4.12/6 month AUD-BBR-BBSW/Jan-43 (Purchased) | Jan-33/4.12 | AUD | 6,533,800 | (340,868) | (21,030) | |
| (2.495)/6 month AUD-BBR-BBSW/Nov-46 (Purchased) | Nov-26/2.495 | AUD | 5,302,300 | (329,739) | 522,957 | |
| 2.495/6 month AUD-BBR-BBSW/Nov-46 (Purchased) | Nov-26/2.495 | AUD | 5,302,300 | (329,739) | (212,619) | |
| (1.445)/6 month AUD-BBR-BBSW/Mar-40 (Purchased) | Mar-30/1.445 | AUD | 4,317,900 | (161,857) | 426,447 | |
| 1.445/6 month AUD-BBR-BBSW/Mar-40 (Purchased) | Mar-30/1.445 | AUD | 4,317,900 | (161,857) | (125,325) | |
| (1.692)/6 month AUD-BBR-BBSW/Jan-35 (Purchased) | Jan-25/1.692 | AUD | 3,098,200 | (96,660) | 347,099 | |
| 1.692/6 month AUD-BBR-BBSW/Jan-35 (Purchased) | Jan-25/1.692 | AUD | 3,098,200 | (96,660) | (88,852) | |
| (1.441)/6 month AUD-BBR-BBSW/Jul-45 (Purchased) | Jul-25/1.441 | AUD | 2,068,300 | (122,324) | 375,679 | |
| 1.441/6 month AUD-BBR-BBSW/Jul-45 (Purchased) | Jul-25/1.441 | AUD | 2,068,300 | (122,324) | (110,705) | |
| Morgan Stanley & Co. International PLC | ||||||
| 3.27/3 month USD-LIBOR-ICE/Oct-53 (Purchased) | Oct-23/3.27 | $2,738,700 | (312,486) | (118,449) | ||
| (3.27)/3 month USD-LIBOR-ICE/Oct-53 (Purchased) | Oct-23/3.27 | 2,738,700 | (312,486) | (181,658) | ||
Premier Income Trust 51 | |
| FORWARD PREMIUM SWAP OPTION CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | ||||||
| Counterparty Fixed right or obligation % to receive or (pay)/Floating rate index/ Maturity date |
Expiration date/strike |
Notional/ contract amount |
Premium receivable/ (payable) |
Unrealized appreciation/ (depreciation) |
||
| Morgan Stanley & Co. International PLC cont. | ||||||
| (2.505)/3 month USD-LIBOR-ICE/Nov-49 (Purchased) | Nov-24/2.505 | $2,064,000 | $(316,205) | $(8,751) | ||
| 2.505/3 month USD-LIBOR-ICE/Nov-49 (Purchased) | Nov-24/2.505 | 2,064,000 | (222,086) | (142,354) | ||
| (2.3825)/US SOFR/Jul-56 (Purchased) | Jul-26/2.3825 | 953,100 | (120,805) | 19,329 | ||
| 2.3825/US SOFR/Jul-56 (Purchased) | Jul-26/2.3825 | 953,100 | (120,805) | (40,373) | ||
| Toronto-Dominion Bank | ||||||
| (1.937)/3 month USD-LIBOR-ICE/Feb-36 (Purchased) | Feb-26/1.937 | 3,867,400 | (202,265) | 263,525 | ||
| 1.937/3 month USD-LIBOR-ICE/Feb-36 (Purchased) | Feb-26/1.937 | 3,867,400 | (202,265) | (132,729) | ||
| (2.405)/3 month USD-LIBOR-ICE/Mar-41 (Purchased) | Mar-31/2.405 | 1,584,500 | (110,519) | 64,473 | ||
| 2.405/3 month USD-LIBOR-ICE/Mar-41 (Purchased) | Mar-31/2.405 | 1,584,500 | (110,519) | (42,005) | ||
| UBS AG | ||||||
| (2.00)/6 month AUD-BBR-BBSW/Sep-46 (Purchased) | Sep-36/2.00 | AUD | 4,626,600 | (246,251) | 181,148 | |
| 2.00/6 month AUD-BBR-BBSW/Sep-46 (Purchased) | Sep-36/2.00 | AUD | 4,626,600 | (246,251) | (84,124) | |
| (2.70)/6 month AUD-BBR-BBSW/Apr-47 (Purchased) | Apr-37/2.70 | AUD | 2,202,100 | (133,708) | 36,310 | |
| 2.70/6 month AUD-BBR-BBSW/Apr-47 (Purchased) | Apr-37/2.70 | AUD | 2,202,100 | (133,708) | (30,667) | |
| (3.292)/6 month EUR-EURIBOR/Oct-24 (Purchased) | Oct-23/3.292 | EUR | 57,428,200 | (331,216) | (166,696) | |
| 3.292/6 month EUR-EURIBOR/Oct-24 (Purchased) | Oct-23/3.292 | EUR | 57,428,200 | (331,216) | (202,907) | |
| (0.44)/6 month EUR-EURIBOR/Feb-41 (Purchased) | Feb-31/0.44 | EUR | 4,644,000 | (364,332) | 590,499 | |
| 0.44/6 month EUR-EURIBOR/Feb-41 (Purchased) | Feb-31/0.44 | EUR | 4,644,000 | (364,332) | (193,972) | |
| (1.325)/6 month EUR-EURIBOR/Apr-49 (Purchased) | Apr-29/1.325 | EUR | 3,146,000 | (436,172) | 228,297 | |
| 1.325/6 month EUR-EURIBOR/Apr-49 (Purchased) | Apr-29/1.325 | EUR | 3,146,000 | (436,172) | (203,808) | |
| (0.296)/6 month EUR-EURIBOR/Jan-51 (Purchased) | Jan-31/0.296 | EUR | 1,548,000 | (234,237) | 270,847 | |
| 0.296/6 month EUR-EURIBOR/Jan-51 (Purchased) | Jan-31/0.296 | EUR | 1,548,000 | (234,237) | (124,485) | |
| Unrealized appreciation | 18,723,616 | |||||
| Unrealized (depreciation) | (15,736,380) | |||||
| Total | $2,987,236 | |||||
52 Premier Income Trust | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $8,725,000 | $1,390,416 | $365,462 | 9/1/32 | 3 month USD-LIBOR-ICE — Quarterly | 1.512% — Semiannually | $(1,041,520) | |
| 26,548,000 | 967,940 | 1,283 | 12/23/23 | 0.695% — Annually | US SOFR — Annually | 1,075,972 | |
| 17,960,000 | 1,590,178 | 1,544 | 12/23/26 | 1.085% — Annually | US SOFR — Annually | 1,656,157 | |
| 8,583,000 | 1,258,783 | 1,037 | 12/23/31 | 1.285% — Annually | US SOFR — Annually | 1,288,705 | |
| 4,489,000 | 1,309,666 | (7,993) | 12/23/51 | US SOFR — Annually | 1.437% — Annually | (1,332,008) | |
| 39,725,000 | 1,447,579 | (4,042) | 12/24/23 | 0.697% — Annually | US SOFR — Annually | 1,583,204 | |
| 6,991,000 | 616,466 | (936) | 12/24/26 | 1.096% — Annually | US SOFR — Annually | 637,398 | |
| 9,943,000 | 1,458,539 | (4,439) | 12/24/31 | 1.285% — Annually | US SOFR — Annually | 1,483,374 | |
| 17,998,000 | 5,257,756 | (9,727) | 12/24/51 | 1.435% — Annually | US SOFR — Annually | 5,298,394 | |
| 8,125,000 | 2,234,375 | (1,324) | 12/31/51 | 1.525% — Annually | US SOFR — Annually | 2,253,816 | |
| 3,304,000 | 287,580 | (438) | 12/31/26 | US SOFR — Annually | 1.135% — Annually | (297,644) | |
| 867,000 | 122,733 | 15,612 | 12/31/31 | US SOFR — Annually | 1.355% — Annually | (109,471) | |
| 2,215,200 | 137,077 E | (49) | 1/15/47 | 1.724% — Annually | US SOFR — Annually | 137,027 | |
| 5,869,000 | 1,442,835 | (200) | 1/21/52 | 1.679% — Annually | US SOFR — Annually | 1,446,488 | |
| 3,669,000 | 938,970 | (125) | 1/19/52 | US SOFR — Annually | 1.626% — Annually | (942,648) | |
| 2,384,000 | 597,287 | (81) | 2/1/52 | 1.6545% — Annually | US SOFR — Annually | 600,124 | |
| 8,865,400 | 1,874,589 | (302) | 2/24/52 | US SOFR — Annually | 1.86% — Annually | (1,877,671) | |
Premier Income Trust 53 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $4,600,000 | $1,053,998 | $(157) | 2/29/52 | 1.7674% — Annually | US SOFR — Annually | $1,063,050 | |
| 4,617,000 | 520,936 | (61) | 2/29/32 | US SOFR — Annually | 1.75% — Annually | (527,985) | |
| 30,452,000 | 2,101,493 | (246) | 2/28/27 | 1.675% — Annually | US SOFR — Annually | 2,236,432 | |
| 48,806,000 | 1,693,568 | (185) | 2/29/24 | US SOFR — Annually | 1.47709% — Annually | (1,999,935) | |
| 4,119,800 | 486,219 | (55) | 3/7/32 | 3 month USD-LIBOR-ICE — Quarterly | 1.9575% — Semiannually | (484,286) | |
| 17,853,500 | 2,302,744 | (237) | 3/9/32 | 1.5475% — Annually | US SOFR — Annually | 2,381,847 | |
| 18,511,500 | 2,396,314 | (245) | 3/9/32 | 1.5415% — Annually | US SOFR — Annually | 2,481,645 | |
| 9,759,000 | 1,114,771 | (129) | 3/11/32 | 1.737% — Annually | US SOFR — Annually | 1,140,270 | |
| 3,014,000 | 79,750 | (11) | 4/7/24 | US SOFR — Annually | 2.4485% — Annually | (72,847) | |
| 605,000 | 23,946 | (5) | 4/7/27 | 2.469% — Annually | US SOFR — Annually | 22,635 | |
| 682,000 | 46,553 | (9) | 4/7/23 | 2.3305% — Annually | US SOFR — Annually | 45,907 | |
| 272,000 | 45,030 | (9) | 4/7/52 | US SOFR — Annually | 2.1005% — Annually | (45,266) | |
| 12,716,000 | 701,923 | (169) | 4/14/32 | 2.4975% — Annually | US SOFR — Annually | 654,539 | |
| 11,082,000 | 1,327,513 | (378) | 4/14/52 | US SOFR — Annually | 2.3395% — Annually | (1,302,983) | |
| 3,170,000 | 123,915 | (26) | 4/14/27 | 2.483% — Annually | US SOFR — Annually | 116,575 | |
| 3,773,000 | 103,003 | (14) | 4/14/24 | US SOFR — Annually | 2.403% — Annually | (96,475) | |
| 32,580,000 | 1,021,383 | (308) | 5/2/27 | US SOFR — Annually | 2.685% — Annually | (999,818) | |
| 56,004,900 | 1,489,170 | (211) | 5/25/24 | 2.5945% — Annually | US SOFR — Annually | 1,557,295 | |
| 2,330,000 | 206,578 | (79) | 5/25/52 | US SOFR — Annually | 2.501% — Annually | (207,083) | |
| 1,622,500 | 89,221 E | (55) | 5/28/57 | 2.40% — Annually | US SOFR — Annually | 89,166 | |
| 4,472,000 | 157,370 | (59) | 6/7/32 | US SOFR — Annually | 2.7565% — Annually | (151,175) | |
| 3,899,000 | 254,878 | (133) | 6/7/52 | US SOFR — Annually | 2.622% — Annually | (256,214) | |
| 71,172,900 | 2,115,259 | (944) | 6/8/32 | US SOFR — Annually | 2.825% — Annually | (2,100,330) | |
| 3,515,900 | 629,100 | (441,293) | 6/22/52 | 2.3075% — Semiannually | 3 month USD-LIBOR-ICE — Quarterly | 197,933 | |
54 Premier Income Trust | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $63,314,000 | $1,103,563 | $(239) | 6/15/24 | US SOFR — Annually | 3.3385% — Annually | $(945,510) | |
| 41,483,500 | 474,986 | (336) | 6/15/27 | 3.185% — Annually | US SOFR — Annually | 411,797 | |
| 5,242,900 | 53,478 | (74) | 9/8/32 | US SOFR — Annually | 3.07% — Annually | (63,216) | |
| 8,218,600 | 234,394 | (116) | 2/3/33 | 3.13% — Semiannually | 3 month USD-LIBOR-ICE — Quarterly | 234,278 | |
| 18,195,300 | 995,465 | (258) | 1/31/33 | 2.545% — Annually | US SOFR — Annually | 993,921 | |
| 18,195,300 | 987,641 | (258) | 1/31/33 | 2.55% — Annually | US SOFR — Annually | 986,094 | |
| 17,137,500 | 1,009,570 | (243) | 2/1/33 | 2.495% — Annually | US SOFR — Annually | 1,009,327 | |
| 17,649,000 | 1,099,180 | (234) | 8/2/32 | US SOFR — Annually | 2.4275% — Annually | (1,170,151) | |
| 16,756,600 | 1,111,465 | (237) | 2/1/33 | 2.4075% — Annually | US SOFR — Annually | 1,111,228 | |
| 1,683,100 | 53,624 E | (33) | 4/1/42 | US SOFR — Annually | 2.63% — Annually | (53,656) | |
| 2,286,900 | 100,829 E | (34) | 3/24/35 | US SOFR — Annually | 2.39% — Annually | (100,864) | |
| 4,997,900 | 373,643 | (147) | 8/10/42 | 2.645% — Annually | US SOFR — Annually | 390,840 | |
| 8,470,900 | 682,246 | (18,886) | 8/10/42 | US SOFR — Annually | 2.605% — Annually | (730,082) | |
| 3,473,200 | 286,539 | (102) | 8/10/42 | 2.5915% — Annually | US SOFR — Annually | 298,695 | |
| 14,087,000 | 348,090 E | (132) | 2/6/29 | 2.40% — Annually | US SOFR — Annually | 347,957 | |
| 28,629,000 | 1,356,442 | (378) | 8/16/32 | US SOFR — Annually | 2.613% — Annually | (1,456,450) | |
| 3,284,000 | 63,447 E | (73) | 1/15/47 | 2.49% — Annually | US SOFR — Annually | 63,374 | |
