# EDGAR Filing Document

**Accession Number:** 0000827773
**File Stem:** 0001133228-25-010195
**Filing Date:** 2025-9
**Character Count:** 496274
**Document Hash:** 835af335204367432c262b50c41f65c5
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## Filing Content

## Filing Summary
**0001133228-25-010195.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001133228-25-010195

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PUTNAM PREMIER INCOME TRUST
- **CENTRAL INDEX KEY:** 0000827773

**ORGANIZATION NAME:**
- **EIN:** 042995046
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1117

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05452
- **FILM NUMBER:** 251349260

**BUSINESS ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 6172921000

**MAIL ADDRESS:**
- **STREET 1:** 100 FEDERAL STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **811-05452**

**Putnam Premier Income Trust**

(Exact name of registrant as specified in charter)

**100 Federal Street, Boston, Massachusetts 02110**

(Address of principal executive offices) (Zip code)

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, NY 10036

James E. Thomas, Esq.

Ropes & Gray LLP

800 Boylston Street

Boston, Massachusetts 02199

(Name and address of agent for service)

Registrant's telephone number, including area code: **(617) 292-1000**

Date of fiscal year end: **July 31**

Date of reporting period: **July 31, 2025**

ITEM 1. REPORT TO STOCKHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is filed herewith

#### Annual

#### Report

#### Putnam

#### Premier

#### Income

#### Trust
July

31,

2025

#### Not

#### FDIC

#### Insured

#### No

#### Bank

#### Guarantee

#### May

#### Lose

#### Value
.

franklintempleton.com

Annual

Report

Contents

Fund

Overview

Performance

Summary

Financial

Highlights

and

Schedule

of

Investments

Financial

Statements

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Tax

Information

Important

Information

to

Shareholders

Annual

Meeting

of

Shareholders

Dividend

Reinvestment

and

Cash

Purchase

Plan

Board

Members

and

Officers

Shareholder

Information

Visit

#### franklintempleton.com
for

fund

updates,

to

access

your

account,

or

to

find

helpful

financial

planning

tools.

franklintempleton.com

Annual

Report

Putnam

Premier

Income

Trust

Dear

Shareholder,

This

annual

report

for

Putnam

Premier

Income

Trust

covers

the

fiscal

year

ended

July

31,

2025. Fund

Overview

Q. #### What

#### is

#### the

#### Fund's

#### investment

#### strategy?
A. The

Fund

seeks

to

provide

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.

We

invest

mainly

in

bonds,

securitized

debt

instruments

(such

as

residential

mortgage-backed

securities

and

commercial

mortgage-backed

securities),

and

other

obligations

of

companies

and

governments

worldwide

that

are

either

investment-grade

or

below-investment-grade

in

quality

(sometimes

referred

to

as

"junk

bonds"),

that

have

intermediate-

to

long-term

maturities

(three

years

or

longer),

and

that

are

from

multiple

sectors.

The

Fund

currently

has

significant

investment

exposure

to

residential

and

commercial

mortgage-backed

investments.

We

may

consider,

among

other

factors,

credit,

interest

rate

and

prepayment

risks,

as

well

as

general

market

conditions,

when

deciding

whether

to

buy

or

sell

investments.

We

typically

use

to

a

significant

extent

derivatives,

such

as

futures,

options,

certain

foreign

currency

transactions

and

swap

contracts,

for

hedging

and

non-hedging

purposes

and

to

obtain

leverage.

Q. #### What

#### were

#### the

#### overall

#### market

#### conditions

#### during

#### the

#### Fund's

#### reporting

#### period?
A. Over

the

past

months,

market

conditions

were

shaped

by

shifting

sentiment

around

U.S.

trade

policy

and

fiscal

dynamics.

In

late

2024,

attention

centered

on

the

presidential

election,

leading

to

increased

volatility

and

spread

widening

in

corporate

credit.

Following

the

election,

markets

shifted

to

a

risk-on

tone,

volatility

declined,

and

investment-grade

corporate

spreads

returned

to

20-year

lows.

In

early

2025,

sentiment

reversed

as

investors

assessed

the

new

administration's

actions.

Spreads

widened,

particularly

in

corporate

credit,

pressuring

fixed

income

returns.

In

early

April,

trade

policy

dominated

headlines

as

the

President

announced

broad

tariff

increases,

impacting

major

trading

partners.

This

triggered

a

global

selloff

in

equities

and

spread

products.

However,

most

tariffs

were

paused

for

days

to

allow

for

negotiations,

prompting

a

market

rebound

and

a

strong

second

quarter

finish.

Q. #### How

#### did

#### we

#### respond

#### to

#### these

#### changing

#### market

#### conditions?
A. Leading

into

the

market

turmoil,

we

maintained

a

low-

risk

posture,

as

we

believed

risk

asset

valuations

were

tight

given

the

market

environment.

Given

spread

widening,

relative

valuations

improved

and

offered

opportunities

to

modestly

increase

credit

risk.

Within

corporate

credit,

we

sought

idiosyncratic

opportunities,

while

in

emerging

markets

(EM)

we

remained

focused

on

relative

value

opportunities

within

higher

quality,

high-yield

names.

Within

residential

mortgage-backed

securities

(RMBS),

we

favored

opportunities

near

the

top

of

the

capital

stack,

such

as

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

of

Investments

(SOI),

which

can

be

found

later

in

this

report.

#### The

#### dollar

#### value,

#### number

#### of

#### shares

#### or

#### principal

#### amount,

#### and

#### names

#### of

#### all

#### portfolio

#### holdings

#### are

#### listed

#### in

#### the

#### Fund's

#### Schedule

#### of

#### Investments

#### (SOI).

#### The

#### SOI

#### begins

#### on

#### page

#### 9

#### .
Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

Performance

Overview

For

the

months

under

review,

the

Fund

posted

cumulative

total

returns

of

+9.74%

in

market

price

terms

and

+7.14%

in

net

asset

value

terms.

In

comparison,

the

ICE

BofA

U.S.

Treasury

Bill

Index,

which

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,

posted

a

+4.64%

total

return

for

the

same

period.

You

can

find

the

Fund's

long-term

performance

data

in

the

Performance

Summary

on

.

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

Q. #### What

#### were

#### the

#### leading

#### contributors

#### to

#### performance?
A. Corporate

credit

exposures,

both

investment-grade

and

high-yield,

were

the

largest

contributors

to

performance.

Spread

tightening

in

late

2024

and

mid-2025

drove

gains,

despite

early

2025

volatility

from

tariff

concerns.

Improving

fiscal

clarity

and

delayed

tariff

implementation

helped

spreads

recover.

Investment-grade

credit

fundamentals

have

remained

supportive

and

continue

to

offer

relatively

attractive

yield.

Mortgage

credit

exposures

were

also

significant

contributors

to

performance,

mainly

due

to

CMBS

and

RMBS.

CRE

showed

signs

of

optimism,

including

payoff

and

refinancing

rates

that

continued

to

surprise

to

the

upside

amongst

all

property

types,

and

the

potential

for

higher

economic

growth

and

bank

deregulation

under

the

new

administration.

The

residential

mortgage-backed

securities

market

continued

to

benefit

as

U.S.

homeowner

balance

sheets

remained

well

positioned,

supported

by

locked

in

home

price

appreciation,

lower

household

leverage,

strong

underwriting

standards,

and

a

healthy

labor

market.

Prepayment

strategies,

particularly

agency

interest-only

(IO)

securities,

contributed

positively.

However,

tactical

positioning

in

agency

mortgages

partially

offset

gains.

Interest

rate

and

yield

curve

strategies

also

added

value,

as

the

Fund's

positive

structural

duration

benefited

from

declining

Treasury

yields.

EM

exposures

were

additive

late

in

the

period,

as

easing

tariff

concerns

and

resilient

economic

data

drove

a

rally

in

EM

hard-currency

sovereign

bond

indexes.

Q. #### What

#### were

#### the

#### leading

#### detractors

#### from

#### performance?
A. Currency

risk

strategies

modestly

detracted

from

Fund

performance

over

the

period.

This

strategy

employs

a

hedge

of

safe-haven

currencies

that

typically

do

well

in

risk-

averse

investing

environments.

We

held

a

long

position

to

the

U.S.

dollar,

Japanese

yen,

and

Swiss

franc

versus

the

remaining

G10

currencies

(the

top

most

traded

currencies

in

the

world).

The

U.S.

dollar

has

weakened

significantly

in

2025

due

to

signs

of

economic

slowdown,

such

as

below-expectation

employment

figures,

and

the

Moody's

downgrade

of

U.S.

debt.

Q. #### Were

#### there

#### any

#### significant

#### changes

#### to

#### the

#### Fund

#### during

#### the

#### reporting

#### period?
A. No,

there

were

no

material

changes

to

the

Fund

during

the

reporting

period.

Q. #### What

#### were

#### the

#### Fund's

#### distributions

#### during

#### the

#### period?
A. The

Fund's

distributions

are

fixed

at

a

targeted

rate.

The

targeted

rate

is

not

expected

to

vary

with

each

distribution

but

may

change

from

time

to

time.

During

the

last

fiscal

year,

the

Fund

made

monthly

distributions

totaling

$0.312

per

share

from

August

2024,

to

July

2025,

which

were

characterized

as

$0.203

per

share

of

net

invest

income

and

$0.109

per

share

of

return

of

capital.

$0.109

of

the

#### Top

#### 10

#### Holdings
7/31/25

#### Company

#### Industry,

#### Country

#### %

#### of

#### Total

#### Net

#### Assets

#### a
Uniform

Mortgage-Backed

Securities

13.6%

*Financial* 

*Services,* 

*United* 

*States*

GNMA

7.7%

*Financial* 

*Services,* 

*United* 

*States*

GNMA

II,

Single-family,

Year

7.7%

*Financial* 

*Services,* 

*United* 

*States*

Franklin

Ultra

Short

Bond

ETF

2.5%

*Capital* 

*Markets,* 

*United* 

*States*

FHLMC

2.4%

*Financial* 

*Services,* 

*United* 

*States*

FNMA

Connecticut

Avenue

Securities

Trust

2.3%

*Financial* 

*Services,* 

*United* 

*States*

FNMA

1.9%

*Financial* 

*Services,* 

*United* 

*States*

COMM

Mortgage

Trust

1.8%

*Financial* 

*Services,* 

*United* 

*States*

FHLMC

STACR

REMIC

Trust

1.6%

*Financial* 

*Services,* 

*United* 

*States*

FHLMC

STACR

Debt

Notes

1.4%

*Financial* 

*Services,* 

*United* 

*States*

1. Source:

FactSet.

The

index

is

unmanaged

and

includes

reinvestment

of

any

income

or

distributions.

It

does

not

reflect

any

fees,

expenses

or

sales

charges.

One

cannot

invest

directly

in

an

index,

and

an

index

is

not

representative

of

the

Fund's

portfolio.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

Fund's

return

of

capital

was

the

result

of

the

Fund's

targeted

distribution

policy.

Distributions

of

capital

decrease

the

Fund's

total

assets

and

total

assets

per

share

and,

therefore,

could

have

the

effect

of

increasing

the

Fund's

expense

ratio.

In

general,

the

policy

of

fixing

the

Fund's

distributions

at

a

targeted

rate

does

not

affect

the

Fund's

investment

strategy.

However,

in

order

to

make

these

distributions,

on

occasion

the

Fund

may

have

to

sell

portfolio

securities

at

a

less

than

opportune

time.

Please

see

the

Distributions

to

shareholders

note

on

for

more

information

on

Fund

distributions.

Thank

you

for

your

continued

participation

in

Putnam

Premier

Income

Trust.

We

look

forward

to

serving

your

future

investment

needs.

Sincerely,

Albert

W

Chan,

CFA

Patrick

A. Klein,

Ph.D.

Michael

V

Salm

Benjamin

Cryer,

CFA

Matthew

J

Walkup

Portfolio

Management

Team

*The* 

*foregoing* 

*information* 

*reflects* 

*our* 

*analysis,* 

*opinions* 

*and* 

*portfolio* 

*holdings* 

*as* 

*of* 

*July* 

*31,* 

*2025,* 

*the* 

*end* 

*of* 

*the* 

*reporting* 

*period.* 

*The* 

*way* 

*we* 

*implement* 

*our* 

*main* 

*investment* 

*strategies* 

*and* 

*the* 

*resulting* 

*portfolio* 

*holdings* 

*may* 

*change* 

*depending* 

*on* 

*factors* 

*such* 

*as* 

*market* 

*and* 

*economic* 

*conditions.* 

*These* 

*opinions* 

*may* 

*not* 

*be* 

*relied* 

*upon* 

*as* 

*investment* 

*advice* 

*or* 

*an* 

*offer* 

*for* 

*a* 

*particular* 

*security.* 

*The* 

*information* 

*is* 

*not* 

*a* 

*complete* 

*analysis* 

*of* 

*every* 

*aspect* 

*of* 

*any* 

*market,* 

*country,* 

*industry,* 

*security* 

*or* 

*the* 

*Fund.* 

*Statements* 

*of* 

*fact* 

*are* 

*from* 

*sources* 

*considered* 

*reliable,* 

*but* 

*the* 

*investment* 

*manager* 

*makes* 

*no* 

*representation* 

*or* 

*warranty* 

*as* 

*to* 

*their* 

*completeness* 

*or* 

*accuracy.* 

*Although* 

*historical* 

*performance* 

*is* 

*no* 

*guarantee* 

*of* 

*future* 

*results,* 

*these* 

*insights* 

*may* 

*help* 

*you* 

*understand* 

*our* 

*investment* 

*management* 

*philosophy.*

CFA®

is

a

trademark

owned

by

CFA

Institute.

Performance

Summary

as

of

July

31,

2025

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

Total

return

reflects

reinvestment

of

the

Fund's

dividends

and

capital

gain

distributions,

if

any,

and

any

unrealized

gains

or

losses.

Total

returns

do

not

reflect

any

sales

charges

paid

at

inception

or

brokerage

commissions

paid

on

secondary

market

purchases.

The

performance

tables

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

Your

dividend

income

will

vary

depending

on

dividends

or

interest

paid

by

securities

in

the

Fund's

portfolio,

adjusted

for

operating

expenses.

Capital

gain

distributions

are

net

profits

realized

from

the

sale

of

portfolio

securities.

