Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 3

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 3
---

recent

issue

non-qualified

mortgage

(non-QM)

bonds

and

senior

legacy

RMBS

bonds.

Meanwhile,

despite

challenges

in

commercial

mortgage-

backed

securities

(CMBS),

we

maintained

our

view

that

fundamentally

strong

commercial

real

estate

(CRE)

sectors

are

likely

to

receive

support

from

a

substantial

amount

of

investor

capital

sitting

on

the

sideline.

While

some

parts

of

the

market

are

at

fair

value

to

slightly

rich,

attractive

opportunities

for

security

selection

remain

available

but

require

rigorous

loan-level

analysis.

Finally,

we

found

the

prepayment

market

attractive

and

were

focused

primarily

on

seasoned

collateral

with

minimal

prepayment

risk

as

the

underlying

borrowers

remained

well

“out-of-the-money”

at

elevated

mortgage

rates.

#### Portfolio

#### Composition
7/31/25

#### %

#### of

#### Total

#### Investments
Corporate

Bonds

23.5%

Mortgage-Backed

Securities

19.6%

Agency

Commercial

Mortgage-Backed

Securities

10.4%

Residential

Mortgage-Backed

Securities

9.0%

Foreign

Government

and

Agency

Securities

8.6%

Commercial

Mortgage-Backed

Securities

8.6%

Senior

Floating

Rate

Interests

5.4%

Convertible

Bonds

2.5%

### Management
Investment

Companies

2.1%

Asset-Backed

Securities

*

0.8%

Other

†‡

0.0%

Short-Term

Investments

9.5%

*

Includes

non-agency

residential

mortgage-backed

securities,

collateralized

loan

obligations

and

consumer

loan

certificates.

†

Rounds

to

less

than

0.1%.

‡

Categories

within

the

Other

category

are

listed

in

full

in

the

Fund’s

Schedule