| 495,000 | 14,271 | (7) | 8/25/32 | US SOFR — Annually | 2.8415% — Annually | (15,534) | |
| 2,067,000 | 25,858 E | (31) | 2/21/35 | 2.785% — Annually | US SOFR — Annually | 25,827 | |
| 33,327,700 | 554,573 | (125) | 9/6/24 | US SOFR — Annually | 3.413% — Annually | (568,736) | |
| 16,345,300 | 18,307 E | (91) | 1/15/27 | US SOFR — Annually | 2.73% — Annually | (18,397) | |
| 15,813,300 | 196,243 | (209) | 9/13/32 | 3.043% — Annually | US SOFR — Annually | 227,161 | |
| 3,026,200 | 17,249 E | (59) | 1/15/41 | 3.0500% — Annually | US SOFR — Annually | 17,190 | |
| 1,671,800 | 15,966 E | (33) | 1/15/42 | 2.9825% — Annually | US SOFR — Annually | 15,933 | |
Premier Income Trust 55 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $5,676,000 | $55,965 | $(193) | 9/26/52 | 2.905% — Annually | US SOFR — Annually | $70,845 | |
| 29,514,000 | 42,795 | (277) | 9/26/27 | US SOFR — Annually | 3.465% — Annually | 22,911 | |
| 1,852,000 | 6,945 | (24) | 9/19/32 | 3.24% — Annually | US SOFR — Annually | (4,359) | |
| 10,427,000 | 218,550 | (138) | 9/26/32 | US SOFR — Annually | 3.449% — Annually | 210,892 | |
| 4,393,900 | 124,479 E | (62) | 10/3/33 | 3.394% — Annually | US SOFR — Annually | (124,541) | |
| 12,162,000 | 166,863 | (98) | 10/4/27 | 3.75% — Annually | US SOFR — Annually | (169,222) | |
| 29,664,000 | 665,067 | (392) | 10/5/32 | US SOFR — Annually | 3.466% — Annually | 639,253 | |
| 3,631,000 | 28,612 E | (54) | 10/21/36 | US SOFR — Annually | 3.116% — Annually | 28,558 | |
| 1,447,000 | 18,232 | (20) | 1/11/33 | US SOFR — Annually | 3.34% — Annually | 17,739 | |
| 5,078,000 | 63,323 | (72) | 1/31/33 | US SOFR — Annually | 3.337% — Annually | 63,722 | |
| 5,078,000 | 61,596 | (72) | 1/31/33 | US SOFR — Annually | 3.333% — Annually | 61,572 | |
| 11,079,000 | 148,348 E | (156) | 8/23/33 | US SOFR — Annually | 3.237% — Annually | 148,192 | |
| 4,739,000 | 54,641 | (67) | 2/1/33 | US SOFR — Annually | 3.3255% — Annually | 54,574 | |
| 10,652,000 | 136,346 E | (150) | 9/1/33 | US SOFR — Annually | 3.225% — Annually | 136,195 | |
| 392,000 | 5,033 | (6) | 11/14/32 | 3.347% — Annually | US SOFR — Annually | (4,527) | |
| 1,504,000 | 5,760 | (51) | 2/3/53 | 2.9275% — Annually | US SOFR — Annually | 5,709 | |
| 3,978,000 | 39,979 | (56) | 2/1/33 | US SOFR — Annually | 3.308% — Annually | 39,923 | |
| 85,713,000 | 356,566 | (321) | 10/7/24 | US SOFR — Annually | 4.1845% — Annually | (246,723) | |
| 17,625,000 | 445,560 | (233) | 10/7/32 | 3.5005% — Annually | US SOFR — Annually | (438,307) | |
| 171,426,000 | 697,704 | 39,251 | 10/7/24 | 4.19% — Annually | US SOFR — Annually | 513,513 | |
| 79,885,000 | 1,032,913 | (18,886) | 10/7/27 | US SOFR — Annually | 3.73% — Annually | 998,723 | |
| 142,776,000 | 3,603,666 | (56,132) | 10/7/32 | 3.50% — Annually | US SOFR — Annually | (3,525,721) | |
| 35,250,000 | 918,615 | (33,755) | 10/7/32 | US SOFR — Annually | 3.51% — Annually | 852,903 | |
| 41,362,000 | 757,752 | 27,701 | 10/7/52 | US SOFR — Annually | 3.05% — Annually | 686,118 | |
56 Premier Income Trust | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $17,014,000 | $96,129 E | $(117) | 4/8/28 | 3.44% — Annually | US SOFR — Annually | $(96,247) | |
| 45,937,000 | 194,314 E | (172) | 1/31/25 | US SOFR — Annually | 4.035% — Annually | 194,141 | |
| 5,017,900 | 198,107 | (71) | 1/17/33 | 3.6575% — Annually | US SOFR — Annually | (197,342) | |
| 1,529,000 | 55,763 E | (52) | 1/16/55 | 2.97% — Annually | US SOFR — Annually | (55,815) | |
| 34,655,000 | 243,625 E | (192) | 1/16/26 | US SOFR — Annually | 3.605% — Annually | 243,432 | |
| 5,908,000 | 346,327 | (201) | 10/20/52 | US SOFR — Annually | 3.2571% — Annually | 338,057 | |
| 14,354,600 | 888,263 E | (488) | 10/9/54 | 3.115% — Annually | US SOFR — Annually | (888,751) | |
| 58,375,300 | 2,642,066 E | (823) | 10/10/33 | US SOFR — Annually | 3.594% — Annually | 2,641,243 | |
| 440,000 | 32,648 | (15) | 10/20/52 | US SOFR — Annually | 3.3375% — Annually | 32,134 | |
| 1,730,900 | 115,936 E | (59) | 1/24/55 | 3.135% — Annually | US SOFR — Annually | (115,995) | |
| 6,648,400 | 198,122 E | (62) | 4/13/28 | 3.965% — Annually | US SOFR — Annually | (198,185) | |
| 2,198,600 | 107,160 E | (33) | 4/4/35 | 3.5575% — Annually | US SOFR — Annually | (107,193) | |
| 4,397,400 | 131,526 E | (49) | 5/8/30 | US SOFR — Annually | 3.52% — Annually | 131,477 | |
| 6,020,200 | 47,198 E | (52) | 4/4/32 | 3.515% — Annually | US SOFR — Annually | (47,251) | |
| 29,278,300 | 1,655,102 E | (413) | 11/24/33 | US SOFR — Annually | 3.708% — Annually | 1,654,689 | |
| 11,005,200 | 620,583 E | (155) | 6/6/34 | US SOFR — Annually | 3.645% — Annually | 620,428 | |
| 839,900 | 41,256 E | (13) | 2/19/36 | US SOFR — Annually | 3.6145% — Annually | 41,243 | |
| 622,500 | 30,446 E | (9) | 3/3/36 | US SOFR — Annually | 3.614% — Annually | 30,437 | |
| 7,089,000 | 695,289 | (241) | 10/24/52 | US SOFR — Annually | 3.4605% — Annually | 688,013 | |
| 21,728,800 | 195,342 E | (81) | 6/26/25 | US SOFR — Annually | 4.31% — Annually | 195,260 | |
| 4,279,000 | 467,352 | (145) | 10/27/32 | 3.5176% — Annually | US SOFR — Annually | (464,489) | |
| 9,838,700 | 610,393 E | (139) | 12/4/33 | US SOFR — Annually | 3.77% — Annually | 610,254 | |
| 3,219,500 | 95,201 E | (36) | 3/24/32 | US SOFR — Annually | 3.64% — Annually | 95,165 | |
| 7,996,800 | 390,644 E | (120) | 6/28/37 | US SOFR — Annually | 3.70% — Annually | 390,524 | |
Premier Income Trust 57 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $1,817,500 | $76,535 E | $(35) | 6/20/40 | US SOFR — Annually | 3.75% — Annually | $76,499 | |
| 21,332,000 | 463,331 | (172) | 11/1/27 | 3.9195% — Annually | US SOFR — Annually | (465,450) | |
| 37,990,000 | 252,254 | (142) | 11/9/24 | US SOFR — Annually | 4.7655% — Annually | 337,900 | |
| 27,451,300 | 1,570,489 | (362) | 11/14/32 | 3.88% — Annually | US SOFR — Annually | (1,567,145) | |
| 13,300,000 | 287,280 | (176) | 11/21/32 | 3.4515% — Annually | US SOFR — Annually | (269,878) | |
| 2,039,600 | 48,441 | (27) | 11/25/32 | 3.477% — Annually | US SOFR — Annually | (47,042) | |
| 52,684,000 | 21,074 | (198) | 12/5/24 | 4.3515% — Annually | US SOFR — Annually | (52,676) | |
| 4,100,000 | 17,835 | (54) | 12/9/32 | 3.14% — Annually | US SOFR — Annually | 22,157 | |
| 3,043,800 | 121,265 E | (103) | 12/10/57 | 2.47% — Annually | US SOFR — Annually | 121,162 | |
| 3,519,000 | 87,271 E | (120) | 12/13/57 | 2.558% — Annually | US SOFR — Annually | 87,152 | |
| 11,581,000 | 49,914 E | (52,507) | 3/15/33 | US SOFR — Annually | 3.22% — Annually | (2,593) | |
| 10,329,000 | 13,944 E | 36,594 | 3/15/25 | 4.19% — Annually | US SOFR — Annually | 22,650 | |
| 161,720,000 | 2,820,397 E | (1,123,093) | 3/15/30 | US SOFR — Annually | 3.50% — Annually | 1,697,305 | |
| 148,069,000 | 53,305 E | (480,126) | 3/15/25 | 4.10% — Annually | US SOFR — Annually | (426,821) | |
| 166,624,000 | 2,725,969 E | 1,116,387 | 3/15/28 | 3.70% — Annually | US SOFR — Annually | (1,609,582) | |
| 87,743,000 | 971,315 E | (1,228,234) | 3/15/33 | 3.30% — Annually | US SOFR — Annually | (2,199,544) | |
| 9,247,000 | 63,065 E | 451,996 | 3/15/53 | US SOFR — Annually | 2.90% — Annually | 388,932 | |
| 4,171,000 | 97,143 | (55) | 12/29/32 | 3.468% — Annually | US SOFR — Annually | (93,873) | |
| 3,560,000 | 167,925 | (121) | 12/29/52 | US SOFR — Annually | 3.1925% — Annually | 164,040 | |
| 3,330,000 | 135,698 | (113) | 12/30/52 | 3.1595% — Annually | US SOFR — Annually | (132,293) | |
| 25,757,000 | 773,483 | (340) | 1/3/33 | US SOFR — Annually | 3.5475% — Annually | 757,292 | |
| 40,235,000 | 594,271 | (324) | 1/3/28 | 3.7245% — Annually | US SOFR — Annually | (575,572) | |
| 3,452,000 | 97,277 | (46) | 1/3/33 | US SOFR — Annually | 3.5255% — Annually | 95,046 | |
| 3,017,000 | 22,688 | (24) | 1/6/28 | 3.5615% — Annually | US SOFR — Annually | (21,079) | |
58 Premier Income Trust | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $14,186,000 | $31,067 | $(53) | 1/6/25 | 4.3875% — Annually | US SOFR — Annually | $(31,883) | |
| 7,517,000 | 124,857 | (99) | 1/6/33 | 3.388% — Annually | US SOFR — Annually | (119,930) | |
| 17,859,000 | 222,523 | (144) | 1/9/28 | 3.6695% — Annually | US SOFR — Annually | (215,377) | |
| 269,000 | 1,114 | (1) | 1/9/25 | 4.487% — Annually | US SOFR — Annually | (1,145) | |
| 5,966,000 | 98,499 | (79) | 1/9/33 | 3.3865% — Annually | US SOFR — Annually | (95,063) | |
| 2,733,000 | 2,569 | (93) | 1/10/53 | US SOFR — Annually | 2.9445% — Annually | (4,940) | |
| 2,733,000 | 3,389 | (93) | 1/10/53 | US SOFR — Annually | 2.943% — Annually | (5,762) | |
| 2,579,000 | 12,482 | (88) | 1/11/53 | US SOFR — Annually | 2.974% — Annually | 10,383 | |
| 4,073,000 | 2,159 | (54) | 1/11/33 | US SOFR — Annually | 3.197% — Annually | (542) | |
| 5,742,000 | 39,448 | (76) | 1/12/33 | 3.272% — Annually | US SOFR — Annually | (36,207) | |
| 8,222,000 | 1,891 | (66) | 1/13/28 | US SOFR — Annually | 3.3965% — Annually | (2,140) | |
| 20,372,000 | 34,632 | (76) | 1/17/25 | US SOFR — Annually | 4.1565% — Annually | (36,007) | |
| 6,307,000 | 30,400 | (83) | 1/17/33 | US SOFR — Annually | 3.1335% — Annually | (33,573) | |
| 2,230,000 | 27,541 | (76) | 1/17/53 | US SOFR — Annually | 2.8855% — Annually | (28,939) | |
| 2,230,000 | 28,187 | (76) | 1/17/53 | US SOFR — Annually | 2.884% — Annually | (29,587) | |
| 15,031,000 | 10,371 | (511) | 1/18/53 | US SOFR — Annually | 2.9451% — Annually | (18,850) | |
| 43,846,100 | 54,369 | (412) | 1/24/28 | US SOFR — Annually | 3.36% — Annually | (48,245) | |
| 4,667,000 | 4,900 | (62) | 1/19/33 | 3.178% — Annually | US SOFR — Annually | 6,737 | |
| 9,315,000 | 8,942 | (35) | 1/19/25 | US SOFR — Annually | 4.19% — Annually | (9,362) | |
| 1,551,000 | 217 | (20) | 1/19/33 | US SOFR — Annually | 3.192% — Annually | (426) | |
| 5,199,000 | 4,003 | (69) | 1/19/33 | 3.1995% — Annually | US SOFR — Annually | (1,998) | |
| 7,383,000 | 37,210 | (59) | 1/20/28 | 3.2775% — Annually | US SOFR — Annually | 39,688 | |