Performance

as

of

7/31/25

*Performance* 

*data* 

*represent* 

*past* 

*performance,* 

*which* 

*does* 

*not* 

*guarantee* 

*future* 

*results.* 

*Investment* 

*return* 

*and* 

*principal* 

*value* 

*will* 

*fluctuate,* 

*and* 

*you* 

*may* 

*have* 

*a* 

*gain* 

*or* 

*loss* 

*when* 

*you* 

*sell* 

*your* 

*shares.* 

*Current* 

*performance* 

*may* 

*differ* 

*from* 

*figures* 

*shown.*

Share

Prices

#### Cumulative

#### Total

#### Return

#### 2

#### Average

#### Annual

#### Total

#### Return

#### 2

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4

#### Based

#### on

#### NAV

#### 3

#### Based

#### on

#### market

#### price

#### 4
1-Year

+7.14%

+9.74%

+7.14%

+9.74%

5-Year

+16.67%

+15.75%

+3.13%

+2.97%

10-Year

+35.53%

+51.23%

+3.09%

+4.22%

#### Symbol:

#### PPT

#### 7/31/25

#### 7/31/24

#### Change
Net

Asset

Value

(NAV)

$3.80

$3.85

-$0.05

Market

Price

(NYSE)

$3.66

$3.63

+$0.03

Distributions

Per

Share

(8/1/24–7/31/25)

#### Net

#### Investment

#### Income

#### Tax

#### Return

#### of

#### Capital

#### Total
$0.2029

$0.1091

$0.3120

#### See

#### page

#### 7

#### for

#### Performance

#### Summary

#### footnotes.
Putnam

Premier

Income

Trust

Performance

Summary

franklintempleton.com

Annual

Report

#### See

#### page

#### 7

#### for

#### Performance

#### Summary

#### footnotes.
Total

Return

Index

Comparison

for

a

Hypothetical

$10,000

Investment

Total

return

represents

the

change

in

value

of

an

investment

over

the

periods

shown.

It

includes

any

applicable

maximum

sales

charge,

Fund

expenses,

account

fees

and

reinvested

distributions.

The

unmanaged

indexes

include

reinvestment

of

any

income

or

distributions.

They

differ

from

the

Fund

in

composition

and

do

not

pay

management

fees

or

expenses.

One

cannot

invest

directly

in

an

index.

#### 07/31/15–07/31/25
Putnam

Premier

Income

Trust

Performance

Summary

franklintempleton.com

Annual

Report

Events

such

as

the

spread

of

deadly

diseases,

disasters,

and

financial,

political

or

social

disruptions

may

heighten

risks

and

adversely

affect

performance.

The

Fund

is

actively

managed

but

there

is

no

guarantee

that

the

manager's

investment

decisions

will

produce

the

desired

results.

#### All

#### investments

#### involve

#### risks,

#### including

#### possible

#### loss

#### of

#### principal.

#### Fixed

#### income

#### securities
involve

interest

rate,

credit,

inflation

and

reinvestment

risks,

and

possible

loss

of

principal.

As

interest

rates

rise,

the

value

of

fixed

income

securities

falls.

#### Low-rated,

#### high-yield

#### bonds
are

subject

to

greater

price

volatility,

illiquidity

and

possibility

of

default.

#### Asset-backed,

#### mortgage-backed

#### or

#### mortgage-related

#### securities
are

subject

to

prepayment

and

extension

risks.

#### International

#### investments
are

subject

to

special

risks,

including

currency

fluctuations

and

social,

economic

and

political

uncertainties,

which

could

increase

volatility.

These

risks

are

magnified

in

#### emerging

#### markets.

#### Deriv-

#### ative

#### instruments
can

be

illiquid,

may

disproportionately

increase

losses,

and

have

a

potentially

large

impact

on

performance.

#### Active

#### management
does

not

ensure

gains

or

protect

against

market

declines.

The

manager

may

consider

#### environmental,

#### social

#### and

#### governance
(ESG)

#### criteria
in

the

research

or

investment

process;

however,

ESG

considerations

may

not

be

a

determinative

factor

in

security

selection.

In

addition,

the

manager

may

not

assess

every

investment

for

ESG

criteria,

and

not

every

ESG

factor

may

be

identified

or

evaluated.

These

and

other

risks

are

discussed

in

the

Fund's

prospectus.

1. The

total

annual

operating

expenses

are

sourced

from

the

Fund's

annual

report

available

at

the

time

of

publication.

Actual

expenses

may

be

higher

and

may

impact

portfolio

returns.

2. Total

return

calculations

represent

the

cumulative

and

average

annual

changes

in

the

value

of

an

investment

over

the

periods

indicated.

Return

for

less

than

one

year,

if

any,

has

not

been

annualized.

3. Assumes

reinvestment

of

distributions

based

on

net

asset

value.

4. Assumes

reinvestment

of

distributions

based

on

the

dividend

reinvestment

and

cash

purchase

plan.

5. Source:

FactSet.

ICE

BofA

U.S.

Treasury

Bill

Index

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.

Important

data

provider

notices

and

terms

available

at

www.franklintempletondatasources.com.

Putnam

Premier

Income

Trust

Financial

Highlights

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### 2024

#### 2023

#### 2022

#### 2021

#### Per

#### share

#### operating

#### performance
(for

a

share

outstanding

throughout

the

year)

Net

asset

value,

beginning

of

year

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

$3.85

$3.82

$4.12

$4.62

$4.80

Income

from

investment

operations:

Net

investment

income

a

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

0.21 0.24 0.23 0.21 0.21 Net

realized

and

unrealized

gains

(losses)

...........

0.05 0.10 (0.23)

(0.41)

(0.04)

Total

from

investment

operations

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

0.26 0.34 —

(0.20)

0.17 Less

distributions

from:

Net

investment

income

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

(0.20)

(0.21)

(0.26)

(0.26)

(0.07)

Tax

return

of

capital

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

(0.11)

(0.10)

(0.05)

(0.05)

(0.28)

Total

distributions

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

(0.31)

(0.31)

(0.31)

(0.31)

(0.35)

Repurchase

of

shares

(Note

2)

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

—

b

—

b

0.01 0.01 —

b

Net

asset

value,

end

of

year

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

$3.80

$3.85

$3.82

$4.12

$4.62

Market

value,

end

of

year

c

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

$3.66

$3.63

$3.65

$3.89

$4.65

Total

return

(based

on

net

asset

value

per

share)

d

.......

7.14%

9.46%

0.39%

(4.16)%

3.40%

Total

return

(based

on

market

value

per

share)

d

.........

9.74%

8.53%

2.08%

(9.87)%

5.63%

#### Ratios

#### to

#### average

#### net

#### assets
Expenses

before

waiver

and

payments

by

affiliates

......

0.94%

0.96%

0.99%

0.96%

0.94%

Expenses

net

of

waiver

and

payments

by

affiliates

e

......

0.94%

f

0.94%

0.99%

0.96%

0.94%

Net

investment

income

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

5.42%

6.41%

5.76%

4.88%

4.21%

#### Supplemental

#### data
Net

assets,

end

of

year

(000's)

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

$362,992

$367,934

$369,806

$409,600

$472,126

Portfolio

turnover

rate

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

505%

1008%

1280%

1665%

1023%

a

Based

on

average

daily

shares

outstanding.

b

Amount

rounds

to

less

than

$0.01

per

share.

c

Based

on

the

last

sale

on

the

New

York

Stock

Exchange.

d

The

Market

Value

Total

Return

is

calculated

assuming

a

purchase

of

common

shares

on

the

opening

of

the

first

business

day

and

a

sale

on

the

closing

of

the

last

business

day

of

each

period.

Dividends

and

distributions

are

assumed

for

the

purposes

of

this

calculation

to

be

reinvested

at

prices

obtained

under

the

Fund's

Dividend

Reinvestment

and

Cash

Purchase

Plan.

Net

Asset

Value

Total

Return

is

calculated

on

the

same

basis,

except

that

the

Fund's

net

asset

value

is

used

on

the

purchase,

sale

and

dividend

reinvestment

dates

instead

of

market

value.

Total

return

does

not

reflect

brokerage

commissions

or

sales

charges

in

connection

with

the

purchase

or

sale

of

Fund

shares.

e

Benefit

of

expense

reduction

rounds

to

less

than

0.01%.

f

Benefit

of

waiver

and

payments

by

affiliates

rounds

to

less

than

0.01%.

Putnam

Premier

Income

Trust

Schedule

of

Investments,

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Management

#### Investment

#### Companies

#### 2.5%

#### Capital

#### Markets

#### 2.5%
a

Franklin

Ultra

Short

Bond

ETF

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

United

States

368,080

$

9,211,202

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $9,155,669)

#### ...................

#### 9,211,202

#### Principal

#### Amount

#### \*

#### Convertible

#### Bonds

#### 3.0%

#### Aerospace

#### &

#### Defense

#### 0.0%

#### †
AeroVironment,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

7/15/30

........

United

States

72,000

81,065

Axon

Enterprise,

Inc.

,

Senior

Note

,

0.5 %

,

12/15/27

..........

United

States

33,000

109,143

190,208

#### Automobile

#### Components

#### 0.0%

#### †
Patrick

Industries,

Inc.

,

Senior

Note

,

1.75 %

,

12/01/28

........

United

States

83,000

128,693

#### Automobiles

#### 0.0%

#### †
Rivian

Automotive,

Inc.

,

Senior

Note

,

4.625 %

,

3/15/29

........

United

States

122,000

120,323

#### Biotechnology

#### 0.3%
Alnylam

Pharmaceuticals,

Inc.

,

Senior

Note

,

%

,

9/15/27

.....

United

States

139,000

204,719

BioMarin

Pharmaceutical,

Inc.

,

Senior

Sub.

Note

,

1.25 %

,

5/15/27

United

States

109,000

103,253

b

Exact

Sciences

Corp.

,

Senior

Note

,

144A,

1.75 %

,

4/15/31

.....

United

States

226,000

200,349

Halozyme

Therapeutics,

Inc.

,

Senior

Note

,

%

,

8/15/28

.......

United

States

143,000

176,539

684,860

#### Broadline

#### Retail

#### 0.1%
Etsy,

Inc.

,

Senior

Note

,

0.25 %

,

6/15/28

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

United

States

243,000

211,471

#### Capital

#### Markets

#### 0.0%

#### †
Coinbase

Global,

Inc.

,

Senior

Note

,

0.25 %

,

4/01/30

..........

United

States

89,000

123,001

b

Hercules

Capital,

Inc.

,

Senior

Note

,

144A,

4.75 %

,

9/01/28

.....

United

States

72,000

70,440

193,441

#### Communications

#### Equipment

#### 0.1%
Lumentum

Holdings,

Inc.

,

Senior

Note

,

0.5 %

,

6/15/28

........

United

States

245,000

270,113

#### Construction

#### &

#### Engineering

#### 0.1%
Fluor

Corp.

,

Senior

Note

,

1.125 %

,

8/15/29

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

United

States

141,000

198,140

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.0%

#### †
Chefs'

Warehouse,

Inc.

(The)

,

Senior

Note

,

2.375 %

,

12/15/28

..

United

States

88,000

143,968

#### Diversified

#### REITs

#### 0.1%
b

Digital

Realty

Trust

LP

,

Senior

Note

,

144A,

1.875 %

,

11/15/29

...

United

States

258,000

272,603

#### Electric

#### Utilities

#### 0.4%
NextEra

Energy

Capital

Holdings,

Inc.

,

Senior

Note

,

%

,

3/01/27

United

States

153,000

174,879

PG&E

Corp.

,

Senior

Secured

Note

,

4.25 %

,

12/01/27

.........

United

States

165,000

164,752

PPL

Capital

Funding,

Inc.

,

Senior

Note

,

2.875 %

,

3/15/28

......

United

States

201,000

224,115

Southern

Co.

(The)

,

Senior

Note

,

3.875 %

,

12/15/25

.........

United

States

206,000

233,347

797,093

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components

#### 0.1%
Itron

,

Inc.

,

Senior

Note

,

1.375 %

,

7/15/30

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

United

States

203,000

234,129

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Electronic

#### Equipment,

#### Instruments

#### &

#### Components
(continued)

b

OSI

Systems,

Inc.

,

Senior

Note

,

144A,

2.25 %

,

8/01/29

.......

United

States

109,000

$

145,682

379,811

#### Entertainment

#### 0.2%
Liberty

Media

Corp.-Liberty

Formula

One

Corp.

,

Senior

Note

,

2.25 %

,

8/15/27

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

United

States

199,000

256,710

Live

Nation

Entertainment,

Inc.

,

Senior

Note,

3.125%,

1/15/29

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

United

States

155,000

233,244

b

Senior

Note,

144A,

2.875%,

1/15/30

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

United

States

164,000

176,382

666,336

#### Financial

#### Services

#### 0.1%
Block,

Inc.

,

Senior

Note

,

0.25 %

,

11/01/27

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

United

States

100,000

90,175

Global

Payments,

Inc.

,

Senior

Note

,

1.5 %

,

3/01/31

..........

United

States

177,000

161,070

Shift4

Payments,

Inc.

,

Senior

Note

,

0.5 %

,

8/01/27

...........

United

States

158,000

172,615

423,860

#### Food

#### Products

#### 0.1%
Post

Holdings,

Inc.

,

Senior

Note

,

2.5 %

,

8/15/27

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

United

States

158,000

178,730

#### Ground

#### Transportation

#### 0.1%
Uber

Technologies,

Inc.

,

2028

,

Senior

Note

,

0.875 %

,

12/01/28

..

United

States

198,000

271,161

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
Dexcom,

Inc.

,

Senior

Note

,

0.375 %

,

5/15/28

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

United

States

248,000

231,136

Haemonetics

Corp.

,

Senior

Note

,

2.5 %

,

6/01/29

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

United

States

107,000

107,054

b

Integer

Holdings

Corp.

,

Senior

Note

,

144A,

1.875 %

,

3/15/30

...

United

States

144,000

141,552

Lantheus

Holdings,

Inc.

,

Senior

Note

,

2.625 %

,

12/15/27

......

United

States

100,000

118,056

b

Merit

Medical

Systems,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/29

...

United

States

82,000

96,678

694,476

#### Health

#### Care

#### REITs

#### 0.1%
b

Welltower

OP

LLC

,

Senior

Note,

144A,

2.75%,

5/15/28

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

United

States

111,000

193,140

Senior

Note,

144A,

3.125%,

7/15/29

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

United

States

109,000

151,019

344,159

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.2%
Carnival

Corp.

,

Senior

Note

,

5.75 %

,

12/01/27

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

United

States

91,000

210,347

b

DoorDash

,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

5/15/30

.......

United

States

217,000

236,096

Shake

Shack,

Inc.

,

Senior

Note

,

Zero

Cpn

.,

3/01/28

.........

United

States

137,000

138,284

584,727

#### Household

#### Durables

#### 0.0%

#### †
Meritage

Homes

Corp.

,

Senior

Note

,

1.75 %

,

5/15/28

.........

United

States

144,000

143,097

#### Household

#### Products

#### 0.0%

#### †
Spectrum

Brands,

Inc.

,

Senior

Note

,

3.375 %

,

6/01/29

........