| 4,882,000 | 38,275 | (39) | 1/20/28 | US SOFR — Annually | 3.2155% — Annually | (40,093) | |
| 19,814,000 | 57,857 | (74) | 1/23/25 | 4.082% — Annually | US SOFR — Annually | 58,894 | |
Premier Income Trust 59 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| $12,293,000 | $93,304 | $(99) | 1/23/28 | US SOFR — Annually | 3.22% — Annually | $(96,741) | |
| 8,238,000 | 16,229 | (109) | 1/24/33 | 3.167% — Annually | US SOFR — Annually | 18,206 | |
| 2,390,000 | 26,433 | (81) | 1/25/53 | 3.005% — Annually | US SOFR — Annually | (25,912) | |
| 9,571,000 | 5,360 | (36) | 1/26/25 | 4.2005% — Annually | US SOFR — Annually | 5,487 | |
| 3,164,000 | 7,404 | (42) | 1/26/33 | 3.1625% — Annually | US SOFR — Annually | 7,963 | |
| 11,030,000 | 9,596 | (41) | 1/30/25 | US SOFR — Annually | 4.179% — Annually | (9,712) | |
| 16,814,000 | 7,566 | (222) | 1/30/33 | 3.19529% — Annually | US SOFR — Annually | (6,756) | |
| 7,076,000 | 15,001 | (57) | 1/31/28 | 3.4315% — Annually | US SOFR — Annually | (14,887) | |
| 9,361,000 | 562 | (35) | 1/31/25 | US SOFR — Annually | 4.226% — Annually | 507 | |
| AUD | 177,000 | 24,887 E | (2) | 1/30/35 | 1.692% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 24,885 |
| AUD | 596,700 | 91,127 E | (6) | 3/5/35 | 1.47% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 91,121 |
| AUD | 221,500 | 34,654 E | (2) | 3/25/35 | 1.4025% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 34,652 |
| AUD | 345,400 | 46,590 E | (4) | 3/28/40 | 1.445% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 46,586 |
| AUD | 1,289,300 | 189,619 E | (15) | 4/1/40 | 1.1685% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 189,603 |
| AUD | 82,700 | 20,152 E | (2) | 7/2/45 | 1.441% — Semiannually | 6 month AUD-BBR-BBSW — Semiannually | 20,151 |
| AUD | 4,100,000 | 438,989 | (45) | 4/6/31 | 6 month AUD-BBR-BBSW — Semiannually | 1.87% — Semiannually | (452,495) |
| AUD | 3,287,400 | 539,449 | 571,992 | 11/24/42 | 6 month AUD-BBR-BBSW — Semiannually | 2.50% — Semiannually | 27,739 |
| AUD | 5,575,000 | 24,240 E | 12,129 | 3/15/33 | 6 month AUD-BBR-BBSW — Semiannually | 4.05% — Semiannually | (12,111) |
| AUD | 8,908,000 | 4,213 E | (5,786) | 3/15/25 | 3.72% — Quarterly | 3 month AUD-BBR-BBSW — Quarterly | (9,999) |
60 Premier Income Trust | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| CAD | 9,810,000 | $5,972 E | $40,516 | 3/15/25 | 4.15% — Semiannually | 3 month CAD-BA-CDOR — Semiannually | $34,544 |
| CAD | 4,756,000 | 25,450 E | (57,896) | 3/15/33 | 3.24% — Semiannually | 3 month CAD-BA-CDOR — Semiannually | (32,446) |
| CHF | 1,466,000 | 25,397 E | 2,428 | 3/15/33 | Swiss Average Rate Overnight — Annually | 1.55% — Annually | (22,969) |
| EUR | 1,144,400 | 116,339 E | (44) | 11/29/58 | 1.484% — Annually | 6 month EUR-EURIBOR — Semiannually | 116,295 |
| EUR | 1,556,300 | 352,802 | (60) | 2/19/50 | 6 month EUR-EURIBOR — Semiannually | 1.354% — Annually | (338,100) |
| EUR | 1,719,000 | 420,688 | (66) | 3/11/50 | 1.267% — Annually | 6 month EUR-EURIBOR — Semiannually | 410,317 |
| EUR | 1,739,200 | 445,957 | (66) | 3/12/50 | 1.2115% — Annually | 6 month EUR-EURIBOR — Semiannually | 436,519 |
| EUR | 2,008,000 | 556,664 | (77) | 3/26/50 | 1.113% — Annually | 6 month EUR-EURIBOR — Semiannually | 550,389 |
| EUR | 1,798,800 | 233,827 E | (68) | 11/29/58 | 6 month EUR-EURIBOR — Semiannually | 1.343% — Annually | (233,895) |
| EUR | 2,077,000 | 603,295 | (79) | 2/19/50 | 1.051% — Annually | 6 month EUR-EURIBOR — Semiannually | 589,577 |
| EUR | 1,655,300 | 432,452 E | (63) | 6/7/54 | 1.054% — Annually | 6 month EUR-EURIBOR — Semiannually | 432,389 |
| EUR | 1,510,500 | 485,630 | (58) | 2/19/50 | 0.9035% — Annually | 6 month EUR-EURIBOR — Semiannually | 477,799 |
| EUR | 904,900 | 310,643 | (35) | 2/21/50 | 0.80% — Annually | 6 month EUR-EURIBOR — Semiannually | 307,104 |
| EUR | 3,288,600 | 1,254,753 E | (125) | 8/8/54 | 0.49% — Annually | 6 month EUR-EURIBOR — Semiannually | 1,254,628 |
| EUR | 2,023,200 | 906,863 E | (76) | 6/6/54 | 6 month EUR-EURIBOR — Semiannually | 0.207% — Annually | (906,939) |
| EUR | 2,735,100 | 1,265,298 | (102) | 2/19/50 | 0.233% — Annually | 6 month EUR-EURIBOR — Semiannually | 1,268,786 |
Premier Income Trust 61 | |
| CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) cont. | |||||||
| Notional amount | Value | Upfront premium received (paid) |
Termination date |
Payments made by fund |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| EUR | 11,076,900 | $4,280,418 | $(418) | 2/19/50 | 6 month EUR-EURIBOR — Semiannually | 0.595% — Annually | $(4,256,749) |
| EUR | 1,285,600 | 606,324 E | (48) | 3/4/54 | 0.134% — Annually | 6 month EUR-EURIBOR — Semiannually | 606,276 |
| EUR | 585,600 | 322,698 E | (23) | 3/13/54 | — | 0.2275% plus 6 month EUR-EURIBOR — Semiannually | 322,675 |
| EUR | 3,783,300 | 720,353 E | (80) | 5/13/40 | 6 month EUR-EURIBOR — Semiannually | 0.276% — Annually | (720,434) |
| EUR | 1,853,200 | 345,079 E | (40) | 6/24/40 | 0.315% — Annually | 6 month EUR-EURIBOR — Semiannually | 345,038 |
| EUR | 2,522,800 | 480,240 E | (58) | 1/16/40 | 0.315% — Annually | 6 month EUR-EURIBOR — Semiannually | 480,182 |
| EUR | 863,600 | 162,667 E | (20) | 3/28/40 | 0.3175% — Annually | 6 month EUR-EURIBOR — Semiannually | 162,647 |
| EUR | 2,373,100 | 967,391 | (97) | 5/21/51 | 6 month EUR-EURIBOR — Semiannually | 0.516% — Annually | (970,449) |
| EUR | 2,436,000 | 524,866 | (42) | 6/14/31 | 0.171% — Annually | 6 month EUR-EURIBOR — Semiannually | 531,123 |
| EUR | 2,079,900 | 470,571 | (36) | 7/15/31 | 0.0675% — Annually | 6 month EUR-EURIBOR — Semiannually | 472,621 |
| EUR | 694,000 | 309,081 | (28) | 9/14/52 | 6 month EUR-EURIBOR — Semiannually | 0.374% — Annually | (312,242) |
| EUR | 6,666,000 | 1,301,551 | (107) | 3/7/32 | 6 month EUR-EURIBOR — Semiannually | 0.60% — Annually | (1,301,250) |
| EUR | 4,368,900 | 32,678 E | (69) | 2/2/36 | 2.875% — Annually | 6 month EUR-EURIBOR — Semiannually | (32,747) |
| EUR | 7,340,100 | 161,591 | (109) | 9/8/32 | 2.615% — Annually | 6 month EUR-EURIBOR — Semiannually | 124,052 |
| EUR | 27,208,300 | 868,158 E | (103) | 6/28/25 | 1.718% — Annually | 6 month EUR-EURIBOR — Semiannually | 868,056 |
| EUR | 2,398,000 | 386,251 | (83) | 8/29/52 | 6 month EUR-EURIBOR — Semiannually | 1.636% — Annually | (379,835) |
62 Premier Income Trust | |
Premier Income Trust 63 | |
64 Premier Income Trust | |
| OTC TOTAL RETURN SWAP CONTRACTS OUTSTANDING at 1/31/23 (Unaudited) | |||||||
| Swap counterparty/ Notional amount |
Value | Upfront premium received (paid) |
Termination date |
Payments received (paid) by fund |
Total return received by or paid by fund |
Unrealized depreciation |
|
| Morgan Stanley & Co. International PLC | |||||||
| $2,391,316 | $2,137,540 | $— | 9/29/25 | (0.165%) — Annually | Ephesus Funding DAC, 3.80%, Series 2020−01, 9/22/25 — Annually | $(221,541) | |
| 2,285,366 | 2,188,395 | — | 7/17/24 | 3.825% (3 month USD-LIBOR-ICE minus 0.12%) — Quarterly | Pera Funding DAC, 3.825%, Series 2019−01, 7/10/24 — Quarterly | (90,929) | |
| Upfront premium received | — | Unrealized appreciation | — | ||||
| Upfront premium (paid) | — | Unrealized (depreciation) | (312,470) | ||||
| Total | $— | Total | $(312,470) | ||||
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION SOLD at 1/31/23 (Unaudited) | ||||||||
| Swap counterparty/ Referenced debt* |
Rating*** | Upfront premium received (paid)** |
Notional amount |
Value | Termi- nation date |
Payments received by fund |
Unrealized appreciation/ (depreciation) |
|
| Bank of America N.A. | ||||||||
| CMBX NA BBB−.6 Index | BB/P | $1,539 | $16,701 | $4,083 | 5/11/63 | 300 bp — Monthly | $(2,535) | |
| CMBX NA BBB−.6 Index | BB/P | 9,980 | 90,307 | 22,080 | 5/11/63 | 300 bp — Monthly | (12,048) | |
| CMBX NA BBB−.6 Index | BB/P | 16,545 | 165,769 | 40,531 | 5/11/63 | 300 bp — Monthly | (23,889) | |
| CMBX NA BBB−.6 Index | BB/P | 19,586 | 201,026 | 49,151 | 5/11/63 | 300 bp — Monthly | (29,448) | |
| Citigroup Global Markets, Inc. | ||||||||
| CMBX NA A.6 Index | A/P | 14,591 | 51,121 | 7,459 | 5/11/63 | 200 bp — Monthly | 7,152 | |
| CMBX NA A.6 Index | A/P | 17,760 | 56,900 | 8,302 | 5/11/63 | 200 bp — Monthly | 9,480 | |
| CMBX NA A.6 Index | A/P | 27,135 | 72,014 | 10,507 | 5/11/63 | 200 bp — Monthly | 16,656 | |
| CMBX NA A.6 Index | A/P | 28,714 | 82,683 | 12,063 | 5/11/63 | 200 bp — Monthly | 16,682 | |
| CMBX NA A.6 Index | A/P | 34,485 | 101,353 | 14,787 | 5/11/63 | 200 bp — Monthly | 19,737 | |
| CMBX NA A.6 Index | A/P | 63,321 | 159,142 | 23,219 | 5/11/63 | 200 bp — Monthly | 40,164 | |
| CMBX NA A.6 Index | A/P | 46,648 | 176,479 | 25,748 | 5/11/63 | 200 bp — Monthly | 20,968 | |
| CMBX NA A.6 Index | A/P | 71,820 | 192,038 | 28,018 | 5/11/63 | 200 bp — Monthly | 43,876 | |
| CMBX NA BB.11 Index | BB−/P | 167,805 | 297,000 | 62,192 | 11/18/54 | 500 bp — Monthly | 105,902 | |
| CMBX NA BB.12 Index | BB−/P | 11,025 | 21,000 | 5,004 | 8/17/61 | 500 bp — Monthly | 6,041 | |
Premier Income Trust 65 | |
66 Premier Income Trust | |
Premier Income Trust 67 | |
68 Premier Income Trust | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 1/31/23 (Unaudited) | ||||||||
| Swap counterparty/ Referenced debt* |
Upfront premium received (paid)** |
Notional amount |
Value | Termi- nation date |
Payments (paid) by fund |
Unrealized appreciation/ (depreciation) |
||
| Citigroup Global Markets, Inc. | ||||||||
| CMBX NA BB.10 Index | $(201,802) | $837,000 | $263,655 | 11/17/59 | (500 bp) — Monthly | $61,039 | ||
| CMBX NA BB.10 Index | (136,680) | 536,000 | 168,840 | 11/17/59 | (500 bp) — Monthly | 31,639 | ||
| CMBX NA BB.10 Index | (30,474) | 292,000 | 91,980 | 11/17/59 | (500 bp) — Monthly | 61,222 | ||
| CMBX NA BB.10 Index | (26,425) | 241,000 | 75,915 | 11/17/59 | (500 bp) — Monthly | 49,255 | ||
| CMBX NA BB.11 Index | (25,912) | 200,000 | 41,880 | 11/18/54 | (500 bp) — Monthly | 15,774 | ||
| CMBX NA BB.11 Index | (3,683) | 71,000 | 14,867 | 11/18/54 | (500 bp) — Monthly | 11,115 | ||
| CMBX NA BB.11 Index | (2,451) | 26,000 | 5,444 | 11/18/54 | (500 bp) — Monthly | 2,968 | ||
| CMBX NA BB.8 Index | (84,415) | 236,747 | 84,495 | 10/17/57 | (500 bp) — Monthly | (150) | ||
| CMBX NA BB.8 Index | (17,507) | 136,250 | 48,628 | 10/17/57 | (500 bp) — Monthly | 30,988 | ||
| CMBX NA BBB−.10 Index | (117,433) | 683,000 | 123,077 | 11/17/59 | (300 bp) — Monthly | 5,245 | ||
| CMBX NA BBB−.10 Index | (112,583) | 485,000 | 87,397 | 11/17/59 | (300 bp) — Monthly | (25,469) | ||
| CMBX NA BBB−.10 Index | (44,315) | 349,000 | 62,890 | 11/17/59 | (300 bp) — Monthly | 18,371 | ||
| CMBX NA BBB−.10 Index | (53,699) | 246,000 | 44,329 | 11/17/59 | (300 bp) — Monthly | (9,514) | ||
| CMBX NA BBB−.10 Index | (46,791) | 215,000 | 38,743 | 11/17/59 | (300 bp) — Monthly | (8,174) | ||
| CMBX NA BBB−.10 Index | (33,162) | 139,000 | 25,048 | 11/17/59 | (300 bp) — Monthly | (8,195) | ||
| CMBX NA BBB−.10 Index | (12,748) | 100,000 | 18,020 | 11/17/59 | (300 bp) — Monthly | 5,214 | ||
| CMBX NA BBB−.10 Index | (9,561) | 75,000 | 13,515 | 11/17/59 | (300 bp) — Monthly | 3,911 | ||
| CMBX NA BBB−.10 Index | (8,564) | 70,000 | 12,614 | 11/17/59 | (300 bp) — Monthly | 4,009 | ||
| CMBX NA BBB−.12 Index | (32,563) | 473,000 | 84,099 | 8/17/61 | (300 bp) — Monthly | 51,260 | ||
| CMBX NA BBB−.12 Index | (139,005) | 416,000 | 73,965 | 8/17/61 | (300 bp) — Monthly | (65,283) | ||
| CMBX NA BBB−.12 Index | (143,904) | 414,000 | 73,609 | 8/17/61 | (300 bp) — Monthly | (70,536) | ||
| CMBX NA BBB−.12 Index | (49,915) | 284,000 | 50,495 | 8/17/61 | (300 bp) — Monthly | 415 | ||
| CMBX NA BBB−.12 Index | (97,719) | 278,000 | 49,428 | 8/17/61 | (300 bp) — Monthly | (48,453) | ||
Premier Income Trust 69 | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 1/31/23 (Unaudited) cont. | ||||||||
| Swap counterparty/ Referenced debt* |
Upfront premium received (paid)** |
Notional amount |
Value | Termi- nation date |
Payments (paid) by fund |
Unrealized appreciation/ (depreciation) |
||
| Citigroup Global Markets, Inc. cont. | ||||||||
| CMBX NA BBB−.12 Index | $(35,165) | $207,000 | $36,805 | 8/17/61 | (300 bp) — Monthly | $1,519 | ||
| CMBX NA BBB−.13 Index | (12,165) | 208,000 | 41,413 | 12/16/72 | (300 bp) — Monthly | 29,127 | ||
| CMBX NA BBB−.13 Index | (4,939) | 97,000 | 19,313 | 12/16/72 | (300 bp) — Monthly | 14,317 | ||
| CMBX NA BBB−.13 Index | (3,833) | 70,000 | 13,937 | 12/16/72 | (300 bp) — Monthly | 10,063 | ||
| CMBX NA BBB−.13 Index | (2,622) | 52,000 | 10,353 | 12/16/72 | (300 bp) — Monthly | 7,701 | ||
| CMBX NA BBB−.6 Index | (143,487) | 473,802 | 115,845 | 5/11/63 | (300 bp) — Monthly | (27,919) | ||
| CMBX NA BBB−.8 Index | (59,400) | 396,000 | 63,479 | 10/17/57 | (300 bp) — Monthly | 3,848 | ||
| CMBX NA BBB−.8 Index | (60,065) | 380,000 | 60,914 | 10/17/57 | (300 bp) — Monthly | 627 | ||
| CMBX NA BBB−.8 Index | (13,043) | 94,000 | 15,068 | 10/17/57 | (300 bp) — Monthly | 1,971 | ||
| CMBX NA BBB−.8 Index | (12,071) | 87,000 | 13,946 | 10/17/57 | (300 bp) — Monthly | 1,824 | ||
| CMBX NA BBB−.9 Index | (12,539) | 53,000 | 9,307 | 9/17/58 | (300 bp) — Monthly | (3,263) | ||
| Credit Suisse International | ||||||||
| CMBX NA BB.10 Index | (80,855) | 606,000 | 190,890 | 11/17/59 | (500 bp) — Monthly | 109,446 | ||
| CMBX NA BB.10 Index | (71,945) | 605,000 | 190,575 | 11/17/59 | (500 bp) — Monthly | 118,042 | ||
| CMBX NA BB.10 Index | (39,651) | 319,000 | 100,485 | 11/17/59 | (500 bp) — Monthly | 60,524 | ||
| CMBX NA BB.7 Index | (54,048) | 293,000 | 95,694 | 1/17/47 | (500 bp) — Monthly | 41,361 | ||
| CMBX NA BB.7 Index | (4,130) | 159,948 | 59,085 | 5/11/63 | (500 bp) — Monthly | 54,799 | ||
| Goldman Sachs International | ||||||||
| CMBX NA A.6 Index | (23,158) | 104,909 | 15,306 | 5/11/63 | (200 bp) — Monthly | (7,892) | ||
| CMBX NA A.6 Index | (23,473) | 101,798 | 14,852 | 5/11/63 | (200 bp) — Monthly | (8,660) | ||
| CMBX NA A.6 Index | (9,474) | 63,568 | 9,275 | 5/11/63 | (200 bp) — Monthly | (224) | ||
| CMBX NA A.6 Index | (13,845) | 63,123 | 9,210 | 5/11/63 | (200 bp) — Monthly | (4,660) | ||
| CMBX NA A.6 Index | (12,756) | 57,789 | 8,431 | 5/11/63 | (200 bp) — Monthly | (4,347) | ||
| CMBX NA A.6 Index | (11,781) | 51,566 | 7,523 | 5/11/63 | (200 bp) — Monthly | (4,278) | ||
70 Premier Income Trust | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 1/31/23 (Unaudited) cont. | ||||||||
| Swap counterparty/ Referenced debt* |
Upfront premium received (paid)** |
Notional amount |
Value | Termi- nation date |
Payments (paid) by fund |
Unrealized appreciation/ (depreciation) |
||
| Goldman Sachs International cont. | ||||||||
| CMBX NA A.6 Index | $(9,258) | $40,897 | $5,967 | 5/11/63 | (200 bp) — Monthly | $(3,307) | ||
| CMBX NA A.6 Index | (8,331) | 38,230 | 5,578 | 5/11/63 | (200 bp) — Monthly | (2,768) | ||
| CMBX NA A.6 Index | (7,459) | 34,229 | 4,994 | 5/11/63 | (200 bp) — Monthly | (2,479) | ||
| CMBX NA A.6 Index | (7,459) | 34,229 | 4,994 | 5/11/63 | (200 bp) — Monthly | (2,479) | ||
| CMBX NA A.6 Index | (7,308) | 32,895 | 4,799 | 5/11/63 | (200 bp) — Monthly | (2,521) | ||
| CMBX NA A.6 Index | (7,308) | 32,895 | 4,799 | 5/11/63 | (200 bp) — Monthly | (2,521) | ||
| CMBX NA A.6 Index | (3,913) | 17,781 | 2,594 | 5/11/63 | (200 bp) — Monthly | (1,325) | ||
| CMBX NA A.6 Index | (3,913) | 17,781 | 2,594 | 5/11/63 | (200 bp) — Monthly | (1,325) | ||
| CMBX NA A.6 Index | (2,484) | 11,113 | 1,621 | 5/11/63 | (200 bp) — Monthly | (867) | ||
| CMBX NA A.6 Index | (244) | 1,334 | 195 | 5/11/63 | (200 bp) — Monthly | (50) | ||
| CMBX NA A.6 Index | (174) | 889 | 130 | 5/11/63 | (200 bp) — Monthly | (45) | ||
| CMBX NA A.6 Index | (96) | 445 | 65 | 5/11/63 | (200 bp) — Monthly | (32) | ||
| CMBX NA A.6 Index | (86) | 445 | 65 | 5/11/63 | (200 bp) — Monthly | (21) | ||
| CMBX NA A.6 Index | (79) | 445 | 65 | 5/11/63 | (200 bp) — Monthly | (14) | ||
| CMBX NA BB.6 Index | (11,756) | 64,936 | 23,987 | 5/11/63 | (500 bp) — Monthly | 12,168 | ||
| CMBX NA BB.7 Index | (35,063) | 214,000 | 69,892 | 1/17/47 | (500 bp) — Monthly | 34,622 | ||
| CMBX NA BB.7 Index | (31,765) | 174,000 | 56,828 | 1/17/47 | (500 bp) — Monthly | 24,894 | ||
| CMBX NA BB.7 Index | (26,028) | 172,000 | 56,175 | 1/17/47 | (500 bp) — Monthly | 29,980 | ||
| CMBX NA BB.8 Index | (25,917) | 69,575 | 24,831 | 10/17/57 | (500 bp) — Monthly | (1,153) | ||
| CMBX NA BB.8 Index | (13,320) | 36,720 | 13,105 | 10/17/57 | (500 bp) — Monthly | (250) | ||
| CMBX NA BB.8 Index | (8,166) | 23,192 | 8,277 | 10/17/57 | (500 bp) — Monthly | 88 | ||
| CMBX NA BBB−.12 Index | (19,885) | 102,000 | 18,136 | 8/17/61 | (300 bp) — Monthly | (1,809) | ||
| CMBX NA BBB−.12 Index | (2,702) | 8,000 | 1,422 | 8/17/61 | (300 bp) — Monthly | (1,284) | ||
| CMBX NA BBB−.13 Index | (20,233) | 267,000 | 53,160 | 12/16/72 | (300 bp) — Monthly | 32,771 | ||
Premier Income Trust 71 | |
| OTC CREDIT DEFAULT CONTRACTS OUTSTANDING — PROTECTION PURCHASED at 1/31/23 (Unaudited) cont. | ||||||||
| Swap counterparty/ Referenced debt* |
Upfront premium received (paid)** |
Notional amount |
Value | Termi- nation date |
Payments (paid) by fund |
Unrealized appreciation/ (depreciation) |
||
| JPMorgan Securities LLC | ||||||||
| CMBX NA A.6 Index | $(19,224) | $109,355 | $15,955 | 5/11/63 | (200 bp) — Monthly | $(3,312) | ||
| CMBX NA BB.7 Index | (1,004,768) | 2,052,000 | 670,183 | 1/17/47 | (500 bp) — Monthly | (336,583) | ||
| CMBX NA BBB−.11 Index | (18,504) | 168,000 | 24,595 | 11/18/54 | (300 bp) — Monthly | 5,994 | ||
| CMBX NA BBB−.7 Index | (577,517) | 2,460,000 | 464,202 | 1/17/47 | (300 bp) — Monthly | (114,750) | ||
| Merrill Lynch International | ||||||||
| CMBX NA BB.10 Index | (33,229) | 584,000 | 183,960 | 11/17/59 | (500 bp) — Monthly | 150,163 | ||
| CMBX NA BB.9 Index | (78) | 2,000 | 610 | 9/17/58 | (500 bp) — Monthly | 530 | ||
| CMBX NA BBB−.7 Index | (75,310) | 919,000 | 173,415 | 1/17/47 | (300 bp) — Monthly | 97,569 | ||
| Morgan Stanley & Co. International PLC | ||||||||
| CMBX NA A.6 Index | (13,065) | 59,567 | 8,691 | 5/11/63 | (200 bp) — Monthly | (4,397) | ||
| CMBX NA A.6 Index | (1,944) | 8,891 | 1,297 | 5/11/63 | (200 bp) — Monthly | (650) | ||
| CMBX NA A.6 Index | (581) | 2,667 | 389 | 5/11/63 | (200 bp) — Monthly | (193) | ||
| CMBX NA A.6 Index | (293) | 1,334 | 195 | 5/11/63 | (200 bp) — Monthly | (98) | ||
| CMBX NA A.6 Index | (191) | 889 | 130 | 5/11/63 | (200 bp) — Monthly | (62) | ||
| CMBX NA A.6 Index | (171) | 889 | 130 | 5/11/63 | (200 bp) — Monthly | (42) | ||
| CMBX NA A.6 Index | (193) | 889 | 130 | 5/11/63 | (200 bp) — Monthly | (64) | ||
| CMBX NA A.6 Index | (91) | 445 | 65 | 5/11/63 | (200 bp) — Monthly | (26) | ||
| CMBX NA A.6 Index | (84) | 445 | 65 | 5/11/63 | (200 bp) — Monthly | (19) | ||
| CMBX NA BB.10 Index | (108,971) | 464,000 | 146,160 | 11/17/59 | (500 bp) — Monthly | 36,738 | ||
| CMBX NA BB.10 Index | (93,555) | 308,000 | 97,020 | 11/17/59 | (500 bp) — Monthly | 3,166 | ||
| CMBX NA BB.10 Index | (30,624) | 292,000 | 91,980 | 11/17/59 | (500 bp) — Monthly | 61,072 | ||
| CMBX NA BB.12 Index | (1,533) | 21,000 | 5,004 | 8/17/61 | (500 bp) — Monthly | 3,451 | ||
| CMBX NA BB.7 Index | (53,896) | 268,000 | 87,529 | 1/17/47 | (500 bp) — Monthly | 33,372 | ||
| CMBX NA BB.7 Index | (36,252) | 188,000 | 61,401 | 1/17/47 | (500 bp) — Monthly | 24,966 | ||
72 Premier Income Trust | |
Premier Income Trust 73 | |
74 Premier Income Trust | |
ASC 820 establishes a three-level hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of the fund’s investments. The three levels are defined as follows:
Level 1: Valuations based on quoted prices for identical securities in active markets.
Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
Level 3: Valuations based on inputs that are unobservable and significant to the fair value measurement.