United

States

72,000

65,412

#### IT

#### Services

#### 0.2%
Akamai

Technologies,

Inc.

,

Senior

Note

,

0.375 %

,

9/01/27

.....

United

States

183,000

175,824

b

Cloudflare,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

6/15/30

.......

United

States

145,000

162,183

b

Snowflake,

Inc.

,

Senior

Note

,

144A,

Zero

Cpn

.,

10/01/27

......

United

States

220,000

334,400

672,407

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Convertible

#### Bonds
(continued)

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.0%

#### †
Repligen

Corp.

,

Senior

Note

,

%

,

12/15/28

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

United

States

109,000

$

106,166

#### Multi-Utilities

#### 0.0%

#### †
CMS

Energy

Corp.

,

Senior

Note

,

3.375 %

,

5/01/28

...........

United

States

112,000

123,088

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.0%

#### †
Northern

Oil

&

Gas,

Inc.

,

Senior

Note

,

3.625 %

,

4/15/29

.......

United

States

133,000

138,353

#### Professional

#### Services

#### 0.0%

#### †
Parsons

Corp.

,

Senior

Note

,

2.625 %

,

3/01/29

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

United

States

89,000

97,188

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.1%
Impinj

,

Inc.

,

Senior

Note

,

1.125 %

,

5/15/27

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

United

States

53,000

80,176

Microchip

Technology,

Inc.

,

Senior

Note

,

0.75 %

,

6/01/30

......

United

States

105,000

103,431

MKS,

Inc.

,

Senior

Note

,

1.25 %

,

6/01/30

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

United

States

144,000

140,483

ON

Semiconductor

Corp.

,

Senior

Note

,

0.5 %

,

3/01/29

........

United

States

194,000

186,332

c

Wolfspeed

,

Inc.

,

Senior

Note

,

1.875 %

,

12/01/29

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

United

States

182,000

56,875

567,297

#### Software

#### 0.4%
Bentley

Systems,

Inc.

,

Senior

Note

,

0.375 %

,

7/01/27

.........

United

States

161,000

155,124

b

Box,

Inc.

,

Senior

Note

,

144A,

1.5 %

,

9/15/29

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

United

States

136,000

136,748

b,d

Datadog,

Inc.

,

Senior

Note

,

144A,

0.57%

,

12/01/29

..........

United

States

181,000

176,573

b

Guidewire

Software,

Inc.

,

Senior

Note

,

144A,

1.25 %

,

11/01/29

..

United

States

201,000

230,949

b,d

MicroStrategy,

Inc.

,

Senior

Note

,

144A,

0.403%

,

3/01/30

......

United

States

231,000

271,500

b

Nutanix,

Inc.

,

Senior

Note

,

144A,

0.5 %

,

12/15/29

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

United

States

145,000

163,372

Progress

Software

Corp.

,

Senior

Note

,

3.5 %

,

3/01/30

........

United

States

124,000

128,774

Tyler

Technologies,

Inc.

,

Senior

Note

,

0.25 %

,

3/15/26

........

United

States

199,000

241,487

Vertex,

Inc.

,

Senior

Note

,

0.75 %

,

5/01/29

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

United

States

89,000

102,628

Workiva,

Inc.

,

Senior

Note

,

1.25 %

,

8/15/28

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

United

States

85,000

78,136

1,685,291

#### Specialty

#### Retail

#### 0.1%
Burlington

Stores,

Inc.

,

1.25 %

,

12/15/27

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

United

States

76,000

109,364

Wayfair,

Inc.

,

Senior

Note

,

3.25 %

,

9/15/27

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

United

States

176,000

226,271

335,635

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.1%
Seagate

HDD

Cayman

,

Senior

Note

,

3.5 %

,

6/01/28

..........

United

States

171,000

331,804

#### Total

#### Convertible

#### Bonds

#### (Cost

#### $10,170,571)
..................................

#### 11,019,911

#### Corporate

#### Bonds

#### 28.6%

#### Aerospace

#### &

#### Defense

#### 1.0%
ATI,

Inc.

,

Senior

Note

,

4.875 %

,

10/01/29

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

United

States

1,080,000

1,056,866

Boeing

Co.

(The)

,

Senior

Bond,

2.95%,

2/01/30

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

United

States

31,000

28,807

Senior

Note,

2.7%,

2/01/27

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

United

States

303,000

294,465

Senior

Note,

6.298%,

5/01/29

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

United

States

89,000

94,000

b

Bombardier,

Inc.

,

Senior

Note

,

144A,

%

,

6/01/32

...........

Canada

1,020,000

1,056,454

b

Spirit

AeroSystems,

Inc.

,

Secured

Note,

144A,

9.75%,

11/15/30

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

United

States

275,000

302,790

Senior

Secured

Note,

144A,

9.375%,

11/30/29

...........

United

States

206,000

217,925

b

TransDigm

,

Inc.

,

Senior

Secured

Note,

144A,

6.875%,

12/15/30

...........

United

States

420,000

435,612

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Aerospace

#### &

#### Defense
(continued)

b

TransDigm,

Inc.,

(continued)

Senior

Secured

Note,

144A,

6.625%,

3/01/32

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

United

States

145,000

$

149,280

3,636,199

#### Automobile

#### Components

#### 0.0%

#### †
b

Adient

Global

Holdings

Ltd.

,

Senior

Note

,

144A,

7.5 %

,

2/15/33

.

United

States

80,000

81,634

#### Automobiles

#### 0.2%
b

Hyundai

Capital

America

,

Senior

Note

,

144A,

4.55 %

,

9/26/29

..

United

States

470,000

466,292

b

Volkswagen

Group

of

America

Finance

LLC

,

Senior

Note

,

144A,

1.625 %

,

11/24/27

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

Germany

510,000

475,734

942,026

#### Banks

#### 1.5%
b

AIB

Group

plc

,

Senior

Note

,

144A,

6.608%

to

9/12/28,

FRN

thereafter

,

9/13/29

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

Ireland

435,000

459,216

Bank

of

America

Corp.

,

Senior

Note,

6.204%

to

11/09/27,

FRN

thereafter,

11/10/28

..

United

States

955,000

991,272

L,

Sub.

Bond,

4.183%,

11/25/27

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

United

States

470,000

467,538

b

CaixaBank

SA

,

Senior

Non-Preferred

Note

,

144A,

6.208%

to

1/17/28,

FRN

thereafter

,

1/18/29

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

Spain

445,000

461,109

JPMorgan

Chase

&

Co.

,

Senior

Note

,

6.07%

to

10/21/26,

FRN

thereafter

,

10/22/27

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

United

States

1,810,000

1,843,185

Toronto-Dominion

Bank

(The)

,

Senior

Note

,

5.264 %

,

12/11/26

..

Canada

325,000

328,692

Wells

Fargo

&

Co.

,

Senior

Note

,

5.574%

to

7/24/28,

FRN

thereafter

,

7/25/29

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

United

States

895,000

921,704

5,472,716

#### Building

#### Products

#### 0.8%
b

Builders

FirstSource

,

Inc.

,

Senior

Bond

,

144A,

6.75 %

,

5/15/35

..

United

States

135,000

138,584

b

JH

North

America

Holdings,

Inc.

,

Senior

Secured

Note,

144A,

5.875%,

1/31/31

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

United

States

30,000

30,121

Senior

Secured

Note,

144A,

6.125%,

7/31/32

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

United

States

135,000

136,502

b

Miter

Brands

Acquisition

Holdco,

Inc.

/

MIWD

Borrower

LLC

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/01/32

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

United

States

455,000

464,833

b

Quikrete

Holdings,

Inc.

,

Senior

Note,

144A,

6.75%,

3/01/33

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

United

States

360,000

369,455

Senior

Secured

Note,

144A,

6.375%,

3/01/32

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

United

States

165,000

169,331

b

Smyrna

Ready

Mix

Concrete

LLC

,

Senior

Secured

Note

,

144A,

8.875 %

,

11/15/31

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

United

States

965,000

1,016,451

b

Standard

Building

Solutions,

Inc.

,

Senior

Note,

144A,

6.5%,

8/15/32

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

United

States

290,000

296,346

Senior

Note,

144A,

6.25%,

8/01/33

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

United

States

270,000

272,780

2,894,403

#### Capital

#### Markets

#### 1.4%
Ares

Capital

Corp.

,

Senior

Note

,

%

,

1/15/27

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

United

States

905,000

931,937

b

Dresdner

Funding

Trust

I

,

Junior

Sub.

Bond

,

144A,

8.151 %

,

6/30/31

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

United

States

200,000

220,856

b

Jane

Street

Group

/

JSG

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

5/01/33

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

United

States

945,000

967,738

Morgan

Stanley

,

Senior

Note

,

5.123%

to

1/31/28,

FRN

thereafter

,

2/01/29

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

United

States

1,350,000

1,370,027

b

Stonex

Escrow

Issuer

LLC

,

Secured

Note

,

144A,

6.875 %

,

7/15/32

United

States

250,000

254,672

UBS

AG

,

Senior

Note

,

7.5 %

,

2/15/28

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

Switzerland

265,000

284,722

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Capital

#### Markets
(continued)

b

UBS

Group

AG

,

Senior

Note

,

144A,

5.428%

to

2/07/29,

FRN

thereafter

,

2/08/30

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

Switzerland

375,000

$

384,562

4,414,514

#### Chemicals

#### 0.3%
b

Avient

Corp.

,

Senior

Note

,

144A,

6.25 %

,

11/01/31

...........

United

States

100,000

100,446

b

Braskem

Idesa

SAPI

,

Senior

Secured

Note

,

Reg

S,

7.45 %

,

11/15/29

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

Mexico

500,000

353,212

Celanese

US

Holdings

LLC

,

Senior

Bond

,

6.879 %

,

7/15/32

....

United

States

15,000

15,543

FMC

Corp.

,

Sub.

Bond

,

8.45%

to

10/31/30,

FRN

thereafter

,

11/01/55

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

United

States

265,000

274,628

Huntsman

International

LLC

,

Senior

Bond

,

4.5 %

,

5/01/29

.....

United

States

480,000

456,500

1,200,329

#### Commercial

#### Services

#### &

#### Supplies

#### 1.3%
b

Allied

Universal

Holdco

LLC

,

Senior

Secured

Note

,

144A,

7.875 %

,

2/15/31

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

United

States

450,000

472,188

b

Ambipar

Lux

SARL

,

Senior

Note

,

144A,

10.875 %

,

2/05/33

.....

Brazil

400,000

360,942

b

Aramark

Services,

Inc.

,

Senior

Bond

,

144A,

%

,

2/01/28

......

United

States

459,000

454,967

b

Prime

Security

Services

Borrower

LLC

/

Prime

Finance,

Inc.

,

Secured

Note

,

144A,

6.25 %

,

1/15/28

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

United

States

455,000

455,429

b

RR

Donnelley

&

Sons

Co.

,

Senior

Secured

Note

,

144A,

9.5 %

,

8/01/29

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

United

States

630,000

644,320

b

Verisure

Midholding

AB

,

Senior

Note

,

Reg

S,

5.25 %

,

2/15/29

...

Sweden

1,310,000

EUR

1,507,375

b

Veritiv

Operating

Co.

,

Senior

Secured

Note

,

144A,

10.5 %

,

11/30/30

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

United

States

95,000

103,087

b

Waste

Pro

USA,

Inc.

,

Senior

Note

,

144A,

%

,

2/01/33

........

United

States

860,000

894,454

4,892,762

#### Communications

#### Equipment

#### 0.1%
Motorola

Solutions,

Inc.

,

Senior

Note

,

%

,

4/15/29

...........

United

States

455,000

461,803

#### Construction

#### &

#### Engineering

#### 0.0%

#### †
b

Arcosa

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

8/15/32

...........

United

States

115,000

118,907

#### Consumer

#### Finance

#### 0.7%
AerCap

Ireland

Capital

DAC

/

AerCap

Global

Aviation

Trust

,

Senior

Note

,

4.625 %

,

9/10/29

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

Ireland

670,000

668,352

b

Encore

Capital

Group,

Inc.

,

Senior

Secured

Note

,

144A,

9.25 %

,

4/01/29

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

United

States

555,000

585,242

b

FirstCash

,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/32

.........

United

States

814,000

835,453

Ford

Motor

Credit

Co.

LLC

,

Senior

Note,

5.8%,

3/05/27

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

United

States

200,000

201,186

Senior

Note,

4.125%,

8/17/27

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

United

States

290,000

282,626

2,572,859

#### Containers

#### &

#### Packaging

#### 0.1%
b

Clydesdale

Acquisition

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/15/32

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

United

States

435,000

445,868

#### Distributors

#### 0.2%
b

RB

Global

Holdings,

Inc.

,

Senior

Note

,

144A,

7.75 %

,

3/15/31

..

Canada

607,000

636,890

#### Diversified

#### REITs

#### 0.3%
VICI

Properties

LP

,

Senior

Note

,

4.95 %

,

2/15/30

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

United

States

935,000

939,732

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Diversified

#### Telecommunication

#### Services

#### 0.7%
AT&T,

Inc.

,

Senior

Note

,

4.1 %

,

2/15/28

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

United

States

910,000

$

904,003

b

CCO

Holdings

LLC

/

CCO

Holdings

Capital

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

2/01/32

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

United

States

941,000

870,728

b

IHS

Holding

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

11/29/31

.......

Nigeria

400,000

409,323

b

Level

Financing,

Inc.

,

Senior

Secured

Note

,

144A,

10.75 %

,

12/15/30

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

United

States

350,000

395,062

2,579,116

#### Electric

#### Utilities

#### 2.0%
b

Buffalo

Energy

Mexico

Holdings

/

Buffalo

Energy

Infrastructure

/

Buffalo

Energy

,

Senior

Secured

Bond

,

144A,

7.875 %

,

2/15/39

Mexico

530,000

565,246

Duke

Energy

Carolinas

LLC

,

A

,

Senior

Bond

,

%

,

12/01/28

....

United

States

435,000

455,269

b

Energo

-Pro

A/S

,

Senior

Note

,

144A,

%

,

11/02/28

..........

Czech

Republic

700,000

749,466

Eversource

Energy

,

Senior

Note

,

5.45 %

,

3/01/28

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

United

States

450,000

460,215

b

NRG

Energy,

Inc.

,

Senior

Bond

,

144A,

6.25 %

,

11/01/34

.......

United

States

875,000

887,295

Pacific

Gas

and

Electric

Co.

,

Senior

Note

,

6.1 %

,

1/15/29

......

United

States

440,000

455,201

PG&E

Corp.

,

Senior

Secured

Bond

,

5.25 %

,

7/01/30

.........

United

States

1,045,000

1,003,279

Southern

Co.