The following is a summary of the inputs used to value the fund’s net assets as of the close of the reporting period:
| Valuation inputs | |||
| Investments in securities: | Level 1 | Level 2 | Level 3 |
| Common stocks* | |||
| Utilities and power | $— | $24,234 | $— |
| Total common stocks | — | 24,234 | — |
| Asset-backed securities | — | 3,038,225 | — |
| Convertible bonds and notes | — | 14,449,789 | — |
| Corporate bonds and notes | — | 78,530,475 | — |
| Foreign government and agency bonds and notes | — | 28,700,166 | — |
| Mortgage-backed securities | — | 153,469,758 | — |
| Senior loans | — | 8,876,855 | — |
| U.S. government and agency mortgage obligations | — | 488,597,148 | — |
| U.S. treasury obligations | — | 482,855 | — |
| Short-term investments | 7,795,000 | 93,418,184 | — |
| Totals by level | $7,795,000 | $869,587,689 | $— |
| Valuation inputs | |||
| Other financial instruments: | Level 1 | Level 2 | Level 3 |
| Forward currency contracts | $— | $(324,474) | $— |
| Futures contracts | (713,657) | — | — |
| Forward premium swap option contracts | — | 2,987,236 | — |
| TBA sale commitments | — | (204,422,633) | — |
| Interest rate swap contracts | — | 16,175,455 | — |
| Total return swap contracts | — | (312,470) | — |
| Credit default contracts | — | 59,956 | — |
| Totals by level | $(713,657) | $(185,836,930) | $— |
| * Common stock classifications are presented at the sector level, which may differ from the fund’s portfolio presentation. | |||
| At the start and close of the reporting period, Level 3 investments in securities represented less than 1% of the fund’s net assets and were not considered a significant portion of the fund’s portfolio. | |||
The accompanying notes are an integral part of these financial statements.
Premier Income Trust 75 | |
Statement of assets and liabilities 1/31/23 (Unaudited)
| ASSETS | |
| Investment in securities, at value (Notes 1 and 9): | |
| Unaffiliated issuers (identified cost $853,859,894) | $825,836,456 |
| Affiliated issuers (identified cost $51,546,233) (Note 5) | 51,546,233 |
| Cash | 1,129 |
| Foreign currency (cost $7,250) (Note 1) | 7,315 |
| Interest and other receivables | 3,883,868 |
| Receivable for investments sold | 6,915,860 |
| Receivable for sales of TBA securities (Note 1) | 150,909,855 |
| Receivable for variation margin on centrally cleared swap contracts (Note 1) | 2,688,015 |
| Unrealized appreciation on forward premium swap option contracts (Note 1) | 18,723,616 |
| Unrealized appreciation on forward currency contracts (Note 1) | 375,604 |
| Unrealized appreciation on OTC swap contracts (Note 1) | 2,387,213 |
| Premium paid on OTC swap contracts (Note 1) | 4,778,062 |
| Total assets | 1,068,053,226 |
| LIABILITIES | |
| Payable for investments purchased | 5,069,628 |
| Payable for purchases of TBA securities (Note 1) | 429,730,710 |
| Payable for compensation of Manager (Note 2) | 726,844 |
| Payable for custodian fees (Note 2) | 31,907 |
| Payable for investor servicing fees (Note 2) | 32,737 |
| Payable for Trustee compensation and expenses (Note 2) | 174,144 |
| Payable for administrative services (Note 2) | 765 |
| Payable for variation margin on futures contracts (Note 1) | 159,824 |
| Payable for variation margin on centrally cleared swap contracts (Note 1) | 2,812,405 |
| Distributions payable to shareholders | 2,536,464 |
| Unrealized depreciation on OTC swap contracts (Note 1) | 3,920,224 |
| Premium received on OTC swap contracts (Note 1) | 4,078,336 |
| Unrealized depreciation on forward currency contracts (Note 1) | 700,078 |
| Unrealized depreciation on forward premium swap option contracts (Note 1) | 15,736,380 |
| TBA sale commitments, at value (proceeds receivable $203,327,598) (Note 1) | 204,422,633 |
| Collateral on certain derivative contracts and TBA commitments, at value (Notes 1 and 9) | 8,277,855 |
| Other accrued expenses | 126,511 |
| Total liabilities | 678,537,445 |
| Net assets | $389,515,781 |
| REPRESENTED BY | |
| Paid-in capital (Unlimited shares authorized) (Notes 1 and 4) | $634,414,864 |
| Total distributable earnings (Note 1) | (244,899,083) |
| Total — Representing net assets applicable to capital shares outstanding | $389,515,781 |
| COMPUTATION OF NET ASSET VALUE | |
| Net asset value per share | |
| ($389,515,781 divided by 98,026,677 shares) | $3.97 |
The accompanying notes are an integral part of these financial statements.
| 76 Premier Income Trust |
Statement of operations Six months ended 1/31/23 (Unaudited)
| INVESTMENT INCOME | |
| Interest (including interest income of $783,332 from investments in affiliated issuers) (Note 5) | $13,224,342 |
| Dividends | 1,068 |
| Total investment income | 13,225,410 |
| EXPENSES | |
| Compensation of Manager (Note 2) | 1,502,128 |
| Investor servicing fees (Note 2) | 98,942 |
| Custodian fees (Note 2) | 49,296 |
| Trustee compensation and expenses (Note 2) | 8,999 |
| Administrative services (Note 2) | 8,790 |
| Other | 191,210 |
| Total expenses | 1,859,365 |
| Expense reduction (Note 2) | (7,214) |
| Net expenses | 1,852,151 |
| Net investment income | 11,373,259 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
| Securities from unaffiliated issuers (Notes 1 and 3) | (3,659,984) |
| Foreign currency transactions (Note 1) | 58,580 |
| Forward currency contracts (Note 1) | 756,913 |
| Futures contracts (Note 1) | 6,871,061 |
| Swap contracts (Note 1) | (9,606,659) |
| Written options (Note 1) | (28,808,837) |
| Total net realized loss | (34,388,926) |
| Change in net unrealized appreciation (depreciation) on: | |
| Securities from unaffiliated issuers and TBA sale commitments | 18,546,414 |
| Assets and liabilities in foreign currencies | (17,776) |
| Forward currency contracts | (796,949) |
| Futures contracts | (1,484,673) |
| Swap contracts | 16,200,902 |
| Written options | (8,635,422) |
| Total change in net unrealized appreciation | 23,812,496 |
| Net loss on investments | (10,576,430) |
| Net increase in net assets resulting from operations | $796,829 |
The accompanying notes are an integral part of these financial statements.
| Premier Income Trust 77 |
Statement of changes in net assets
| DECREASE IN NET ASSETS | Six months ended 1/31/23* | Year ended 7/31/22 |
| Operations | ||
| Net investment income | $11,373,259 | $21,514,009 |
| Net realized loss on investments | ||
| and foreign currency transactions | (34,388,926) | (52,604,635) |
| Change in net unrealized appreciation of investments | ||
| and assets and liabilities in foreign currencies | 23,812,496 | 10,637,842 |
| Net increase (decrease) in net assets resulting | ||
| from operations | 796,829 | (20,452,784) |
| Distributions to shareholders (Note 1): | ||
| From ordinary income | ||
| Net investment income | (15,420,129) | (26,498,895) |
| From return of capital | — | (5,137,934) |
| Decrease from capital share transactions (Note 4) | (5,461,239) | (10,918,884) |
| Increase in capital share transactions from reinvestment | ||
| of distributions | — | 483,269 |
| Total decrease in net assets | (20,084,539) | (62,525,228) |
| NET ASSETS | ||
| Beginning of period | 409,600,320 | 472,125,548 |
| End of period | $389,515,781 | $409,600,320 |
| NUMBER OF FUND SHARES | ||
| Shares outstanding at beginning of period | 99,528,263 | 102,212,143 |
| Shares repurchased (Note 4) | (1,501,586) | (2,790,914) |
| Shares issued in connection with reinvestment | ||
| of distributions | — | 107,034 |
| Shares outstanding at end of period | 98,026,677 | 99,528,263 |
* Unaudited.
The accompanying notes are an integral part of these financial statements.
| 78 Premier Income Trust |
Financial highlights
(For a common share outstanding throughout the period)
| PER-SHARE OPERATING PERFORMANCE | ||||||
| Six months | ||||||
| ended** | Year ended | |||||
| 1/31/23 | 7/31/22 | 7/31/21 | 7/31/20 | 7/31/19 | 7/31/18 | |
| Net asset value, beginning of period | $4.12 | $4.62 | $4.80 | $5.44 | $5.59 | $5.56 |
| Investment operations: | ||||||
| Net investment incomea | .11 | .21 | .21 | .24 | .27 | .31 |
| Net realized and unrealized | ||||||
| gain (loss) on investments | (.11) | (.41) | (.04) | (.47) | (.05) | .03 |
| Total from investment operations | —e | (.20) | .17 | (.23) | .22 | .34 |
| Less distributions: | ||||||
| From net investment income | (.16) | (.26) | (.07) | (.34) | (.38) | (.31) |
| From return of capital | — | (.05) | (.28) | (.08) | — | — |
| Total distributions | (.16) | (.31) | (.35) | (.42) | (.38) | (.31) |
| Increase from shares repurchased | .01 | .01 | —e | .01 | .01 | —e |
| Net asset value, end of period | $3.97 | $4.12 | $4.62 | $4.80 | $5.44 | $5.59 |
| Market price, end of period | $3.82 | $3.89 | $4.65 | $4.74 | $5.32 | $5.25 |
| Total return at market price (%)b | 2.36* | (9.87) | 5.63 | (3.19) | 9.18 | 3.26 |
| RATIOS AND SUPPLEMENTAL DATA | ||||||
| Net assets, end of period | ||||||
| (in thousands) | $389,516 | $409,600 | $472,126 | $492,108 | $562,064 | $596,142 |
| Ratio of expenses to average | ||||||
| net assets (%)c | .47* | .96 | .94 | .94 | .93 | .92 |
| Ratio of net investment income | ||||||
| to average net assets (%) | 2.86* | 4.88 | 4.21 | 4.67 | 4.94 | 5.53 |
| Portfolio turnover (%)d | 694* | 1,665 | 1,023 | 943 | 854 | 785 |
* Not annualized.
** Unaudited.
a Per share net investment income has been determined on the basis of the weighted average number of shares outstanding during the period.
b Total return assumes dividend reinvestment.
c Includes amounts paid through expense offset arrangements, if any (Note 2).
d Portfolio turnover includes TBA purchase and sale commitments.
e Amount represents less than $0.01 per share.
The accompanying notes are an integral part of these financial statements.
| Premier Income Trust 79 |
Notes to financial statements 1/31/23 (Unaudited)
Within the following Notes to financial statements, references to “State Street” represent State Street Bank and Trust Company, references to “the SEC” represent the Securities and Exchange Commission, 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 “OTC”, if any, represent over-the-counter. Unless otherwise noted, the “reporting period” represents the period from August 1, 2022 through January 31, 2023.
Putnam Premier Income Trust (the fund) is a Massachusetts business trust, which is registered under the Investment Company Act of 1940, as amended, as a non-diversified closed-end management investment company. The fund is currently operating as a diversified fund. In the future, the fund may operate as a non-diversified fund to the extent permitted by applicable law. Under current law, shareholder approval would be required before the fund could operate as a non-diversified fund. The goal of the fund is to seek high current income consistent with the preservation of capital by allocating its investments among the U.S. government sector, high yield sector and international sector of the fixed-income securities market.
The fund’s shares trade on a stock exchange at market prices, which may be lower than the fund’s net asset value.
In the normal course of business, the fund enters into contracts that may include agreements to indemnify another party under given circumstances. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be, but have not yet been, made against the fund. However, the fund’s management team expects the risk of material loss to be remote.
The fund has entered into contractual arrangements with an investment adviser, administrator, transfer agent and custodian, who each provide services to the fund. Unless expressly stated otherwise, shareholders are not parties to, or intended beneficiaries of these contractual arrangements, and these contractual arrangements are not intended to create any shareholder right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the fund.
Under the fund’s Amended and Restated Agreement and Declaration of Trust, any claims asserted against or on behalf of the Putnam Funds, including claims against Trustees and Officers, must be brought in state and federal courts located within the Commonwealth of Massachusetts.
Note 1: Significant accounting policies
The following is a summary of significant accounting policies consistently followed by the fund in the preparation of its financial statements. The preparation of financial statements is in conformity with accounting principles generally accepted in the United States of America and requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements and the reported amounts of increases and decreases in net assets from operations. Actual results could differ from those estimates. Subsequent events after the Statement of assets and liabilities date through the date that the financial statements were issued have been evaluated in the preparation of the financial statements.
Security valuation Portfolio securities and other investments are valued using policies and procedures adopted by the Board of Trustees. The Trustees have formed a Pricing Committee to oversee the implementation of these procedures and have delegated responsibility for valuing the fund’s assets in accordance with these procedures to Putnam Management. Putnam Management has established an internal Valuation Committee that is responsible for making fair value determinations, evaluating the effectiveness of the pricing policies of the fund and reporting to the Pricing Committee.
Investments for which market quotations are readily available are valued at the last reported sales price on their principal exchange, or official closing price for certain markets, and are classified as Level 1 securities under Accounting Standards Codification 820 Fair Value Measurements and Disclosures (ASC 820). If no sales are reported, as in the case of some securities that are traded OTC, a security is valued at its last reported bid price and is generally categorized as a Level 2 security.
Investments in open-end investment companies (excluding exchange-traded funds), if any, which can be classified as Level 1 or Level 2 securities, are valued based on their net asset value. The net asset value of such investment companies equals the total value of their assets less their liabilities and divided by the number of their outstanding shares.
Market quotations are not considered to be readily available for certain debt obligations (including short-term investments with remaining maturities of 60 days or less) and other investments; such investments are valued on the basis of valuations furnished by an independent pricing service approved by the Trustees or dealers selected
| 80 Premier Income Trust |
by Putnam Management. Such services or dealers determine valuations for normal institutional-size trading units of such securities using methods based on market transactions for comparable securities and various relationships, generally recognized by institutional traders, between securities (which consider such factors as security prices, yields, maturities and ratings). These securities will generally be categorized as Level 2.