(The)

,

Senior

Note

,

5.5 %

,

3/15/29

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

United

States

570,000

590,743

Virginia

Electric

and

Power

Co.

,

A

,

Senior

Bond

,

2.875 %

,

7/15/29

United

States

1,000,000

945,853

b

Vistra

Operations

Co.

LLC

,

Senior

Note,

144A,

4.375%,

5/01/29

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

United

States

590,000

572,109

Senior

Note,

144A,

6.875%,

4/15/32

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

United

States

465,000

483,448

7,168,124

#### Energy

#### Equipment

#### &

#### Services

#### 0.3%
b

Aris

Water

Holdings

LLC

,

Senior

Note

,

144A,

7.25 %

,

4/01/30

..

United

States

460,000

472,138

b

Transocean

Poseidon

Ltd.

,

Senior

Secured

Note

,

144A,

6.875 %

,

2/01/27

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

United

States

236,250

236,826

b

Transocean

Titan

Financing

Ltd.

,

Senior

Secured

Note

,

144A,

8.375 %

,

2/01/28

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

United

States

194,524

199,539

908,503

#### Entertainment

#### 0.2%
b

Banijay

Entertainment

SAS

,

Senior

Secured

Note

,

144A,

8.125 %

,

5/01/29

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

France

795,000

826,862

#### Financial

#### Services

#### 1.1%
b

Freedom

Mortgage

Corp.

,

Senior

Note

,

144A,

12.25 %

,

10/01/30

United

States

780,000

863,507

b

Jefferson

Capital

Holdings

LLC

,

Senior

Note

,

144A,

9.5 %

,

2/15/29

United

States

995,000

1,050,948

b

Nationstar

Mortgage

Holdings,

Inc.

,

Senior

Bond

,

144A,

5.75 %

,

11/15/31

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

United

States

1,100,000

1,113,102

b,e

Osaic

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

8/01/32

United

States

135,000

136,736

b

Petronas

Capital

Ltd.

,

Senior

Note

,

144A,

4.95 %

,

1/03/31

.....

Malaysia

840,000

854,035

b

Rocket

Cos.,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

8/01/33

.......

United

States

440,000

449,343

b

Shift4

Payments

LLC

/

Shift4

Payments

Finance

Sub,

Inc.

,

Senior

Note

,

144A,

5.5 %

,

5/15/33

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

United

States

100,000

EUR

119,232

4,586,903

#### Food

#### Products

#### 0.2%
b

Chobani

LLC

/

Chobani

Finance

Corp.,

Inc.

,

Senior

Note

,

144A,

7.625 %

,

7/01/29

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

United

States

425,000

443,328

JBS

USA

Holding

Lux

SARL

/

JBS

USA

Food

Co.

/

JBS

Lux

Co.

SARL

,

Senior

Note

,

%

,

2/02/29

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

United

States

244,000

231,246

674,574

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Ground

#### Transportation

#### 0.3%
b

Ashtead

Capital,

Inc.

,

Senior

Note

,

144A,

%

,

5/01/28

........

United

Kingdom

475,000

$

466,086

b

Transnet

SOC

Ltd.

,

Senior

Note

,

Reg

S,

8.25 %

,

2/06/28

......

South

Africa

650,000

678,695

1,144,781

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.1%
GE

HealthCare

Technologies,

Inc.

,

Senior

Note

,

4.8 %

,

8/14/29

.

United

States

460,000

465,393

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.8%
CVS

Health

Corp.

,

Junior

Sub.

Bond

,

7%

to

3/09/30,

FRN

thereafter

,

3/10/55

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

United

States

395,000

407,379

b

DaVita,

Inc.

,

Senior

Note,

144A,

6.875%,

9/01/32

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

United

States

390,000

401,251

Senior

Note,

144A,

6.75%,

7/15/33

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

United

States

55,000

56,770

b

Kedrion

SpA

,

Senior

Secured

Note

,

144A,

6.5 %

,

9/01/29

......

Italy

1,120,000

1,084,658

Tenet

Healthcare

Corp.

,

Senior

Secured

Note

,

6.75 %

,

5/15/31

..

United

States

1,005,000

1,034,864

2,984,922

#### Health

#### Care

#### REITs

#### 0.2%
b

MPT

Operating

Partnership

LP

/

MPT

Finance

Corp.

,

Senior

Secured

Note

,

144A,

8.5 %

,

2/15/32

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

United

States

535,000

556,416

#### Hotel

#### &

#### Resort

#### REITs

#### 0.3%
b

RHP

Hotel

Properties

LP

/

RHP

Finance

Corp.

,

Senior

Note,

144A,

6.5%,

4/01/32

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

United

States

455,000

465,040

Senior

Note,

144A,

6.5%,

6/15/33

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

United

States

160,000

163,972

b

XHR

LP

,

Senior

Note

,

144A,

6.625 %

,

5/15/30

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

United

States

395,000

401,963

1,030,975

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 1.6%
b

Boyd

Gaming

Corp.

,

Senior

Bond

,

144A,

4.75 %

,

6/15/31

......

United

States

490,000

467,030

b

Caesars

Entertainment,

Inc.

,

Senior

Secured

Note

,

144A,

%

,

2/15/30

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

United

States

509,000

525,368

b

Carnival

Corp.

,

Senior

Note

,

144A,

5.75 %

,

3/15/30

..........

United

States

155,000

157,319

b

Carnival

plc

,

Senior

Note

,

144A,

4.125 %

,

7/15/31

...........

United

States

300,000

EUR

348,447

b

Hilton

Domestic

Operating

Co.,

Inc.

,

Senior

Note

,

144A,

5.75 %

,

9/15/33

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

United

States

405,000

405,638

b

Royal

Caribbean

Cruises

Ltd.

,

Senior

Note,

144A,

5.625%,

9/30/31

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

United

States

175,000

176,366

Senior

Note,

144A,

6.25%,

3/15/32

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

United

States

267,000

274,210

Senior

Note,

144A,

6%,

2/01/33

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

United

States

548,000

557,387

b

Six

Flags

Entertainment

Corp.

,

Senior

Note

,

144A,

7.25 %

,

5/15/31

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

United

States

610,000

622,177

b

Station

Casinos

LLC

,

Senior

Bond

,

144A,

4.625 %

,

12/01/31

...

United

States

625,000

585,289

Viking

Cruises

Ltd.

,

b

Senior

Note,

144A,

9.125%,

7/15/31

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

United

States

830,000

893,645

b

Wynn

Resorts

Finance

LLC

/

Wynn

Resorts

Capital

Corp.

,

Senior

Note

,

144A,

7.125 %

,

2/15/31

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

United

States

835,000

888,635

5,901,511

#### Household

#### Durables

#### 0.6%
Newell

Brands,

Inc.

,

Senior

Note,

6.375%,

5/15/30

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

United

States

115,000

111,727

Senior

Note,

6.625%,

5/15/32

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

United

States

34,000

32,600

b

Senior

Note,

144A,

8.5%,

6/01/28

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

United

States

170,000

178,564

b

Taylor

Morrison

Communities,

Inc.

,

Senior

Bond

,

144A,

5.125 %

,

8/01/30

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

United

States

1,056,000

1,043,551

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Household

#### Durables
(continued)

Toll

Brothers

Finance

Corp.

,

Senior

Bond

,

3.8 %

,

11/01/29

.....

United

States

485,000

$

471,371

b

Weekley

Homes

LLC

/

Weekley

Finance

Corp.

,

Senior

Note

,

144A,

4.875 %

,

9/15/28

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

United

States

450,000

433,421

2,271,234

#### Independent

#### Power

#### and

#### Renewable

#### Electricity

#### Producers

#### 0.4%
AES

Andes

SA

,

b

Senior

Note,

144A,

6.25%,

3/14/32

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

Chile

950,000

966,973

Constellation

Energy

Generation

LLC

,

Senior

Note

,

5.6 %

,

3/01/28

United

States

445,000

458,385

1,425,358

#### Insurance

#### 0.8%
b

Acrisure

LLC

/

Acrisure

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

7.5 %

,

11/06/30

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

United

States

435,000

449,676

b

Athene

Global

Funding

,

Secured

Note

,

144A,

5.583 %

,

1/09/29

.

United

States

450,000

462,710

F&G

Annuities

&

Life,

Inc.

,

Senior

Note

,

7.4 %

,

1/13/28

.......

United

States

440,000

460,651

b

GA

Global

Funding

Trust

,

Secured

Note

,

144A,

4.4 %

,

9/23/27

..

United

States

500,000

498,383

b

Jones

Deslauriers

Insurance

Management,

Inc.

,

Senior

Secured

Note

,

144A,

8.5 %

,

3/15/30

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

Canada

420,000

443,507

b

New

York

Life

Global

Funding

,

Senior

Secured

Note

,

144A,

4.9 %

,

6/13/28

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

United

States

455,000

462,640

b

Protective

Life

Global

Funding

,

Secured

Note

,

144A,

5.467 %

,

12/08/28

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

United

States

585,000

603,614

3,381,181

#### Interactive

#### Media

#### &

#### Services

#### 0.2%
b

Snap,

Inc.

,

Senior

Note

,

144A,

6.875 %

,

3/01/33

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

United

States

736,000

755,207

#### IT

#### Services

#### 0.4%
b

Cogent

Communications

Group

LLC

/

Cogent

Finance,

Inc.

,

Senior

Secured

Note

,

144A,

6.5 %

,

7/01/32

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

United

States

530,000

520,053

b

Gartner,

Inc.

,

Senior

Note

,

144A,

3.625 %

,

6/15/29

...........

United

States

990,000

939,700

1,459,753

#### Leisure

#### Products

#### 0.2%
b

Mattel,

Inc.

,

Senior

Note

,

144A,

3.75 %

,

4/01/29

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

United

States

585,000

560,761

#### Life

#### Sciences

#### Tools

#### &

#### Services

#### 0.1%
Illumina,

Inc.

,

Senior

Note

,

4.65 %

,

9/09/26

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

United

States

258,000

257,935

#### Machinery

#### 0.1%
b

Terex

Corp.

,

Senior

Note

,

144A,

6.25 %

,

10/15/32

...........

United

States

475,000

476,198

#### Media

#### 0.8%
b

Clear

Channel

Outdoor

Holdings,

Inc.

,

Senior

Secured

Note

,

144A,

7.875 %

,

4/01/30

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

United

States

625,000

644,192

b

McGraw-Hill

Education,

Inc.

,

Senior

Secured

Note,

144A,

5.75%,

8/01/28

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

United

States

260,000

259,198

Senior

Secured

Note,

144A,

7.375%,

9/01/31

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

United

States

339,000

352,675

b

Outfront

Media

Capital

LLC

/

Outfront

Media

Capital

Corp.

,

Senior

Note,

144A,

5%,

8/15/27

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

United

States

565,000

559,698

Senior

Secured

Note,

144A,

7.375%,

2/15/31

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

United

States

168,000

176,552

b

Sinclair

Television

Group,

Inc.

,

Senior

Secured

Note

,

144A,

8.125 %

,

2/15/33

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

United

States

550,000

561,357

2,553,672

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Metals

#### &

#### Mining

#### 0.9%
ArcelorMittal

SA

,

Senior

Bond

,

%

,

10/15/39

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

Luxembourg

515,000

$

570,010

b

Cleveland-Cliffs,

Inc.

,

Senior

Note

,

144A,

%

,

3/15/32

........

United

States

202,000

197,326

Commercial

Metals

Co.

,

Senior

Bond

,

4.375 %

,

3/15/32

.......

United

States

595,000

551,621

b

Constellium

SE

,

Senior

Note,

Reg

S,

3.125%,

7/15/29

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

United

States

650,000

EUR

729,015

Senior

Note,

144A,

6.375%,

8/15/32

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

United

States

385,000

390,567

b

Novelis

Corp.

,

Senior

Note

,

144A,

6.875 %

,

1/30/30

..........

United

States

429,000

442,347

2,880,886

#### Multi-Utilities

#### 0.1%
Ameren

Corp.

,

Senior

Note

,

%

,

1/15/29

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

United

States

325,000

330,473

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 3.1%
b

Aker

BP

ASA

,

Senior

Note

,

144A,

5.6 %

,

6/13/28

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

Norway

450,000

463,034

b

Antero

Resources

Corp.

,

Senior

Note

,

144A,

5.375 %

,

3/01/30

..

United

States

555,000

552,899

b

Crescent

Energy

Finance

LLC

,

Senior

Note

,

144A,

8.375 %

,

1/15/34

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

United

States

405,000

401,171

Energy

Transfer

LP

,

Senior

Bond

,

5.25 %

,

4/15/29

...........

United

States

905,000

923,604

b

Hess

Midstream

Operations

LP

,

Senior

Note,

144A,

5.875%,

3/01/28

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

United

States

140,000

142,411

Senior

Note,

144A,

4.25%,

2/15/30

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

United

States

590,000

571,387

Senior

Note,

144A,

5.5%,

10/15/30

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

United

States

184,000

184,943

b

KazMunayGas

National

Co.

JSC

,

Senior

Bond

,

Reg

S,

5.375 %

,

4/24/30

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

Kazakhstan

1,000,000

1,013,565

Kinder

Morgan,

Inc.

,

Senior

Note

,

%

,

2/01/29

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

United

States

555,000

562,321

b

Kinetik

Holdings

LP

,

Senior

Note

,

144A,

5.875 %

,

6/15/30

......

United

States

1,005,000

1,006,738

b

Matador

Resources

Co.

,

Senior

Note

,

144A,

6.875 %

,

4/15/28

..

United

States

731,000

743,613

b

Pertamina

Hulu

Energi

PT

,

Senior

Note

,

144A,

5.25 %

,

5/21/30

.

Indonesia

350,000

354,826

b

Raizen

Fuels

Finance

SA

,

Senior

Note

,

144A,

6.25 %

,

7/08/32

..

Brazil

700,000

689,325

b

South

Bow

USA

Infrastructure

Holdings

LLC

,

Senior

Note

,

144A,

5.026 %

,

10/01/29

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

Canada

460,000

459,759

b

Sunoco

LP

,

Senior

Note

,

144A,

6.25 %

,

7/01/33

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

United

States

403,000

408,451

Targa

Resources

Corp.

,

Senior

Note

,

6.15 %

,

3/01/29

........

United

States

440,000

460,786

b

TGNR

Intermediate

Holdings

LLC

,

Senior

Note

,

144A,

5.5 %

,

10/15/29

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

United

States

476,000

464,058

b

Venture

Global

LNG,

Inc.