Many securities markets and exchanges outside the U.S. close prior to the scheduled close of the New York Stock Exchange and therefore the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the scheduled close of the New York Stock Exchange. Accordingly, on certain days, the fund will fair value certain foreign equity securities taking into account multiple factors including movements in the U.S. securities markets, currency valuations and comparisons to the valuation of American Depository Receipts, exchange-traded funds and futures contracts. The foreign equity securities, which would generally be classified as Level 1 securities, will be transferred to Level 2 of the fair value hierarchy when they are valued at fair value. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the fund to a significant extent. Securities quoted in foreign currencies, if any, are translated into U.S. dollars at the current exchange rate.
To the extent a pricing service or dealer is unable to value a security or provides a valuation that Putnam Management does not believe accurately reflects the security’s fair value, the security will be valued at fair value by Putnam Management in accordance with policies and procedures approved by the Trustees. Certain investments, including certain restricted and illiquid securities and derivatives, are also valued at fair value following procedures approved by the Trustees. These valuations consider such factors as significant market or specific security events such as interest rate or credit quality changes, various relationships with other securities, discount rates, U.S. Treasury, U.S. swap and credit yields, index levels, convexity exposures, recovery rates, sales and other multiples and resale restrictions. These securities are classified as Level 2 or as Level 3 depending on the priority of the significant inputs.
To assess the continuing appropriateness of fair valuations, the Valuation Committee reviews and affirms the reasonableness of such valuations on a regular basis after considering all relevant information that is reasonably available. Such valuations and procedures are reviewed periodically by the Trustees. Certain securities may be valued on the basis of a price provided by a single source. The fair value of securities is generally determined as the amount that the fund could reasonably expect to realize from an orderly disposition of such securities over a reasonable period of time. By its nature, a fair value price is a good faith estimate of the value of a security in a current sale and does not reflect an actual market price, which may be different by a material amount.
Joint trading account Pursuant to an exemptive order from the SEC, the fund may transfer uninvested cash balances into a joint trading account along with the cash of other registered investment companies and certain other accounts managed by Putnam Management. These balances may be invested in issues of short-term investments having maturities of up to 90 days.
Repurchase agreements The fund, or any joint trading account, through its custodian, receives delivery of the underlying securities, the fair value of which at the time of purchase is required to be in an amount at least equal to the resale price, including accrued interest. Collateral for certain tri-party repurchase agreements, which totaled $16,634,110 at the end of the reporting period, is held at the counterparty’s custodian in a segregated account for the benefit of the fund and the counterparty. Putnam Management is responsible for determining that the value of these underlying securities is at all times at least equal to the resale price, including accrued interest. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings.
Security transactions and related investment income Security transactions are recorded on the trade date (the date the order to buy or sell is executed). Gains or losses on securities sold are determined on the identified cost basis.
Interest income, net of any applicable withholding taxes, if any, is recorded on the accrual basis. Amortization and accretion of premiums and discounts on debt securities, if any, is recorded on the accrual basis.
Dividend income, net of any applicable withholding taxes, is recognized on the ex-dividend date except that certain dividends from foreign securities, if any, are recognized as soon as the fund is informed of the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Dividends representing a return of capital or capital gains, if any, are reflected as a reduction of cost and/or as a realized gain.
The fund may have earned certain fees in connection with its senior loan purchasing activities. These fees, if any, are treated as market discount and are amortized into income in the Statement of operations.
| Premier Income Trust 81 |
Stripped securities The fund may invest in stripped securities which represent a participation in securities that may be structured in classes with rights to receive different portions of the interest and principal. Interest-only securities receive all of the interest and principal-only securities receive all of the principal. If the interest-only securities experience greater than anticipated prepayments of principal, the fund may fail to recoup fully its initial investment in these securities. Conversely, principal-only securities increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. The fair value of these securities is highly sensitive to changes in interest rates.
Foreign currency translation The accounting records of the fund are maintained in U.S. dollars. The fair value of foreign securities, currency holdings, and other assets and liabilities is recorded in the books and records of the fund after translation to U.S. dollars based on the exchange rates on that day. The cost of each security is determined using historical exchange rates. Income and withholding taxes are translated at prevailing exchange rates when earned or incurred. The fund does not isolate that portion of realized or unrealized gains or losses resulting from changes in the foreign exchange rate on investments from fluctuations arising from changes in the market prices of the securities. Such gains and losses are included with the net realized and unrealized gain or loss on investments. Net realized gains and losses on foreign currency transactions represent net realized exchange gains or losses on disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions and the difference between the amount of investment income and foreign withholding taxes recorded on the fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized appreciation and depreciation of assets and liabilities in foreign currencies arise from changes in the value of assets and liabilities other than investments at the period end, resulting from changes in the exchange rate.
Options contracts The fund uses options contracts for hedging duration and convexity, to isolate prepayment risk and to manage downside risks.
The potential risk to the fund is that the change in value of options contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. Realized gains and losses on purchased options are included in realized gains and losses on investment securities. If a written call option is exercised, the premium originally received is recorded as an addition to sales proceeds. If a written put option is exercised, the premium originally received is recorded as a reduction to the cost of investments.
Exchange-traded options are valued at the last sale price or, if no sales are reported, the last bid price for purchased options and the last ask price for written options. OTC traded options are valued using prices supplied by dealers.
Options on swaps are similar to options on securities except that the premium paid or received is to buy or grant the right to enter into a previously agreed upon interest rate or credit default contract. Forward premium swap option contracts include premiums that have extended settlement dates. The delayed settlement of the premiums is factored into the daily valuation of the option contracts. In the case of interest rate cap and floor contracts, in return for a premium, ongoing payments between two parties are based on interest rates exceeding a specified rate, in the case of a cap contract, or falling below a specified rate in the case of a floor contract.
Written option contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Futures contracts The fund uses futures contracts for hedging treasury term structure risk and for yield curve positioning.
The potential risk to the fund is that the change in value of futures contracts may not correspond to the change in value of the hedged instruments. In addition, losses may arise from changes in the value of the underlying instruments, if there is an illiquid secondary market for the contracts, if interest or exchange rates move unexpectedly or if the counterparty to the contract is unable to perform. With futures, there is minimal counterparty credit risk to the fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. Risks may exceed amounts recognized on the Statement of assets and liabilities. When the contract is closed, the fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Futures contracts are valued at the quoted daily settlement prices established by the exchange on which they trade. The fund and the broker agree to exchange an amount of cash equal to the daily fluctuation in the value of the futures contract. Such receipts or payments are known as “variation margin.”
| 82 Premier Income Trust |
Futures contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Forward currency contracts The fund buys and sells forward currency contracts, which are agreements between two parties to buy and sell currencies at a set price on a future date. These contracts are used for hedging currency exposures and for gaining exposure to currencies.
The U.S. dollar value of forward currency contracts is determined using current forward currency exchange rates supplied by a quotation service. The fair value of the contract will fluctuate with changes in currency exchange rates. The contract is marked to market daily and the change in fair value is recorded as an unrealized gain or loss. The fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed when the contract matures or by delivery of the currency. The fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the fund is unable to enter into a closing position. Risks may exceed amounts recognized on the Statement of assets and liabilities.
Forward currency contracts outstanding at period end, if any, are listed after the fund’s portfolio.
Interest rate swap contracts The fund entered into OTC and/or centrally cleared interest rate swap contracts, which are arrangements between two parties to exchange cash flows based on a notional principal amount, for hedging term structure risk, for yield curve positioning and for gaining exposure to rates in various countries.
An OTC and centrally cleared interest rate swap can be purchased or sold with an upfront premium. For OTC interest rate swap contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. OTC and centrally cleared interest rate swap contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change is recorded as an unrealized gain or loss on OTC interest rate swaps. Daily fluctuations in the value of centrally cleared interest rate swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments, including upfront premiums, received or made are recorded as realized gains or losses at the reset date or the closing of the contract. Certain OTC and centrally cleared interest rate swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract.
The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or if the counterparty defaults, in the case of OTC interest rate contracts, or the central clearing agency or a clearing member defaults, in the case of centrally cleared interest rate swap contracts, on its respective obligation to perform under the contract. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC interest rate swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared interest rate swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared interest rate swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.
OTC and centrally cleared interest rate swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
Total return swap contracts The fund entered into OTC and/or centrally cleared total return swap contracts, which are arrangements to exchange a market-linked return for a periodic payment, both based on a notional principal amount, for hedging sector exposure, for gaining exposure to specific sectors, for hedging inflation and for gaining exposure to inflation.
To the extent that the total return of the security, index or other financial measure underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the fund will receive a payment from or make a payment to the counterparty. OTC and/or centrally cleared total return swap contracts are marked to market daily based upon quotations from an independent pricing service or market maker. Any change is recorded as an unrealized gain or loss on OTC total return swaps. Daily fluctuations in the value of centrally cleared total return swaps are settled through a central clearing agent and are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Payments received or made are recorded as realized gains or losses. Certain OTC and/or centrally cleared total return swap contracts may include extended effective dates. Payments related to these swap contracts are accrued based on the terms of the contract. The fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that
| Premier Income Trust 83 |
the counterparty may default on its obligation to perform. The fund’s maximum risk of loss from counterparty risk or central clearing risk is the fair value of the contract. This risk may be mitigated for OTC total return swap contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared total return swap contracts through the daily exchange of variation margin. There is minimal counterparty risk with respect to centrally cleared total return swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Risk of loss may exceed amounts recognized on the Statement of assets and liabilities.
OTC and/or centrally cleared total return swap contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
Credit default contracts The fund entered into OTC and/or centrally cleared credit default contracts for hedging credit risk, for gaining liquid exposure to individual names, for hedging market risk and for gaining exposure to specific sectors.
In OTC and centrally cleared credit default contracts, the protection buyer typically makes a periodic stream of payments to a counterparty, the protection seller, in exchange for the right to receive a contingent payment upon the occurrence of a credit event on the reference obligation or all other equally ranked obligations of the reference entity. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. For OTC credit default contracts, an upfront payment received by the fund is recorded as a liability on the fund’s books. An upfront payment made by the fund is recorded as an asset on the fund’s books. Centrally cleared credit default contracts provide the same rights to the protection buyer and seller except the payments between parties, including upfront premiums, are settled through a central clearing agent through variation margin payments. Upfront and periodic payments received or paid by the fund for OTC and centrally cleared credit default contracts are recorded as realized gains or losses at the reset date or close of the contract. The OTC and centrally cleared credit default contracts are marked to market daily based upon quotations from an independent pricing service or market makers. Any change in value of OTC credit default contracts is recorded as an unrealized gain or loss. Daily fluctuations in the value of centrally cleared credit default contracts are recorded in variation margin on the Statement of assets and liabilities and recorded as unrealized gain or loss. Upon the occurrence of a credit event, the difference between the par value and fair value of the reference obligation, net of any proportional amount of the upfront payment, is recorded as a realized gain or loss.
In addition to bearing the risk that the credit event will occur, the fund could be exposed to market risk due to unfavorable changes in interest rates or in the price of the underlying security or index or the possibility that the fund may be unable to close out its position at the same time or at the same price as if it had purchased the underlying reference obligations. In certain circumstances, the fund may enter into offsetting OTC and centrally cleared credit default contracts which would mitigate its risk of loss. Risks of loss may exceed amounts recognized on the Statement of assets and liabilities. The fund’s maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk may be mitigated for OTC credit default contracts by having a master netting arrangement between the fund and the counterparty and for centrally cleared credit default contracts through the daily exchange of variation margin. Counterparty risk is further mitigated with respect to centrally cleared credit default swap contracts due to the clearinghouse guarantee fund and other resources that are available in the event of a clearing member default. Where the fund is a seller of protection, the maximum potential amount of future payments the fund may be required to make is equal to the notional amount.
OTC and centrally cleared credit default contracts outstanding, including their respective notional amounts at period end, if any, are listed after the fund’s portfolio.
TBA commitments The fund may enter into TBA (to be announced) commitments to purchase securities for a fixed unit price at a future date beyond customary settlement time. Although the unit price and par amount have been established, the actual securities have not been specified. However, it is anticipated that the amount of the commitments will not significantly differ from the principal amount. The fund holds, and maintains until settlement date, cash or high-grade debt obligations in an amount sufficient to meet the purchase price, or the fund may enter into offsetting contracts for the forward sale of other securities it owns. Income on the securities will not be earned until settlement date.
The fund may also enter into TBA sale commitments to hedge its portfolio positions, to sell mortgage-backed securities it owns under delayed delivery arrangements or to take a short position in mortgage-backed securities. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, either equivalent deliverable securities or an offsetting TBA purchase commitment deliverable on or before the sale commitment date are held as “cover” for the transaction, or other
| 84 Premier Income Trust |
liquid assets in an amount equal to the notional value of the TBA sale commitment are segregated. If the TBA sale commitment is closed through the acquisition of an offsetting TBA purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.
TBA commitments, which are accounted for as purchase and sale transactions, may be considered securities themselves, and involve a risk of loss due to changes in the value of the security prior to the settlement date as well as the risk that the counterparty to the transaction will not perform its obligations. Counterparty risk is mitigated by having a master agreement between the fund and the counterparty.
Unsettled TBA commitments are valued at their fair value according to the procedures described under “Security valuation” above. The contract is marked to market daily and the change in fair value is recorded by the fund as an unrealized gain or loss. Based on market circumstances, Putnam Management will determine whether to take delivery of the underlying securities or to dispose of the TBA commitments prior to settlement.
TBA purchase commitments outstanding at period end, if any, are listed within the fund’s portfolio and TBA sale commitments outstanding at period end, if any, are listed after the fund’s portfolio.
Master agreements The fund is a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements that govern OTC derivative and foreign exchange contracts and Master Securities Forward Transaction Agreements that govern transactions involving mortgage-backed and other asset-backed securities that may result in delayed delivery (Master Agreements) with certain counterparties entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral pledged to the fund is held in a segregated account by the fund’s custodian and, with respect to those amounts which can be sold or repledged, are presented in the fund’s portfolio.
Collateral pledged by the fund is segregated by the fund’s custodian and identified in the fund’s portfolio. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the fund and the applicable counterparty. Collateral requirements are determined based on the fund’s net position with each counterparty.
With respect to ISDA Master Agreements, termination events applicable to the fund may occur upon a decline in the fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term or short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the fund’s counterparties to elect early termination could impact the fund’s future derivative activity.