,

Senior

Secured

Note

,

144A,

8.375 %

,

6/01/31

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

United

States

985,000

1,019,512

b

Venture

Global

Plaquemines

LNG

LLC

,

Senior

Secured

Bond,

144A,

7.75%,

5/01/35

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

United

States

70,000

76,796

Senior

Secured

Bond,

144A,

6.75%,

1/15/36

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

United

States

145,000

149,253

Senior

Secured

Note,

144A,

7.5%,

5/01/33

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

United

States

70,000

75,640

Senior

Secured

Note,

144A,

6.5%,

1/15/34

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

United

States

95,000

97,791

Viper

Energy

Partners

LLC

,

Senior

Bond

,

5.7 %

,

8/01/35

......

United

States

56,000

55,693

10,877,576

#### Paper

#### &

#### Forest

#### Products

#### 0.1%
b

Magnera

Corp.

,

Senior

Note

,

144A,

4.75 %

,

11/15/29

.........

United

States

505,000

446,818

#### Passenger

#### Airlines

#### 0.4%
b

Air

France-KLM

,

Senior

Note

,

Reg

S,

8.125 %

,

5/31/28

.......

France

500,000

EUR

644,702

b

OneSky

Flight

LLC

,

Senior

Note

,

144A,

8.875 %

,

12/15/29

.....

United

States

446,000

470,283

b

United

Airlines,

Inc.

,

Senior

Secured

Note

,

144A,

4.625 %

,

4/15/29

United

States

311,000

303,891

1,418,876

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Personal

#### Care

#### Products

#### 0.1%
Haleon

US

Capital

LLC

,

Senior

Note

,

3.375 %

,

3/24/29

.......

United

States

485,000

$

468,723

#### Pharmaceuticals

#### 0.6%
Pharmacia

LLC

,

Senior

Bond

,

6.6 %

,

12/01/28

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

United

States

955,000

1,019,953

Teva

Pharmaceutical

Finance

Netherlands

III

BV

,

Senior

Note

,

8.125 %

,

9/15/31

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

Israel

989,000

1,119,948

2,139,901

#### Professional

#### Services

#### 0.1%
b

CACI

International,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

6/15/33

..

United

States

400,000

409,516

#### Semiconductors

#### &

#### Semiconductor

#### Equipment

#### 0.1%
Broadcom

Corp.

/

Broadcom

Cayman

Finance

Ltd.

,

Senior

Note

,

3.875 %

,

1/15/27

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

United

States

455,000

451,255

#### Specialized

#### REITs

#### 0.2%
American

Tower

Corp.

,

Senior

Note

,

2.75 %

,

1/15/27

.........

United

States

910,000

887,553

#### Specialty

#### Retail

#### 0.4%
Bath

&

Body

Works,

Inc.

,

Senior

Bond

,

6.875 %

,

11/01/35

.....

United

States

985,000

1,015,105

b,f

Carvana

Co.

,

Senior

Secured

Note

,

144A,

PIK,

%

,

12/01/28

..

United

States

440,000

450,428

1,465,533

#### Technology

#### Hardware,

#### Storage

#### &

#### Peripherals

#### 0.2%
b

Seagate

Data

Storage

Technology

Pte.

Ltd.

,

Senior

Note,

144A,

5.875%,

7/15/30

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

United

States

330,000

334,192

Senior

Note,

144A,

9.625%,

12/01/32

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

United

States

339,000

382,068

716,260

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.5%
b

Beach

Acquisition

Bidco

LLC

,

f

Senior

Note,

144A,

PIK,

10%,

7/15/33

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

United

States

435,000

454,608

Senior

Secured

Note,

144A,

5.25%,

7/15/32

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

United

States

225,000

EUR

261,513

b

Crocs,

Inc.

,

Senior

Bond

,

144A,

4.125 %

,

8/15/31

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

United

States

640,000

579,547

b

Under

Armour

,

Inc.

,

Senior

Note

,

144A,

7.25 %

,

7/15/30

.......

United

States

320,000

327,287

1,622,955

#### Tobacco

#### 0.3%
Philip

Morris

International,

Inc.

,

Senior

Note

,

5.125 %

,

2/15/30

..

United

States

900,000

921,829

#### Trading

#### Companies

#### &

#### Distributors

#### 1.3%
Air

Lease

Corp.

,

Senior

Note

,

5.85 %

,

12/15/27

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

United

States

1,000,000

1,029,551

b

Aircastle

Ltd.

,

Senior

Note

,

144A,

5.25 %

,

8/11/25

...........

United

States

455,000

455,000

b

Aviation

Capital

Group

LLC

,

Senior

Note

,

144A,

5.375 %

,

7/15/29

United

States

455,000

463,147

b

Boise

Cascade

Co.

,

Senior

Note

,

144A,

4.875 %

,

7/01/30

.....

United

States

475,000

461,187

b

EquipmentShare.com,

Inc.

,

Secured

Note

,

144A,

%

,

5/15/28

..

United

States

435,000

459,002

b

Herc

Holdings,

Inc.

,

Senior

Note,

144A,

6.625%,

6/15/29

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

United

States

140,000

143,435

Senior

Note,

144A,

7%,

6/15/30

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

United

States

80,000

82,733

Senior

Note,

144A,

7.25%,

6/15/33

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

United

States

800,000

828,999

b

QXO

Building

Products,

Inc.

,

Senior

Secured

Note

,

144A,

6.75 %

,

4/30/32

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

United

States

525,000

541,944

United

Rentals

North

America,

Inc.

,

Senior

Bond

,

%

,

7/15/30

..

United

States

196,000

185,596

b

WESCO

Distribution,

Inc.

,

Senior

Note

,

144A,

6.375 %

,

3/15/33

.

United

States

100,000

102,455

4,753,049

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Corporate

#### Bonds
(continued)

#### Wireless

#### Telecommunication

#### Services

#### 0.9%
T-Mobile

USA,

Inc.

,

Senior

Note,

2.05%,

2/15/28

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

United

States

500,000

$

472,049

Senior

Note,

3.375%,

4/15/29

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

United

States

1,820,000

1,748,560

b

Vmed

O2

UK

Financing

I

plc

,

Senior

Secured

Bond

,

Reg

S,

3.25 %

,

1/31/31

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

United

Kingdom

610,000

EUR

673,319

b

Zegona

Finance

plc

,

Senior

Secured

Note

,

144A,

8.625 %

,

7/15/29

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

United

Kingdom

435,000

463,710

3,357,638

#### Total

#### Corporate

#### Bonds

#### (Cost

#### $101,308,156)
...................................

#### 103,828,862
g

#### Senior

#### Floating

#### Rate

#### Interests

#### 6.7%

#### Aerospace

#### &

#### Defense

#### 0.1%
h

TransDigm

,

Inc.,

First

Lien,

CME

Term

Loan,

J,

6.796%,

(3-month

SOFR

+

2.5%),

2/28/31

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

United

States

264,657

265,738

#### Air

#### Freight

#### &

#### Logistics

#### 0.2%
h

Rand

Parent

LLC,

First

Lien,

CME

Term

Loan,

B,

7.296%,

(3-month

SOFR

+

3%),

3/18/30

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

United

States

538,398

533,965

#### Automobile

#### Components

#### 0.0%

#### †
h

Clarios

Global

LP,

First

Lien,

Amendment

No.

Dollar

CME

Term

Loan,

7.106%,

(1-month

SOFR

+

2.75%),

1/28/32

.........

United

States

131,578

131,769

h

#### Building

#### Products

#### 0.2%
EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

CME

Term

Loan,

6.856%,

(1-month

SOFR

+

2.5%),

8/04/31

..

United

States

427,733

428,535

Quikrete

Holdings,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

6.606%,

(1-month

SOFR

+

2.25%),

3/19/29

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

United

States

453,094

453,769

882,304

a

a

a

a

a

a

#### Chemicals

#### 0.1%
h

Nouryon

Finance

BV,

First

Lien,

Term

Loan,

B,

5.383%,

(1-month

EURIBOR

+

3.5%),

4/03/28

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

Netherlands

440,000

EUR

505,404

h

#### Commercial

#### Services

#### &

#### Supplies

#### 0.2%
Madison

IAQ

LLC,

First

Lien,

Initial

CME

Term

Loan,

6.702%,

(6-month

SOFR

+

2.5%),

6/21/28

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

United

States

439,295

440,070

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

CME

Term

Loan,

7.046%,

(3-month

SOFR

+

2.75%),

3/26/31

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

Luxembourg

198,503

199,396

639,466

a

a

a

a

a

a

#### Communications

#### Equipment

#### 0.1%
e,h

CommScope,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

9.606%,

(1-month

SOFR

+

5.25%),

12/18/29

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

United

States

405,000

412,648

#### Consumer

#### Staples

#### Distribution

#### &

#### Retail

#### 0.1%
e,h

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

CME

Term

Loan,

7.384%,

(12-month

SOFR

+

3.5%),

7/16/32

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

United

Kingdom

187,672

187,791

h

#### Containers

#### &

#### Packaging

#### 0.1%
e

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Closing

Date

CME

Term

Loan,

B,

7.606%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

442,268

442,460

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Containers

#### &

#### Packaging
(continued)

e,i

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

2025

Incremental

Delayed

Draw

CME

Term

Loan,

B,

7.606%,

(1-month

SOFR

+

3.25%),

4/01/32

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

United

States

$

442,692

a

a

a

a

a

a

#### Distributors

#### 0.0%

#### †
h

Verde

Purchaser

LLC,

First

Lien,

Second

Refinancing

CME

Term

Loan,

8.296%,

(3-month

SOFR

+

4%),

11/30/30

...........

United

States

72,646

73,032

#### Electrical

#### Equipment

#### 0.1%
h

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.579%,

(1-month

SOFR

+

2.25%),

1/27/31

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

United

States

440,550

441,358

h

#### Entertainment

#### 0.1%
Banijay

Entertainment

SAS,

First

Lien,

CME

Term

Loan,

B3,

7.072%,

(1-month

SOFR

+

2.75%),

3/01/28

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

France

174,546

175,146

e

Playtika

Holding

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.221%,

(1-month

SOFR

+

2.75%),

3/13/28

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

United

States

433,867

430,908

606,054

a

a

a

a

a

a

#### Food

#### Products

#### 0.2%
h

Chobani

LLC,

First

Lien,

2025

New

CME

Term

Loan,

6.856%,

(1-month

SOFR

+

2.5%),

10/25/27

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

United

States

503,734

506,359

#### Ground

#### Transportation

#### 0.1%
h

Genesee

&

Wyoming,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.046%,

(3-month

SOFR

+

1.75%),

4/10/31

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

United

States

297,750

297,457

h

#### Health

#### Care

#### Equipment

#### &

#### Supplies

#### 0.4%
Bausch

+

Lomb

Corp.,

First

Lien,

New

CME

Term

Loan,

8.356%,

(1-month

SOFR

+

4%),

9/29/28

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

United

States

272,835

273,290

Bausch

+

Lomb

Corp.,

First

Lien,

Third

Amendment

CME

Term

Loan,

8.606%,

(1-month

SOFR

+

4.25%),

1/15/31

.........

United

States

736,965

741,018

Medline

Borrower

LP,

First

Lien,

2028

Refinancing

CME

Term

Loan,

6.356%,

(1-month

SOFR

+

2%),

10/23/28

...........

United

States

399,272

400,076

1,414,384

a

a

a

a

a

a

h

#### Health

#### Care

#### Providers

#### &

#### Services

#### 0.4%
Phoenix

Guarantor,

Inc.,

First

Lien,

CME

Term

Loan,

B5,

6.856%,

(1-month

SOFR

+

2.5%),

2/21/31

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

United

States

454,267

455,273

Phoenix

Newco,

Inc.,

First

Lien,

Sixth

Amendment

CME

Term

Loan,

6.856%,

(1-month

SOFR

+

2.5%),

11/15/28

.........

United

States

536,915

538,292

Waystar

Technologies,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

6.606%,

(1-month

SOFR

+

2.25%),

10/22/29

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

United

States

205,231

206,087

1,199,652

a

a

a

a

a

a

h

#### Hotels,

#### Restaurants

#### &

#### Leisure

#### 0.7%
Caesars

Entertainment,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

6.606%,

(1-month

SOFR

+

2.25%),

2/06/31

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

United

States

488,813

488,874

Fertitta

Entertainment

LLC,

First

Lien,

Initial

CME

Term

Loan,

B,

7.577%,

(1-month

SOFR

+

3.25%),

1/29/29

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

United

States

467,660

468,584

Flutter

Financing

BV,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

6.046%,

(3-month

SOFR

+

1.75%),

12/02/30

......

Ireland

236,400

235,986

e

Great

Canadian

Gaming

Corp.,

First

Lien,

CME

Term

Loan,

B,

9.074%,

(3-month

SOFR

+

4.75%),

11/01/29

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

Canada

435,000

425,484

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

CME

Term

Loan,

B,

6.856%,

(1-month

SOFR

+

2.5%),

12/15/27

...

United

States

585,395

585,896

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Hotels,

#### Restaurants

#### &

#### Leisure
(continued)

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

CME

Term

Loan,

7.286%,

(3-month

SOFR

+

3%),

4/04/29

...

United

States

455,394

$

455,722

2,660,546

a

a

a

a

a

a

#### Household

#### Durables

#### 0.1%
h

Hunter

Douglas,

Inc.,

First

Lien,

CME

Term

Loan,

B1,

7.546%,

(3-month

SOFR

+

3.25%),

1/16/32

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

Netherlands

399,429

400,178

#### Insurance

#### 0.1%
h

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

CME

Term

Loan,

7.103%,

(1-month

SOFR

+

2.75%),

9/19/31

.........

United

States

434,511

435,032

#### IT

#### Services

#### 0.1%
h

Ahead

DB

Holdings

LLC,

First

Lien,

CME

Term

Loan,

B3,

7.296%,

(3-month

SOFR

+

3%),

2/03/31

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

United

States

201,639

202,059

h

#### Machinery

#### 0.6%
Chart

Industries,

Inc.,

First

Lien,

Amendment

No.

CME

Term

Loan,

6.792%,

(3-month

SOFR

+

2.5%),

3/15/30

..........

United

States

907,833

912,940

CPM

Holdings,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

8.829%,

(1-month

SOFR

+

4.5%),

9/28/28

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

United

States

365,672

360,220

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

10/23/28

......

United

States

453,824

455,419

TK

Elevator

Midco

GmbH,

First

Lien,

CME

Term

Loan,

B1,

7.237%,

(3-month

SOFR

+

3%),

4/30/30

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

Germany

290,869

292,796

2,021,375

a

a

a

a

a

a

h

#### Media

#### 0.7%
Clear

Channel

Outdoor

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.471%,

(1-month

SOFR

+

4%),

8/23/28

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

United

States

370,000

369,967

CSC

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

9%,

(PRIME

+

1.5%),

4/15/27

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

United

States

457,734

451,537

DIRECTV

Financing

LLC,

First

Lien,

2024

Refinancing

CME

Term

Loan,

B,

9.82%,

(3-month

SOFR

+

5.25%),

8/02/29

........

United

States

900,501

894,742

Gray

Media,

Inc.,

First

Lien,

CME

Term

Loan,

D,

7.443%,

(1-month

SOFR

+

3%),

12/01/28

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

United

States

520,515

520,661

2,236,907

a

a

a

a

a

a

#### Oil,

#### Gas

#### &

#### Consumable

#### Fuels

#### 0.4%
h

CQP

Holdco

LP,

First

Lien,

Initial

CME

Term

Loan,

6.296%,

(3-month

SOFR

+

2%),

12/31/30

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

United

States

1,517,987

1,521,410

h

#### Passenger

#### Airlines

#### 0.2%
AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

2025

Incremental

CME

Term

Loan,

7.575%,

(3-month

SOFR

+

3.25%),

5/28/32

.....

United

States

44,888

45,252

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

CME

Term

Loan,

6.575%,

(3-month

SOFR

+

2.25%),

4/20/28

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

United

States

770,846

768,726

813,978

a

a

a

a

a

a

#### Pharmaceuticals

#### 0.1%
h

Endo

Finance

Holdings,

Inc.,

First

Lien,

2024

Refinancing

CME

Term

Loan,

8.356%,

(1-month

SOFR

+

4%),

4/23/31

.......

United

States

384,033

385,425

h

#### Professional

#### Services

#### 0.2%
Dun

&

Bradstreet

Corp.

(The),

First

Lien,

Incremental

CME

Term

Loan,

B2,

6.603%,

(1-month

SOFR

+

2.25%),

1/18/29

......

United

States

434,500

434,811

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

g

#### Senior

#### Floating

#### Rate

#### Interests
(continued)

h

#### Professional

#### Services
(continued)

WestJet

Loyalty

LP,

First

Lien,

Initial

CME

Term

Loan,

7.546%,

(3-month

SOFR

+

3.25%),

2/14/31

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

Canada

370,312

$

370,863

805,674

a

a

a

a

a

a

h

#### Software

#### 0.6%
Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

CME

Term

Loan,

B,

7.796%,

(3-month

SOFR

+

3.5%),

3/30/29

........

United

States

747,022

749,144

McAfee

Corp.,

First

Lien,

CME

Term

Loan,

B1,

7.327%,

(1-month

SOFR

+

3%),

3/01/29

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

United

States

481,369

466,526

Proofpoint,

Inc.,

First

Lien,

CME

Term

Loan,

7.327%,

(1-month

SOFR

+

3%),

8/31/28

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

United

States

519,390

520,852

UKG,

Inc.,

First

Lien,

Initial

CME

Term

Loan,

7.31%,

(3-month

SOFR

+

3%),

2/10/31

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

United

States

455,400

455,869

2,192,391

a

a

a

a

a

a

h

#### Specialty

#### Retail

#### 0.4%
PetSmart

LLC,

First

Lien,

Initial

CME

Term

Loan,

8.206%,

(1-month

SOFR

+

3.75%),

2/11/28

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

United

States

447,137

446,857

White

Cap

Supply

Holdings

LLC,

First

Lien,

CME

Term

Loan,

C,

7.577%,

(1-month

SOFR

+

3.25%),

10/19/29

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

United

States

1,032,160

1,031,959

1,478,816

a

a

a

a

a

a

#### Textiles,

#### Apparel

#### &

#### Luxury

#### Goods

#### 0.1%
h

Flash

Charm,

Inc.,

First

Lien,

CME

Term

Loan,

B2,

7.776%,

(3-month

SOFR

+

3.5%),

3/02/28

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

United

States

435,593

409,808

#### Total

#### Senior

#### Floating

#### Rate

#### Interests

#### (Cost

#### $24,026,322)
........................

#### 24,103,672

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### 10.5%
b

Armenia

Government

Bond

,

Senior

Bond

,

Reg

S,

3.6 %

,

2/02/31

Armenia

900,000

783,814

b

Benin

Government

Bond

,

Senior

Bond,

144A,

7.96%,

2/13/38

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

Benin

425,000

412,054

Senior

Bond,

Reg

S,

4.875%,

1/19/32

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

Benin

258,000

EUR

275,209

Senior

Bond,

Reg

S,

4.95%,

1/22/35

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

Benin

600,000

EUR

612,806

Brazil

Government

Bond

,

Senior

Bond,

3.875%,

6/12/30

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

Brazil

2,200,000

2,075,150

Senior

Bond,

6%,

10/20/33

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

Brazil

730,000

722,727

b

Bulgaria

Government

Bond

,

Senior

Bond,

Reg

S,

5%,

3/05/37

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

Bulgaria

260,000

253,973

Senior

Note,

Reg

S,

3.625%,

9/05/32

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

Bulgaria

360,000

EUR

424,032

b

Cameroon

Government

Bond

,

Senior

Bond

,

Reg

S,

5.95 %

,

7/07/32

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

Cameroon

700,000

EUR

638,672

Chile

Government

Bond

,

Senior

Bond,

5.65%,

1/13/37

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

Chile

300,000

310,035

Senior

Note,

4.85%,

1/22/29

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

Chile

920,000

933,340

Colombia

Government

Bond

,

Senior

Bond

,

%

,

11/14/35

......

Colombia

1,240,000

1,274,100

b

Costa

Rica

Government

Bond

,

Senior

Bond

,

Reg

S,

6.125 %

,

2/19/31

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

Costa

Rica

1,360,000

1,399,100

b

Dominican

Republic

Government

Bond

,

Senior

Bond

,

Reg

S,

%

,

7/19/28

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

Dominican

Republic

1,600,000

1,632,000

b

Eagle

Funding

Luxco

SARL

,

Senior

Note

,

144A,

5.5 %

,

8/17/30

.

Mexico

800,000

804,600

Ecopetrol

SA

,

Senior

Bond

,

8.875 %

,

1/13/33

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

Colombia

500,000

524,734

b

Egypt

Government

Bond

,

Senior

Bond,

Reg

S,

7.6%,

3/01/29

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

Egypt

930,000

940,481

Senior

Note,

144A,

8.625%,

2/04/30

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

Egypt

700,000

711,194

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Foreign

#### Government

#### and

#### Agency

#### Securities
(continued)

b,j

Electricite

de

France

SA

,

Junior

Sub

.

Bond

,

144A,

9.125%

to

6/14/33,

FRN

thereafter

,

Perpetual

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

France

535,000

$

614,381

b

Gabonese

Republic

,

Senior

Bond

,

Reg

S,

6.625 %

,

2/06/31

....

Gabon

810,000

667,952

b

Guatemala

Government

Bond

,

Senior

Bond,

Reg

S,

6.6%,

6/13/36

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

Guatemala

1,480,000

1,520,064

Senior

Note,

144A,

7.05%,

10/04/32

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

Guatemala

400,000

429,294

b

Hashemite

Kingdom

of

Jordan

,

Senior

Note

,

Reg

S,

7.5 %

,

1/13/29

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

Jordan

450,000

466,883

b

Hungary

Government

Bond

,

Senior

Note

,

Reg

S,

5.25 %

,

6/16/29

Hungary

1,150,000

1,162,569

b

Indonesia

Government

Bond

,

Senior

Bond

,

144A,

4.35 %

,

1/08/27

Indonesia

900,000

903,019

b

Iraq

Government

Bond

,

Senior

Bond

,

Reg

S,

5.8 %

,

1/15/28

....

Iraq

800,000

795,455

b

Istanbul

Metropolitan

Municipality

,

Senior

Note

,

Reg

S,

10.5 %

,

12/06/28

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

Turkiye

650,000

704,484

b

Ivory

Coast

Government

Bond

,

Senior

Bond

,

Reg

S,

4.875 %

,

1/30/32

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

Ivory

Coast

1,200,000

EUR

1,269,534

Mexico

Government

Bond

,

Senior

Bond

,

2.659 %

,

5/24/31

.....

Mexico

300,000

259,146

b

Montenegro

Government

Bond

,

Senior

Note

,

144A,

4.875 %

,

4/01/32

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

Montenegro

490,000

EUR

554,339

Panama

Government

Bond

,

Senior

Bond,

8%,

3/01/38

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

Panama

200,000

217,000

Senior

Note,

7.5%,

3/01/31

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

Panama

780,000

837,408

b

Paraguay

Government

Bond

,

Senior

Bond

,

Reg

S,

3.849 %

,

6/28/33

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

Paraguay

1,620,000

1,472,175

Peru

Government

Bond

,

Senior

Bond

,

2.783 %

,

1/23/31

.......

Peru

950,000

857,308

b

Perusahaan

Perseroan

Persero

PT

Perusahaan

Listrik

Negara

,

Senior

Bond

,

Reg

S,

5.45 %

,

5/21/28

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

Indonesia

400,000

408,570

Petroleos

Mexicanos

,

Senior

Note,

6.49%,

1/23/27

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

Mexico

540,000

541,318

Senior

Note,

6.7%,

2/16/32

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

Mexico

460,000

438,759

Philippines

Government

Bond

,

Senior

Bond

,

5.5 %

,

2/04/35

....

Philippines

790,000

823,161

b

Power

Finance

Corp.

Ltd.

,

Senior

Bond

,

Reg

S,

3.95 %

,

4/23/30

.

India

890,000

858,642

b

Romania

Government

Bond

,

Senior

Bond,

Reg

S,

5.625%,

2/22/36

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

Romania

800,000

EUR

894,759

Senior

Note,

144A,

3%,

2/27/27

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

Romania

1,610,000

1,565,141

b

Serbia

Government

Bond

,

Senior

Bond,

Reg

S,

6.5%,

9/26/33

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

Serbia

830,000

877,484

Senior

Note,

Reg

S,

6.25%,

5/26/28

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

Serbia

510,000

527,924

South

Africa

Government

Bond

,

Senior

Bond,

5.875%,

6/22/30

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

South

Africa

450,000

448,148

Senior

Bond,

5.875%,

4/20/32

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

South

Africa

430,000

419,317

b

Southern

Gas

Corridor

CJSC

,

Senior

Bond

,

Reg

S,

6.875 %

,

3/24/26

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

Azerbaijan

800,000

809,737

Turkiye

Government

Bond

,

Senior

Note,

9.125%,

7/13/30

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

Turkiye

1,260,000

1,403,709

b

Uzbekistan

Government

Bond

,

Senior

Note

,

Reg

S,

6.9 %

,

2/28/32

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

Uzbekistan

720,000

745,969

#### Total

#### Foreign

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $37,006,222)
............

#### 38,221,670

#### Asset-Backed

#### Securities

#### 1.0%

#### Financial

#### Services

#### 1.0%
b,h

BDS

Ltd.

,

2021-FL9

,

A

,

144A,

FRN

,

5.534 %

,

(1-month

SOFR

+

1.184 %),

11/16/38

.

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

United

States

132,691

132,870

b,h

Black

Diamond

CLO

Ltd.

,

2024-1A

,

D1

,

144A,

FRN

,

8.768 %

,

(3-month

SOFR

+

4.45 %),

10/25/37

.

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

United

States

900,000

914,468

h

Citigroup

Mortgage

Loan

Trust,

Inc.

,

2007-AMC3

,

A2D

,

FRN

,

4.817 %

,

(1-month

SOFR

+

0.464 %),

3/25/37

.

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

United

States

1,408,095

1,197,462

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Asset-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b

New

Economy

Assets

-

Phase

Sponsor

LLC

,

2021-1

,

A1

,

144A,

1.91 %

,

10/20/61

.

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

United

States

546,000

$

449,730

b,h

Northwoods

Capital

Ltd.

,

2020-22A

,

DRR

,

144A,

FRN

,

9.268 %

,

(3-month

SOFR

+

4.95 %),

9/16/31

.

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

United

States

900,000

913,025

3,607,555

a

a

a

a

a

a

#### Total

#### Asset-Backed

#### Securities

#### (Cost

#### $3,581,820)
..............................

#### 3,607,555

#### Commercial

#### Mortgage-Backed

#### Securities

#### 10.4%

#### Financial

#### Services

#### 10.4%
k,l

BANK

,

2024-BNK48

,

XA

,

IO,

FRN

,

1.146 %

,

10/15/57

........

United

States

9,680,778

794,009

k,l

BANK5

,

2024-5YR10,

XA,

IO,

FRN,

1.189%,

10/15/57

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

United

States

14,858,316

640,619

2024-5YR12,

XA,

IO,

FRN,

0.498%,

12/15/57

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

United

States

11,029,718

218,658

2024-5YR7,

XA,

IO,

FRN,

1.334%,

6/15/57

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

United

States

10,894,265

490,565

k,l

BBCMS

Mortgage

Trust

,

2022-C14,

XA,

IO,

FRN,

0.693%,

2/15/55

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

United

States

10,427,824

347,557

2024-5C29,

XA,

IO,

FRN,

1.599%,

9/15/57

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

United

States

16,430,246

935,867

2024-5C31,

XA,

IO,

FRN,

1.061%,

12/15/57

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

United

States

4,847,391

197,232

2024-C26,

XA,

IO,

FRN,

1.013%,

5/15/57

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

United

States

5,704,997

412,860

k,l

Benchmark

Mortgage

Trust

,

2024-V10,

XA,

IO,

FRN,

1.305%,

9/15/57

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

United

States

14,079,221

658,802

2024-V11,

XA,

IO,

FRN,

0.56%,

11/15/57

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

United

States

20,387,000

451,164

k,l

BMO

Mortgage

Trust

,

2024-5C6,

XA,

IO,

FRN,

1.353%,

9/15/57

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

United

States

12,363,644

579,008

2024-5C8,

XA,

IO,

FRN,

1.021%,

12/15/57

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

United

States

5,934,990

231,823

l

CD

Mortgage

Trust

,

2017-CD4

,

B

,

FRN

,

3.947 %

,

5/10/50

.....