At the close of the reporting period, the fund had a net liability position of $2,999,967 on open derivative contracts subject to the Master Agreements. Collateral pledged by the fund at period end for these agreements totaled $2,901,035 and may include amounts related to unsettled agreements.
Interfund lending The fund, along with other Putnam funds, may participate in an interfund lending program pursuant to an exemptive order issued by the SEC. This program allows the fund to lend to other Putnam funds that permit such transactions. Interfund lending transactions are subject to each fund’s investment policies and borrowing and lending limits. Interest earned or paid on the interfund lending transaction will be based on the average of certain current market rates. During the reporting period, the fund did not utilize the program.
Federal taxes It is the policy of the fund to distribute all of its taxable income within the prescribed time period and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated investment companies. It is also the intention of the fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Code.
The fund is subject to the provisions of Accounting Standards Codification 740 Income Taxes (ASC 740). ASC 740 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The fund did not have a liability to record for any unrecognized tax benefits in the accompanying financial statements. No provision has been made for federal taxes on income, capital gains or unrealized appreciation on securities held nor for excise tax on income and capital gains. Each of the fund’s federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
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The fund may also be subject to taxes imposed by governments of countries in which it invests. Such taxes are generally based on either income or gains earned or repatriated. The fund accrues and applies such taxes to net investment income, net realized gains and net unrealized gains as income and/or capital gains are earned. In some cases, the fund may be entitled to reclaim all or a portion of such taxes, and such reclaim amounts, if any, are reflected as an asset on the fund’s books. In many cases, however, the fund may not receive such amounts for an extended period of time, depending on the country of investment.
Under the Regulated Investment Company Modernization Act of 2010, the fund will be permitted to carry forward capital losses incurred for an unlimited period and the carry forwards will retain their character as either short-term or long-term capital losses. At July 31, 2022, the fund had the following capital loss carryovers available, to the extent allowed by the Code, to offset future net capital gain, if any:
| Loss carryover | ||
| Short-term | Long-term | Total |
| $83,936,443 | $62,488,479 | $146,424,922 |
Tax cost of investments includes adjustments to net unrealized appreciation (depreciation) which may not necessarily be final tax cost basis adjustments, but closely approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. The aggregate identified cost on a tax basis is $748,283,499, resulting in gross unrealized appreciation and depreciation of $60,526,499 and $117,977,896, respectively, or net unrealized depreciation of $57,451,397.
Distributions to shareholders Distributions to shareholders from net investment income are recorded by the fund on the ex-dividend date. Distributions from capital gains, if any, are recorded on the ex-dividend date and paid at least annually. The fund uses targeted distribution rates, whose principal source of the distribution is ordinary income. However,the balance of the distribution, if any, comes first from capital gain and then will constitute a return of capital. A return of capital is not taxable; rather it reduces a shareholder’s tax basis in their shares of the fund. The fund may make return of capital distributions to achieve the targeted distribution rates. The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Dividend sources are estimated at the time of declaration. Actual results may vary. Any non-taxable return of capital cannot be determined until final tax calculations are completed after the end of the fund’s fiscal year. Reclassifications are made to the fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryovers) under income tax regulations.
Note 2: Management fee, administrative services and other transactions
The fund pays Putnam Management for management and investment advisory services quarterly based on the average net assets (including assets, but excluding liabilities, attributable to leverage for investment purposes) of the fund. The fee is based on the following annual rates:
| of the first $500 million of average | of the next $5 billion of average | |||
| 0.750% | net assets, | 0.480% | net assets, | |
| of the next $500 million of average | of the next $5 billion of average | |||
| 0.650% | net assets, | 0.470% | net assets, | |
| of the next $500 million of average | of the next $5 billion of average | |||
| 0.600% | net assets, | 0.460% | net assets, | |
| of the next $5 billion of average | of the next $5 billion of average | |||
| 0.550% | net assets, | 0.450% | net assets, | |
| of the next $5 billion of average | of the next $5 billion of average | |||
| 0.525% | net assets, | 0.440% | net assets, | |
| of the next $5 billion of average | of the next $8.5 billion of average net | |||
| 0.505% | net assets, | 0.430% | assets and | |
| of the next $5 billion of average | 0.420% | of any excess thereafter. | ||
| 0.490% | net assets, |
For the reporting period, the management fee represented an effective rate (excluding the impact from any expense waivers in effect) of 0.378% of the fund’s average net assets.
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Putnam Investments Limited (PIL), an affiliate of Putnam Management, is authorized by the Trustees to manage a separate portion of the assets of the fund as determined by Putnam Management from time to time. PIL did not manage any portion of the assets of the fund during the reporting period. If Putnam Management were to engage the services of PIL, Putnam Management would pay a quarterly sub-management fee to PIL for its services at an annual rate of 0.20% of the average net assets of the portion of the fund managed by PIL.
The fund reimburses Putnam Management an allocated amount for the compensation and related expenses of certain officers of the fund and their staff who provide administrative services to the fund. The aggregate amount of all such reimbursements is determined annually by the Trustees.
Custodial functions for the fund’s assets are provided by State Street. Custody fees are based on the fund’s asset level, the number of its security holdings and transaction volumes.
Putnam Investor Services, Inc., an affiliate of Putnam Management, provides investor servicing agent functions to the fund. Putnam Investor Services, Inc. was paid a monthly fee for investor servicing at an annual rate of 0.05% of the fund’s average daily net assets. The amounts incurred for investor servicing agent functions during the reporting period are included in Investor servicing fees in the Statement of operations.
The fund has entered into expense offset arrangements with Putnam Investor Services, Inc. and State Street whereby Putnam Investor Services, Inc.’s and State Street’s fees are reduced by credits allowed on cash balances. For the reporting period, the fund’s expenses were reduced by $7,214 under the expense offset arrangements.
Each Independent Trustee of the fund receives an annual Trustee fee, of which $352, as a quarterly retainer, has been allocated to the fund, and an additional fee for each Trustees meeting attended. Trustees also are reimbursed for expenses they incur relating to their services as Trustees.
The fund has adopted a Trustee Fee Deferral Plan (the Deferral Plan) which allows the Trustees to defer the receipt of all or a portion of Trustees fees payable on or after July 1, 1995. The deferred fees remain invested in certain Putnam funds until distribution in accordance with the Deferral Plan.
The fund has adopted an unfunded noncontributory defined benefit pension plan (the Pension Plan) covering all Trustees of the fund who have served as a Trustee for at least five years and were first elected prior to 2004. Benefits under the Pension Plan are equal to 50% of the Trustee’s average annual attendance and retainer fees for the three years ended December 31, 2005. The retirement benefit is payable during a Trustee’s lifetime, beginning the year following retirement, for the number of years of service through December 31, 2006. Pension expense for the fund is included in Trustee compensation and expenses in the Statement of operations. Accrued pension liability is included in Payable for Trustee compensation and expenses in the Statement of assets and liabilities. The Trustees have terminated the Pension Plan with respect to any Trustee first elected after 2003.
Note 3: Purchases and sales of securities
During the reporting period, the cost of purchases and the proceeds from sales, excluding short-term investments, were as follows:
| Cost of purchases | Proceeds from sales | |
| Investments in securities, including TBA commitments (Long-term) | $3,864,672,850 | $3,860,639,386 |
| U.S. government securities (Long-term) | — | — |
| Total | $3,864,672,850 | $3,860,639,386 |
The fund may purchase or sell investments from or to other Putnam funds in the ordinary course of business, which can reduce the fund’s transaction costs, at prices determined in accordance with SEC requirements and policies approved by the Trustees. During the reporting period, purchases or sales of long-term securities from or to other Putnam funds, if any, did not represent more than 5% of the fund’s total cost of purchases and/or total proceeds from sales.
Note 4: Shares repurchased
In September 2022, the Trustees approved the renewal of the repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 365 day period ending September 30, 2023 (based on shares outstanding as of September 30, 2022). Prior to this renewal, the Trustees had approved a repurchase program to allow the fund to repurchase up to 10% of its outstanding common shares over the 365 day period ending September 30, 2022 (based on shares outstanding as of September 30, 2021). Repurchases are made
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when the fund’s shares are trading at less than net asset value and in accordance with procedures approved by the fund’s Trustees.
For the reporting period, the fund repurchased 1,501,586 common shares for an aggregate purchase price of $5,461,239, which reflects a weighted-average discount from net asset value per share of 8.42%. The weighted-average discount reflects the payment of commissions by the fund to execute repurchase trades.
For the previous fiscal year, the fund repurchased 2,790,914 common shares for an aggregate purchase price of $10,918,884, which reflected a weighted-average discount from net asset value per share of 7.90%. The weighted-average discount reflected the payment of commissions by the fund to execute repurchase trades.
At the close of the reporting period, Putnam Investments, LLC owned approximately 4,950 shares of the fund (less than 0.01% of the fund’s shares outstanding), valued at $19,652 based on net asset value.
Note 5: Affiliated transactions
Transactions during the reporting period with any company which is under common ownership or control were as follows:
| Shares | |||||
| outstanding | |||||
| and fair | |||||
| Fair value as | Purchase | Sale | Investment | value as | |
| Name of affiliate | of 7/31/22 | cost | proceeds | income | of 1/31/23 |
| Short-term investments | |||||
| Putnam Short Term | |||||
| Investment Fund* | $42,452,304 | $75,963,629 | $66,869,700 | $783,332 | $51,546,233 |
| Total Short-term | |||||
| investments | $42,452,304 | $75,963,629 | $66,869,700 | $783,332 | $51,546,233 |
* Management fees charged to Putnam Short Term Investment Fund have been waived by Putnam Management. There were no realized or unrealized gains or losses during the period.
Note 6: Market, credit and other risks
In the normal course of business, the fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The fund may be exposed to additional credit risk that an institution or other entity with which the fund has unsettled or open transactions will default. Investments in foreign securities involve certain risks, including those related to economic instability, unfavorable political developments, and currency fluctuations. The fund may invest in higher-yielding, lower-rated bonds that may have a higher rate of default. The fund may invest a significant portion of its assets in securitized debt instruments, including mortgage-backed and asset-backed investments. The yields and values of these investments are sensitive to changes in interest rates, the rate of principal payments on the underlying assets and the market’s perception of the issuers. The market for these investments may be volatile and limited, which may make them difficult to buy or sell.
On July 27, 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and is expected to cease publication of a majority of U.S. dollar LIBOR settings on a representative basis after June 30, 2023. In addition, global regulators have announced that, with limited exceptions, no new LIBOR-based contracts should be entered into after 2021. LIBOR has historically been a common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments and borrowing arrangements. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. Various financial industry groups have been planning for the transition away from LIBOR, but there are obstacles to converting certain longer-term securities and transactions to new reference rates. Markets are developing slowly and questions around liquidity in these rates and how to appropriately adjust these rates to mitigate any economic value transfer at the time of transition remain a significant concern. Neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that rely on LIBOR to determine interest rates. It could also lead to a reduction
| 88 Premier Income Trust |
in the value of some LIBOR-based investments and reduce the effectiveness of related transactions, such as hedges. While some LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, not all may have such provisions and there may be significant uncertainty regarding the effectiveness of any such alternative methodologies. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur at any time.
The Covid–19 pandemic and efforts to contain its spread have resulted in, among other effects, significant market volatility, exchange trading suspensions and closures, declines in global financial markets, higher default rates, significant changes in fiscal and monetary policies, and economic downturns and recessions. The effects of the Covid–19 pandemic have negatively affected, and may continue to negatively affect, the global economy, the economies of the United States and other individual countries, the financial performance of individual issuers, sectors, industries, asset classes, and markets, and the value, volatility, and liquidity of particular securities and other assets. The effects of the Covid–19 pandemic also are likely to exacerbate other risks that apply to the fund, which could negatively impact the fund’s performance and lead to losses on your investment in the fund. The duration of the Covid–19 pandemic and its effects cannot be determined with certainty.
Note 7: Senior loan commitments
Senior loans are purchased or sold on a when-issued or delayed delivery basis and may be settled a month or more after the trade date, which from time to time can delay the actual investment of available cash balances; interest income is accrued based on the terms of the securities. Senior loans can be acquired through an agent, by assignment from another holder of the loan, or as a participation interest in another holder’s portion of the loan. When the fund invests in a loan or participation, the fund is subject to the risk that an intermediate participant between the fund and the borrower will fail to meet its obligations to the fund, in addition to the risk that the borrower under the loan may default on its obligations.
Note 8: Summary of derivative activity
The volume of activity for the reporting period for any derivative type that was held during the period is listed below and was based on an average of the holdings at the end of each fiscal quarter:
| Purchased TBA commitment option contracts (contract amount) | $17,100,000 |
| Purchased swap option contracts (contract amount) | $1,341,800,000 |
| Written TBA commitment option contracts (contract amount) | $17,100,000 |
| Written swap option contracts (contract amount) | $668,100,000 |
| Futures contracts (number of contracts) | 900 |
| Forward currency contracts (contract amount) | $62,100,000 |
| Centrally cleared interest rate swap contracts (notional) | $3,383,000,000 |
| OTC total return swap contracts (notional) | $4,700,000 |
| OTC credit default contracts (notional) | $58,900,000 |
| Centrally cleared credit default contracts (notional) | $11,000,000 |
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The following is a summary of the fair value of derivative instruments as of the close of the reporting period:
* Includes cumulative appreciation/depreciation of futures contracts and/or centrally cleared swaps as reported in the fund’s portfolio. Only current day’s variation margin is reported within the Statement of assets and liabilities.