United

States

1,032,000

968,407

CFCRE

Commercial

Mortgage

Trust

,

b,l

2011-C2,

E,

144A,

FRN,

5.249%,

12/15/47

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

United

States

424,000

395,608

2016-C7,

A3,

3.839%,

12/10/54

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

United

States

908,000

892,303

l

Citigroup

Commercial

Mortgage

Trust

,

b

2015-GC27,

D,

144A,

FRN,

4.396%,

2/10/48

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

United

States

1,095,939

1,054,568

2015-GC33,

C,

FRN,

4.545%,

9/10/58

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

United

States

137,000

116,952

COMM

Mortgage

Trust

,

b,c,l

2012-CR3,

F,

144A,

FRN,

4.75%,

10/15/45

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

United

States

395,189

24,154

2013-CR12,

AM,

4.3%,

10/10/46

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

United

States

380,828

359,717

b,l

2013-CR13,

D,

144A,

FRN,

4.944%,

11/10/46

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

United

States

1,233,000

718,210

l

2014-CR16,

C,

FRN,

4.777%,

4/10/47

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

United

States

912,000

864,930

b,l

2014-CR17,

D,

144A,

FRN,

4.843%,

5/10/47

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

United

States

725,000

583,049

b,l

2014-CR19,

D,

144A,

FRN,

4.496%,

8/10/47

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

United

States

91,381

88,936

l

2014-CR20,

C,

FRN,

4.671%,

11/10/47

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

United

States

829,464

802,893

2014-UBS3,

AM,

4.012%,

6/10/47

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

United

States

366,548

351,382

l

2014-UBS5,

AM,

FRN,

4.193%,

9/10/47

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

United

States

478,041

472,245

l

2015-CR22,

B,

FRN,

3.926%,

3/10/48

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

United

States

370,000

354,150

2015-DC1,

AM,

3.724%,

2/10/48

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

United

States

377,411

371,364

l

2015-DC1,

B,

FRN,

4.035%,

2/10/48

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

United

States

906,000

863,205

l

2015-LC19,

B,

FRN,

3.829%,

2/10/48

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

United

States

621,000

613,303

CSAIL

Commercial

Mortgage

Trust

,

l

2015-C1,

AS,

FRN,

3.791%,

4/15/50

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

United

States

506,049

503,111

l

2015-C2,

AS,

FRN,

3.849%,

6/15/57

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

United

States

384,512

384,157

l

2015-C2,

B,

FRN,

4.208%,

6/15/57

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

United

States

471,000

457,652

2015-C3,

A4,

3.718%,

8/15/48

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

United

States

109,536

109,166

2016-C5,

A5,

3.757%,

11/15/48

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

United

States

404,736

403,040

b,l

DBUBS

Mortgage

Trust

,

2011-LC3A

,

D

,

144A,

FRN

,

5.351 %

,

8/10/44

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

United

States

442,086

424,820

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

FNMA

Multi-family

Connecticut

Avenue

Securities

Trust

,

2019-01,

M10,

144A,

FRN,

7.714%,

(30-day

SOFR

Average

+

3.364%),

10/25/49

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

United

States

1,055,502

$

1,073,282

2020-01,

M10,

144A,

FRN,

8.214%,

(30-day

SOFR

Average

+

3.864%),

3/25/50

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

United

States

1,434,128

1,473,936

l

GS

Mortgage

Securities

Trust

,

b

2013-GC13,

AS,

144A,

FRN,

3.884%,

7/10/46

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

United

States

525,320

517,419

2014-GC24,

B,

FRN,

4.419%,

9/10/47

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

United

States

1,080,000

1,017,138

b

2014-GC24,

D,

144A,

FRN,

4.44%,

9/10/47

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

United

States

485,000

309,279

k

2019-GC42,

XA,

IO,

FRN,

0.805%,

9/10/52

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

United

States

13,737,259

363,912

l

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

,

b

2007-CB20,

E,

144A,

FRN,

8.002%,

2/12/51

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

United

States

18,494

24,335

b

2012-C6,

E,

144A,

FRN,

4.964%,

5/15/45

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

United

States

432,000

419,457

2013-LC11,

D,

FRN,

4.196%,

4/15/46

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

United

States

574,000

54,303

b,c

2013-LC11,

E,

144A,

FRN,

3.25%,

4/15/46

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

United

States

1,390,000

54,877

JPMBB

Commercial

Mortgage

Securities

Trust

,

l

2013-C12,

D,

FRN,

3.94%,

7/15/45

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

United

States

521,000

481,918

b,l

2013-C14,

D,

144A,

FRN,

4.038%,

8/15/46

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

United

States

500,000

387,245

b,l

2014-C18,

D,

144A,

FRN,

4.503%,

2/15/47

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

United

States

513,000

464,270

l

2014-C23,

B,

FRN,

4.548%,

9/15/47

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

United

States

364,000

338,905

l

2014-C23,

C,

FRN,

4.548%,

9/15/47

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

United

States

436,000

397,439

b,l

2014-C23,

D,

144A,

FRN,

4.048%,

9/15/47

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

United

States

287,000

245,898

2015-C31,

A3,

3.801%,

8/15/48

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

United

States

41,132

41,037

2016-C1,

A5,

3.576%,

3/17/49

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

United

States

275,000

272,999

JPMDB

Commercial

Mortgage

Securities

Trust

,

2018-C8,

B,

4.522%,

6/15/51

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

United

States

504,000

473,851

l

2018-C8,

C,

FRN,

4.756%,

6/15/51

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

United

States

402,000

358,458

b

LSTAR

Commercial

Mortgage

Trust

,

2017-5

,

A5

,

144A,

3.549 %

,

3/10/50

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

United

States

1,149,000

1,120,294

l

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust

,

2013-C10,

B,

FRN,

3.979%,

7/15/46

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

United

States

342,750

322,297

b

2013-C10,

F,

144A,

FRN,

3.979%,

7/15/46

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

United

States

1,988,000

185,668

b

2013-C12,

D,

144A,

FRN,

4.704%,

10/15/46

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

United

States

416,000

389,999

2015-C22,

C,

FRN,

3.984%,

4/15/48

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

United

States

1,263,000

1,098,068

l

Morgan

Stanley

Capital

I

Trust

,

2016-UB11,

C,

FRN,

3.691%,

8/15/49

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

United

States

663,000

642,229

2018-H3,

C,

FRN,

4.812%,

7/15/51

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

United

States

404,000

378,562

SG

Commercial

Mortgage

Securities

Trust

,

2016-C5

,

A4

,

3.055 %

,

10/10/48

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

United

States

1,034,000

1,011,877

b,c

TIAA

Real

Estate

CDO

Ltd.

,

2003-1A

,

E

,

144A,

%

,

12/28/38

..

United

States

1,081,996

l

UBS

Commercial

Mortgage

Trust

,

2017-C3

,

C

,

FRN

,

4.358 %

,

8/15/50

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

United

States

498,000

457,968

Wells

Fargo

Commercial

Mortgage

Trust

,

b,l

2013-LC12,

D,

144A,

FRN,

3.788%,

7/15/46

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

United

States

356,000

202,034

b

2014-LC16,

D,

144A,

3.938%,

8/15/50

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

United

States

659,045

79,780

b,l

2015-C30,

D,

144A,

FRN,

4.548%,

9/15/58

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

United

States

265,000

257,840

2015-C31,

A4,

3.695%,

11/15/48

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

United

States

712,824

710,278

2015-C31,

D,

3.852%,

11/15/48

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

United

States

215,000

187,633

l

2015-LC22,

AS,

FRN,

4.207%,

9/15/58

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

United

States

360,000

359,170

2015-NXS3,

A4,

3.617%,

9/15/57

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

United

States

663,228

661,719

2015-NXS4,

A4,

3.718%,

12/15/48

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

United

States

324,533

323,375

l

2015-SG1,

B,

FRN,

4.434%,

9/15/48

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

United

States

559,000

540,000

k,l

2019-C52,

XA,

IO,

FRN,

1.558%,

8/15/52

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

United

States

6,754,782

331,441

k,l

2024-5C1,

XA,

IO,

FRN,

1.028%,

7/15/57

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

United

States

12,841,359

456,659

l

WFRBS

Commercial

Mortgage

Trust

,

b

2012-C9,

E,

144A,

FRN,

4.719%,

11/15/45

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

United

States

349,626

347,098

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

l

WFRBS

Commercial

Mortgage

Trust,

(continued)

b

2013-C15,

D,

144A,

FRN,

4.147%,

8/15/46

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

United

States

515,444

$

265,464

2014-C21,

C,

FRN,

4.234%,

8/15/47

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

United

States

365,000

346,521

2014-C23,

B,

FRN,

4.28%,

10/15/57

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

United

States

275,000

257,992

37,839,505

a

a

a

a

a

a

#### Total

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $40,593,755)
..............

#### 37,839,505

#### Mortgage-Backed

#### Securities

#### 23.9%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### 16.2%
FNMA,

Year,

5%,

1/01/49

-

8/01/49

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

United

States

99,198

98,200

m

Uniform

Mortgage-Backed

Securities,

2.5%,

TBA,

8/25/55

.....

United

States

6,000,000

4,917,231

m

Uniform

Mortgage-Backed

Securities,

3%,

TBA,

8/25/55

......

United

States

2,000,000

1,711,929

m

Uniform

Mortgage-Backed

Securities,

5%,

TBA,

8/25/55

......

United

States

4,000,000

3,893,728

m

Uniform

Mortgage-Backed

Securities,

5.5%,

TBA,

8/25/55

.....

United

States

21,000,000

20,892,102

m

Uniform

Mortgage-Backed

Securities,

6%,

TBA,

8/25/55

......

United

States

27,000,000

27,377,408

58,890,598

#### Government

#### National

#### Mortgage

#### Association
(GNMA)

#### Fixed

#### Rate

#### 7.7%
GNMA

II,

Single-family,

Year,

3.5%,

8/20/49

-

3/20/50

......

United

States

315,712

281,299

GNMA

II,

Single-family,

Year,

4.5%,

10/20/49

-

1/20/50

.....

United

States

75,341

71,396

m

GNMA

II,

Single-family,

Year,

4.5%,

8/15/55

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

United

States

9,000,000

8,517,770

GNMA

II,

Single-family,

Year,

5%,

5/20/49

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

United

States

102,239

100,828

m

GNMA

II,

Single-family,

Year,

5%,

8/15/55

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

United

States

8,000,000

7,809,267

GNMA

II,

Single-family,

Year,

5.5%,

5/20/49

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

United

States

37,505

37,914

m

GNMA

II,

Single-family,

Year,

5.5%,

8/15/55

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

United

States

11,000,000

10,973,749

27,792,223

#### Total

#### Mortgage-Backed

#### Securities

#### (Cost

#### $86,575,490)
..........................

#### 86,682,821

#### Residential

#### Mortgage-Backed

#### Securities

#### 11.0%

#### Financial

#### Services

#### 11.0%
b

A&D

Mortgage

Trust

,

2024-NQM1

,

A1

,

144A,

6.195 %

,

2/25/69

.

United

States

1,271,038

1,276,235

Alternative

Loan

Trust

,

h

2005-38,

A3,

FRN,

5.167%,

(1-month

SOFR

+

0.814%),

9/25/35

United

States

337,587

307,320

h

2005-59,

1A1,

FRN,

5.129%,

(1-month

SOFR

+

0.774%),

11/20/35

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

United

States

882,533

865,493

h

2006-OA10,

1A1,

FRN,

4.929%,

(12-month

average

of

1-year

CMT

+

0.96%),

8/25/46

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

United

States

176,381

158,839

h

2006-OA10,

3A1,

FRN,

4.847%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

404,757

358,842

h

2006-OA10,

4A1,

FRN,

4.847%,

(1-month

SOFR

+

0.494%),

8/25/46

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

United

States

2,315,767

1,970,835

l

2006-OA7,

1A1,

FRN,

3.223%,

6/25/46

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

United

States

763,976

709,782

h

2006-OA7,

1A2,

FRN,

4.909%,

(12-month

average

of

1-year

CMT

+

0.94%),

6/25/46

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

United

States

261,961

256,994

h

2007-OH1,

A1D,

FRN,

4.677%,

(1-month

SOFR

+

0.324%),

4/25/47

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

United

States

306,248

267,241

h

American

Home

Mortgage

Investment

Trust

,

2007-1

,

GA1C

,

FRN

,

4.657 %

,

(1-month

SOFR

+

0.304 %),

5/25/47

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

United

States

582,346

340,779

h

Bear

Stearns

ALT-A

Trust

,

2005-10

,

11A1

,

FRN

,

4.967 %

,

(1-month

SOFR

+

0.614 %),

1/25/36

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

United

States

84,242

79,471

b,h

Chevy

Chase

Funding

LLC

,

2006-4A

,

A2

,

144A,

FRN

,

4.647 %

,

(1-month

SOFR

+

0.294 %),

11/25/47

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

United

States

420,878

372,319

b,l

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

,

2017-3,

M2,

144A,

FRN,

4.75%,

7/25/56

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

United

States

351,543

344,189

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,l

FHLMC

Seasoned

Credit

Risk

Transfer

Trust,

(continued)