The following is a summary of realized and change in unrealized gains or losses of derivative instruments in the Statement of operations for the reporting period (Note 1):
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Note 9: Offsetting of financial and derivative assets and liabilities
The following table summarizes any derivatives, repurchase agreements and reverse repurchase agreements, at the end of the reporting period, that are subject to an enforceable master netting agreement or similar agreement. For securities lending transactions or borrowing transactions associated with securities sold short, if any, see Note 1. For financial reporting purposes, the fund does not offset financial assets and financial liabilities that are subject to the master netting agreements in the Statement of assets and liabilities.
| Bank of America N.A. |
Barclays Bank PLC |
Barclays Capital, Inc. (clearing broker) |
BofA Securities, Inc. |
Citibank, N.A. | Citigroup Global Markets, Inc. |
Credit Suisse International |
Goldman Sachs International |
HSBC Bank USA, National Association |
JPMorgan Chase Bank N.A. |
JPMorgan Securities LLC |
Merrill Lynch International |
Morgan Stanley & Co. International PLC |
NatWest Markets PLC |
Royal Bank of Canada |
State Street Bank and Trust Co. |
Toronto- Dominion Bank |
UBS AG | WestPac Banking Corp. |
Total | |
| Assets: | ||||||||||||||||||||
| Centrally cleared | ||||||||||||||||||||
| interest rate | ||||||||||||||||||||
| swap contracts§ | $— | $— | $2,621,699 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $2,621,699 |
| OTC Total return | ||||||||||||||||||||
| swap contracts*# | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OTC Credit | ||||||||||||||||||||
| default contracts — | ||||||||||||||||||||
| protection sold*# | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OTC Credit | ||||||||||||||||||||
| default contracts — | ||||||||||||||||||||
| protection | ||||||||||||||||||||
| purchased*# | — | — | — | — | — | 1,947,106 | 634,801 | 427,646 | — | — | 1,171,362 | 356,879 | 1,131,297 | — | — | — | — | — | — | 5,669,091 |
| Centrally cleared | ||||||||||||||||||||
| credit default | ||||||||||||||||||||
| contracts§ | — | — | 66,316 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 66,316 |
| Futures contracts§ | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Forward currency | ||||||||||||||||||||
| contracts# | 1,773 | 5,888 | — | — | 79 | — | — | 65,410 | 5,805 | 608 | — | — | 69,957 | 19,610 | — | 9,427 | 3,210 | 193,764 | 73 | 375,604 |
| Forward premium | ||||||||||||||||||||
| swap option | ||||||||||||||||||||
| contracts# | 6,355,263 | — | — | — | 7,612,390 | — | — | 630,503 | — | 2,471,032 | — | — | 19,329 | — | — | — | 327,998 | 1,307,101 | — | 18,723,616 |
| Repurchase | ||||||||||||||||||||
| agreements** | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 16,306,000 | — | — | — | — | 16,306,000 |
| Total Assets | $6,357,036 | $5,888 | $2,688,015 | $— | $7,612,469 | $1,947,106 | $634,801 | $1,123,559 | $5,805 | $2,471,640 | $1,171,362 | $356,879 | $1,220,583 | $19,610 | $16,306,000 | $9,427 | $331,208 | $1,500,865 | $73 | $43,762,326 |
| Liabilities: | ||||||||||||||||||||
| Centrally cleared | ||||||||||||||||||||
| interest rate | ||||||||||||||||||||
| swap contracts§ | — | — | 2,812,405 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 2,812,405 |
| OTC Total return | ||||||||||||||||||||
| swap contracts*# | — | — | — | — | — | — | — | — | — | — | — | — | 312,470 | — | — | — | — | — | — | 312,470 |
| OTC Credit | ||||||||||||||||||||
| default contracts — | ||||||||||||||||||||
| protection sold*# | 115,570 | — | — | — | — | 2,992,965 | 984,680 | 924,324 | — | — | 162,712 | 64,469 | 945,186 | — | — | — | — | — | — | 6,189,906 |
| OTC Credit | ||||||||||||||||||||
| default contracts — | ||||||||||||||||||||
| protection | ||||||||||||||||||||
| purchased*# | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Centrally cleared | ||||||||||||||||||||
| credit default | ||||||||||||||||||||
| contracts§ | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 92 Premier Income Trust | Premier Income Trust 93 |
| Bank of America N.A. |
Barclays Bank PLC |
Barclays Capital, Inc. (clearing broker) |
BofA Securities, Inc. |
Citibank, N.A. | Citigroup Global Markets, Inc. |
Credit Suisse International |
Goldman Sachs International |
HSBC Bank USA, National Association |
JPMorgan Chase Bank N.A. |
JPMorgan Securities LLC |
Merrill Lynch International |
Morgan Stanley & Co. International PLC |
NatWest Markets PLC |
Royal Bank of Canada |
State Street Bank and Trust Co. |
Toronto- Dominion Bank |
UBS AG | WestPac Banking Corp. |
Total | |
| Futures contracts§ | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $159,824 | $— | $— | $— | $— | $— | $— | $— | $— | $159,824 |
| Forward currency | ||||||||||||||||||||
| contracts# | 5,266 | 2,310 | — | — | 1,929 | — | — | — | 11,239 | 12,287 | — | — | 220,809 | 1,864 | — | 226,434 | 169,192 | 24,721 | 24,027 | 700,078 |
| Forward premium | ||||||||||||||||||||
| swap option | ||||||||||||||||||||
| contracts# | 6,131,501 | 114,494 | — | — | 4,845,664 | — | — | 683,968 | — | 2,287,775 | — | — | 491,585 | — | — | — | 174,734 | 1,006,659 | — | 15,736,380 |
| Total Liabilities | $6,252,337 | $116,804 | $2,812,405 | $— | $4,847,593 | $2,992,965 | $984,680 | $1,608,292 | $11,239 | $2,300,062 | $322,536 | $64,469 | $1,970,050 | $1,864 | $— | $226,434 | $343,926 | $1,031,380 | $24,027 | $25,911,063 |
| Total Financial | ||||||||||||||||||||
| and Derivative | ||||||||||||||||||||
| Net Assets | $104,699 | $(110,916) | $(124,390) | $— | $2,764,876 | $(1,045,859) | $(349,879) | $(484,733) | $(5,434) | $171,578 | $848,826 | $292,410 | $(749,467) | $17,746 | $16,306,000 | $(217,007) | $(12,718) | $469,485 | $(23,954) | $17,851,263 |
| Total collateral | ||||||||||||||||||||
| received | ||||||||||||||||||||
| (pledged)†## | $104,699 | $(110,678) | $— | $— | $2,764,876 | $(1,045,859) | $(349,879) | $(481,783) | $— | $171,578 | $848,826 | $292,410 | $(593,739) | $— | $16,306,000 | $(217,007) | $30,000 | $430,000 | $— | |
| Net amount | $— | $(238) | $(124,390) | $— | $— | $— | $— | $(2,950) | $(5,434) | $— | $— | $— | $(155,728) | $17,746 | $— | $— | $(42,718) | $39,485 | $(23,954) | |
| Controlled collateral | ||||||||||||||||||||
| received (including | ||||||||||||||||||||
| TBA commitments)** | $377,369 | $— | $— | $1,477,000 | $3,131,000 | $— | $— | $— | $— | $180,000 | $2,337,000 | $315,486 | $— | $— | $— | $— | $30,000 | $430,000 | $— | $8,277,855 |
| Uncontrolled | ||||||||||||||||||||
| collateral received | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— | $16,634,110 | $— | $— | $— | $— | $16,634,110 |
| Collateral (pledged) | ||||||||||||||||||||
| (including TBA | ||||||||||||||||||||
| commitments)** | $— | $(110,678) | $— | $— | $— | $(1,222,904) | $(362,944) | $(481,783) | $— | $— | $— | $— | $(593,739) | $— | $— | $(267,223) | $— | $— | $— | $(3,039,271) |
* Excludes premiums, if any. Included in unrealized appreciation and depreciation on OTC swap contracts on the Statement of assets and liabilities.
** Included with Investments in securities on the Statement of assets and liabilities.
† Additional collateral may be required from certain brokers based on individual agreements.
# Covered by master netting agreement (Note 1).
## Any over-collateralization of total financial and derivative net assets is not shown. Collateral may include amounts related to unsettled agreements.
§ Includes current day’s variation margin only as reported on the Statement of assets and liabilities, which is not collateralized. Cumulative appreciation/(depreciation) for futures contracts and centrally cleared swap contracts is represented in the tables listed after the fund’s portfolio. Collateral pledged for initial margin on futures contracts and centrally cleared swap contracts, which is not included in the table above, amounted to $1,195,523 and $4,817,694, respectively.
Note 10: Additional information
On February 23, 2023, the fund’s Trustees voted to exempt, including on a going forward basis, all prior and, until further notice, new purchases of shares of the fund that might otherwise be deemed “Control Share Acquisitions” under Article 15 of the fund’s Amended and Restated Bylaws from the provisions of Article 15 of the fund’s Amended and Restated Bylaws.
| 94 Premier Income Trust | Premier Income Trust 95 |
Fund information
Founded over 85 years ago, Putnam Investments was built around the concept that a balance between risk and reward is the hallmark of a well-rounded financial program. We manage funds across income, value, blend, growth, sustainable, and asset allocation categories.
| Investment Manager | Trustees | Richard T. Kircher |
| Putnam Investment | Kenneth R. Leibler, Chair | Vice President and |
| Management, LLC | Barbara M. Baumann, Vice Chair | BSA Compliance Officer |
| 100 Federal Street | Liaquat Ahamed | |
| Boston, MA 02110 | Katinka Domotorffy | Martin Lemaire |
| Catharine Bond Hill | Vice President and | |
| Investment Sub-Advisor | Jennifer Williams Murphy | Derivatives Risk Manager |
| Putnam Investments Limited | Marie Pillai | |
| 16 St James’s Street | George Putnam III | Susan G. Malloy |
| London, England SW1A 1ER | Robert L. Reynolds | Vice President and |
| Manoj P. Singh | Assistant Treasurer | |
| Marketing Services | Mona K. Sutphen | |
| Putnam Retail Management | Alan G. McCormack | |
| Limited Partnership | Officers | Vice President and |
| 100 Federal Street | Robert L. Reynolds | Derivatives Risk Manager |
| Boston, MA 02110 | President | |
| Denere P. Poulack | ||
| Custodian | James F. Clark | Assistant Vice President, |
| State Street Bank | Vice President, Chief Compliance | Assistant Clerk, and |
| and Trust Company | Officer, and Chief Risk Officer | Assistant Treasurer |
| Legal Counsel | Nancy E. Florek | Janet C. Smith |
| Ropes & Gray LLP | Vice President, Assistant Clerk, | Vice President, |
| and Assistant Treasurer | Principal Financial Officer, | |
| Principal Accounting Officer, | ||
| Michael J. Higgins | and Assistant Treasurer | |
| Vice President, Treasurer, | ||
| and Clerk | Stephen J. Tate | |
| Vice President and | ||
| Jonathan S. Horwitz | Chief Legal Officer | |
| Executive Vice President, | ||
| Principal Executive Officer, | Mark C. Trenchard | |
| and Compliance Liaison | Vice President |
| 96 Premier Income Trust |
Call 1-800-225-1581 Monday through Friday between 8:00 a.m. and 8:00 p.m. Eastern Time, or visit putnam.com anytime for up-to-date information about the fund’s NAV.
| Item 2. Code of Ethics: |
| Not Applicable |
| Item 3. Audit Committee Financial Expert: |
| Not Applicable |
| Item 4. Principal Accountant Fees and Services: |
| Not Applicable |
| Item 5. Audit Committee |
| Not Applicable |
| Item 6. Schedule of Investments: |
| The registrant’s schedule of investments in unaffiliated issuers is included in the report to shareholders in Item 1 above. |
| Item 7. Disclosure of Proxy Voting Policies and Procedures For Closed-End Management Investment Companies: |
| Not applicable |
| Item 8. Portfolio Managers of Closed-End Management Investment Companies |
| (a) Not applicable |
| (b) There have been no changes to the list of the registrant’s identified portfolio managers included in the registrant’s report on Form N-CSR for the most recent completed fiscal year. |
| Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers: |
| Registrant Purchase of Equity Securities | |||||
| Maximum | |||||
| Total Number | Number (or | ||||
| of Shares | Approximate | ||||
| Purchased | Dollar Value) | ||||
| as Part | of Shares | ||||
| of Publicly | that May Yet Be | ||||
| Total Number | Average | Announced | Purchased | ||
| of Shares | Price Paid | Plans or | under the Plans | ||
| Period | Purchased | per Share | Programs* | or Programs** | |
| August 1 - August 31, 2022 | 37,306 | $3.81 | 37,306 | 7,396,514 | |
| September 1 - September 30, 2022 | 347,885 | $3.65 | 347,885 | 7,048,629 | |
| October 1 - October 31, 2022 | 310,234 | $3.56 | 310,234 | 9,606,964 | |
| November 1 - November 30, 2022 | — | — | — | 9,606,964 | |
| December 1 - December 31, 2022 | 806,161 | $3.65 | 806,161 | 8,800,803 | |
| January 1 - January 31, 2023 | — | — | — | 8,800,803 | |
| * | In October 2005, the Board of Trustees of the Putnam Funds initiated the closed-end fund share repurchase program, which, as subsequently amended, authorized the fund to repurchase of up to 10% of its fund’s outstanding common shares over the two-years ending October 5, 2007. The Trustees have subsequently renewed the program on an annual basis. The program renewed by the Board in September 2021, which was in effect between October 1, 2021 and September 30, 2022, allowed the fund to repurchase up to 10,224,734 of its shares. The program renewed by the Board in September 2022, which is in effect between October 1, 2022 and September 30, 2023, allows the fund to repurchase up to 9,917,198 of its shares. |
| ** | Information prior to October 1, 2022, is based on the total number of shares eligible for repurchase under the program, as amended through September 2021. Information from October 1, 2022 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2022. |
| Item 10. Submission of Matters to a Vote of Security Holders: |
| Not applicable |
| Item 11. Controls and Procedures: |
| (a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are generally effective to provide reasonable assurance that information required to be disclosed by the registrant in this report is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms. |
| (b) Changes in internal control over financial reporting: Not applicable |
| Item 12. Disclosures of Securities Lending Activities for Closed-End Investment Companies: |
| Not Applicable |
| Item 13. Exhibits: |
| (a)(1) Not applicable |
| (b) The certifications required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, are filed herewith. |
| SIGNATURES |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Putnam Premier Income Trust |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Accounting Officer |
| Date: March 29, 2023 |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title): |
| /s/ Jonathan S. Horwitz Jonathan S. Horwitz Principal Executive Officer |
| Date: March 29, 2023 |
| By (Signature and Title): |
| /s/ Janet C. Smith Janet C. Smith Principal Financial Officer |
| Date: March 29, 2023 |
1 Year Putnam Premier Income Chart |
1 Month Putnam Premier Income Chart |
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