2019-2,

M,

144A,

FRN,

4.75%,

8/25/58

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

United

States

685,000

$

662,253

2019-4,

M,

144A,

FRN,

4.5%,

2/25/59

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

United

States

346,000

328,492

h

FHLMC

STACR

Debt

Notes

,

2015-DNA3,

B,

FRN,

13.814%,

(30-day

SOFR

Average

+

9.464%),

4/25/28

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

United

States

1,279,168

1,299,775

2015-HQA2,

B,

FRN,

14.964%,

(30-day

SOFR

Average

+

10.614%),

5/25/28

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

United

States

825,893

845,459

2016-DNA1,

B,

FRN,

14.464%,

(30-day

SOFR

Average

+

10.114%),

7/25/28

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

United

States

2,785,848

2,894,490

b,h

FHLMC

STACR

REMIC

Trust

,

2020-DNA4,

B2,

144A,

FRN,

14.464%,

(30-day

SOFR

Average

+

10.114%),

8/25/50

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

United

States

966,000

1,277,751

2020-DNA5,

B2,

144A,

FRN,

15.85%,

(30-day

SOFR

Average

+

11.5%),

10/25/50

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

United

States

491,000

682,048

2020-HQA2,

B2,

144A,

FRN,

12.064%,

(30-day

SOFR

Average

+

7.714%),

3/25/50

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

United

States

625,000

750,294

2020-HQA3,

B2,

144A,

FRN,

14.464%,

(30-day

SOFR

Average

+

10.114%),

7/25/50

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

United

States

1,027,000

1,354,515

2021-DNA3,

B2,

144A,

FRN,

10.6%,

(30-day

SOFR

Average

+

6.25%),

10/25/33

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

United

States

299,000

370,757

2022-DNA2,

M2,

144A,

FRN,

8.1%,

(30-day

SOFR

Average

+

3.75%),

2/25/42

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

United

States

450,000

467,586

2023-HQA2,

M1B,

144A,

FRN,

7.7%,

(30-day

SOFR

Average

+

3.35%),

6/25/43

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

United

States

700,000

731,342

b,h

FHLMC

STACR

Trust

,

2018-DNA3,

B2,

144A,

FRN,

12.214%,

(30-day

SOFR

Average

+

7.864%),

9/25/48

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

United

States

389,000

452,750

2018-HQA2,

B2,

144A,

FRN,

15.464%,

(30-day

SOFR

Average

+

11.114%),

10/25/48

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

United

States

1,619,000

2,030,333

2019-DNA1,

B2,

144A,

FRN,

15.214%,

(30-day

SOFR

Average

+

10.864%),

1/25/49

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

United

States

315,000

389,455

2019-DNA2,

B2,

144A,

FRN,

14.964%,

(30-day

SOFR

Average

+

10.614%),

3/25/49

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

United

States

252,000

296,651

2019-HQA1,

B2,

144A,

FRN,

16.714%,

(30-day

SOFR

Average

+

12.364%),

2/25/49

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

United

States

254,000

312,952

2019-HQA2,

B2,

144A,

FRN,

15.714%,

(30-day

SOFR

Average

+

11.364%),

4/25/49

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

United

States

298,000

358,114

h

FNMA

Connecticut

Avenue

Securities

Trust

,

2016-C01,

1B,

FRN,

16.214%,

(30-day

SOFR

Average

+

11.864%),

8/25/28

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

United

States

826,061

870,404

2016-C02,

1B,

FRN,

16.714%,

(30-day

SOFR

Average

+

12.364%),

9/25/28

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

United

States

2,291,576

2,437,567

2016-C03,

1B,

FRN,

16.214%,

(30-day

SOFR

Average

+

11.864%),

10/25/28

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

United

States

1,285,523

1,373,400

2016-C03,

2B,

FRN,

17.214%,

(30-day

SOFR

Average

+

12.864%),

10/25/28

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

United

States

237,627

255,851

2016-C04,

1B,

FRN,

14.714%,

(30-day

SOFR

Average

+

10.364%),

1/25/29

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

United

States

264,754

284,984

2016-C05,

2B,

FRN,

15.214%,

(30-day

SOFR

Average

+

10.864%),

1/25/29

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

United

States

266,456

287,914

2016-C06,

1B,

FRN,

13.714%,

(30-day

SOFR

Average

+

9.364%),

4/25/29

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

United

States

393,950

425,999

b

2020-R01,

1B1,

144A,

FRN,

7.714%,

(30-day

SOFR

Average

+

3.364%),

1/25/40

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

United

States

459,000

470,600

b

2022-R02,

2B1,

144A,

FRN,

8.85%,

(30-day

SOFR

Average

+

4.5%),

1/25/42

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

United

States

402,000

419,520

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Residential

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

h

FNMA

Connecticut

Avenue

Securities

Trust,

(continued)

b

2022-R02,

2M2,

144A,

FRN,

7.35%,

(30-day

SOFR

Average

+

3%),

1/25/42

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

United

States

1,640,000

$

1,680,591

h

GSR

Mortgage

Loan

Trust

,

2007-OA1

,

2A3A

,

FRN

,

4.777 %

,

(1-month

SOFR

+

0.424 %),

5/25/37

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

United

States

492,105

272,004

h

HarborView

Mortgage

Loan

Trust

,

2005-2

,

1A

,

FRN

,

4.985 %

,

(1-month

SOFR

+

0.634 %),

5/19/35

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

United

States

400,620

113,429

b,h

Home

RE

Ltd.

,

2021-2

,

B1

,

144A,

FRN

,

8.5 %

,

(30-day

SOFR

Average

+

4.15 %),

1/25/34

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

United

States

300,000

306,185

b,h

J.P.

Morgan

Mortgage

Trust

,

2024-9,

A11,

144A,

FRN,

5.7%,

(30-day

SOFR

Average

+

1.35%),

2/25/55

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

United

States

425,375

426,485

2025-2,

A11,

144A,

FRN,

5.6%,

(30-day

SOFR

Average

+

1.25%),

7/25/55

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

United

States

497,585

497,061

b

LHOME

Mortgage

Trust

,

2023-RTL2

,

A1

,

144A,

%

,

6/25/28

...

United

States

786,000

787,869

MFA

Trust

,

2024-NPL1

,

A1

,

6.33 %

,

9/25/54

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

United

States

643,349

644,562

b,h

Morgan

Stanley

Re-REMIC

Trust

,

2010-R4

,

4B

,

144A,

FRN

,

3.117 %

,

(1-month

SOFR

+

0.344 %),

2/26/37

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

United

States

339,093

316,897

b,h

Morgan

Stanley

Residential

Mortgage

Loan

Trust

,

2024-4

,

AF

,

144A,

FRN

,

5.7 %

,

(30-day

SOFR

Average

+

1.35 %),

9/25/54

.

United

States

243,417

243,210

h

MortgageIT

Trust

,

2005-3

,

M2

,

FRN

,

5.262 %

,

(1-month

SOFR

+

0.909 %),

8/25/35

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

United

States

50,760

49,101

b

Saluda

Grade

Alternative

Mortgage

Trust

,

2024-RTL4,

A1,

144A,

7.5%,

2/25/30

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

United

States

1,227,000

1,233,768

2024-RTL5,

A1,

144A,

7.762%,

4/25/30

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

United

States

1,400,000

1,413,594

h

Structured

Asset

Mortgage

Investments

II

Trust

,

2007-AR1

,

2A1

,

FRN

,

4.827 %

,

(1-month

SOFR

+

0.474 %),

1/25/37

.........

United

States

460,514

406,654

b,l

Towd

Point

Mortgage

Trust

,

2018-5,

M1,

144A,

FRN,

3.25%,

7/25/58

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

United

States

815,000

689,019

2019-2,

A2,

144A,

FRN,

3.75%,

12/25/58

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

United

States

1,033,000

928,841

h

WaMu

Mortgage

Pass-Through

Certificates

Trust

,

2005-AR13

,

A1C3

,

FRN

,

5.447 %

,

(1-month

SOFR

+

1.094 %),

10/25/45

..

United

States

183,403

181,356

39,830,221

a

a

a

a

a

a

#### Total

#### Residential

#### Mortgage-Backed

#### Securities

#### (Cost

#### $38,027,142)
...............

#### 39,830,221

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### 12.7%

#### Financial

#### Services

#### 12.7%
k

FHLMC

,

304,

C37,

IO,

3.5%,

12/15/27

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

United

States

47,085

952

4000,

PI,

IO,

4.5%,

1/15/42

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

United

States

268,046

36,485

4077,

IK,

IO,

5%,

7/15/42

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

United

States

769,503

164,064

4105,

HI,

IO,

3.5%,

7/15/41

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

United

States

292,423

15,909

h

4839,

WS,

IO,

FRN,

1.646%,

(30-day

SOFR

Average

+

5.986%),

8/15/56

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

United

States

4,324,829

592,549

h

4945,

SL,

IO,

FRN,

1.586%,

(30-day

SOFR

Average

+

5.936%),

1/25/50

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

United

States

4,168,652

486,301

4984,

IL,

IO,

4.5%,

6/25/50

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

United

States

4,202,409

882,383

h

5002,

SJ,

IO,

FRN,

1.636%,

(30-day

SOFR

Average

+

5.986%),

7/25/50

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

United

States

6,395,574

740,737

h

5011,

SA,

IO,

FRN,

1.786%,

(30-day

SOFR

Average

+

6.136%),

9/25/50

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

United

States

6,969,939

903,337

5024,

HI,

IO,

4.5%,

10/25/50

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

United

States

8,063,965

1,835,357

5093,

YI,

IO,

4.5%,

12/25/50

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

United

States

3,364,657

801,707

5134,

IC,

IO,

4%,

8/25/51

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

United

States

6,820,138

1,365,139

5349,

IB,

IO,

4%,

12/15/46

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

United

States

3,929,646

873,212

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

b,h

FHLMC

Multi-family

Structured

Credit

Risk

Trust

,

2021-MN1,

M2,

144A,

FRN,

8.1%,

(30-day

SOFR

Average

+

3.75%),

1/25/51

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

United

States

555,000

$

574,476

2021-MN3,

M2,

144A,

FRN,

8.35%,

(30-day

SOFR

Average

+

4%),

11/25/51

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

United

States

1,746,000

1,812,161

k

FNMA

,

h

2010-35,

SG,

IO,

FRN,

1.936%,

(30-day

SOFR

Average

+

6.286%),

4/25/40

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

United

States

479,669

51,194

h

2011-101,

SA,

IO,

FRN,

1.436%,

(30-day

SOFR

Average

+

5.786%),

10/25/41

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

United

States

1,089,006

100,250

2012-127,

BI,

IO,

4.5%,

11/25/42

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

United

States

240,659

49,819

2015-30,

IO,

5.5%,

5/25/45

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

United

States

1,880,095

260,510

2016-3,

NI,

IO,

6%,

2/25/46

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

United

States

1,270,319

188,575

h

2017-32,

SA,

IO,

FRN,

1.686%,

(30-day

SOFR

Average

+

6.036%),

5/25/47

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

United

States

5,429,400

582,659

h

2018-20,

SB,

IO,

FRN,

1.786%,

(30-day

SOFR

Average

+

6.136%),

3/25/48

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

United

States

2,471,940

229,201

h

2018-38,

SA,

IO,

FRN,

1.736%,

(30-day

SOFR

Average

+

6.086%),

6/25/48

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

United

States

4,550,241

533,557

h

2019-43,

JS,

IO,

FRN,

1.586%,

(30-day

SOFR

Average

+

5.936%),

8/25/49

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

United

States

2,443,602

251,833

h

2019-61,

S,

IO,

FRN,

1.536%,

(30-day

SOFR

Average

+

5.886%),

11/25/49

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

United

States

4,915,744

602,521

2020-76,

BI,

IO,

4.5%,

11/25/50

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

United

States

6,017,331

1,379,613

2021-14,

CI,

IO,

4.5%,

11/25/49

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

United

States

7,939,862

1,727,719

374,

6,

IO,

5.5%,

8/25/36

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

United

States

61,605

10,111

378,

19,

IO,

5%,

Strip,

6/25/35

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

United

States

167,625

23,484

427,

C93,

IO,

4.5%,

8/25/42

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

United

States

5,880,037

1,038,794

k

GNMA

,

2012-113,

ID,

IO,

3.5%,

9/20/42

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

United

States

698,906

105,050

2012-128,

IA,

IO,

3.5%,

10/20/42

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

United

States

1,631,708

263,506

2012-140,

IC,

IO,

3.5%,

11/20/42

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

United

States

1,649,921

268,340

2012-146,

IO,

5%,

12/20/42

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

United

States

440,233

92,674

2013-34,

IH,

IO,

4.5%,

3/20/43

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

United

States

858,824

163,239

l

2013-H08,

CI,

IO,

FRN,

1.519%,

2/20/63

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

United

States

1,419,377

49,109

h

2014-119,

SA,

IO,

FRN,

1.135%,

(1-month

SOFR

+

5.486%),

8/20/44

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

United

States

1,282,472

112,142

h

2014-60,

SD,

IO,

FRN,

1.715%,

(1-month

SOFR

+

6.066%),

4/20/44

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

United

States

3,032,421

344,796

2014-76,

IO,

5%,

5/20/44

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

United

States

613,987

128,227

l

2014-H21,

BI,

IO,

FRN,

1.551%,

10/20/64

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

United

States

2,961,702

59,045

2015-52,

KI,

IO,

3.5%,

11/20/40

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

United

States

539,598

22,777

2015-53,

MI,

IO,

4%,

4/16/45

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

United

States

1,467,318

292,186

2015-64,

YI,

IO,

4%,

11/20/44

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

United

States

929,894

138,527

2015-79,

GI,

IO,

5%,

10/20/39

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

United

States

368,599

75,875

l

2015-H10,

BI,

IO,

FRN,

2.081%,

4/20/65

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

United

States

1,830,244

79,198

l

2015-H20,

AI,

IO,

FRN,

1.829%,

8/20/65

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

United

States

2,218,690

58,500

l

2015-H20,

CI,

IO,

FRN,

2.811%,

8/20/65

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

United

States

2,659,140

123,310

l

2015-H23,

BI,

IO,

FRN,

1.757%,

9/20/65

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

United

States

2,335,249

49,879

l

2015-H25,

EI,

IO,

FRN,

1.859%,

10/20/65

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

United

States

1,647,603

45,912

2016-42,

IO,

5%,

2/20/46

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

United

States

1,500,498

296,637

l

2016-H03,

AI,

IO,

FRN,

1.96%,

1/20/66

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

United

States

6,849,287

260,150

l

2016-H03,

DI,

IO,

FRN,

1.987%,

12/20/65

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

United

States

2,257,086

76,066

l

2016-H06,

DI,

IO,

FRN,

1.744%,

7/20/65

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

United

States

3,649,930

127,572

l

2016-H09,

BI,

IO,

FRN,

2.045%,

4/20/66

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

United

States

3,248,236

132,431

l

2016-H10,

AI,

IO,

FRN,

1.703%,

4/20/66

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

United

States

4,694,650

114,165

l

2016-H18,

QI,

IO,

FRN,

2.51%,

6/20/66

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

United

States

1,649,715

85,690

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

GNMA,

(continued)

l

2016-H22,

AI,

IO,

FRN,

2.874%,

10/20/66

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

United

States

2,426,785

$

107,414

l

2016-H23,

NI,

IO,

FRN,

2.882%,

10/20/66

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

United

States

6,689,461

289,446

l

2016-H24,

CI,

IO,

FRN,

1.651%,

10/20/66

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

United

States

1,745,336

35,046

2017-26,

MI,

IO,

5%,

11/20/39

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

United

States

2,077,721

385,862

2017-42,

IC,

IO,

4.5%,

8/20/41

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

United

States

767,132

141,454

2017-93,

TI,

IO,

4%,

3/20/44

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

United

States

89,626

520

l

2017-H02,

BI,

IO,

FRN,

2.325%,

1/20/67

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

United

States

1,727,369

66,267

l

2017-H06,

BI,

IO,

FRN,

2.389%,

2/20/67

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

United

States

2,951,179

91,055

l

2017-H08,

NI,

IO,

FRN,

2.257%,

3/20/67

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

United

States

3,914,478

125,663

l

2017-H09,

IO,

FRN,

1.892%,

4/20/67

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

United

States

4,584,209

135,069

l

2017-H11,

DI,

IO,

FRN,

2.09%,

5/20/67

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

United

States

3,011,452

149,365

l

2017-H12,

QI,

IO,

FRN,

2.405%,

5/20/67

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

United

States

2,548,616

96,638

l

2017-H16,

IG,

IO,

FRN,

1.469%,

7/20/67

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

United

States

6,093,768

155,074

l

2017-H16,

JI,

IO,

FRN,

1.705%,

8/20/67

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

United

States

8,015,325

348,963

l

2017-H19,

MI,

IO,

FRN,

2.076%,

4/20/67

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

United

States

1,591,716

61,585

2018-127,

IC,

IO,

5%,

10/20/44

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

United

States

2,612,110

518,800

2018-94,

AI,

IO,

4.5%,

7/20/48

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

United

States

1,105,296

227,473

l

2018-H02,

EI,

IO,

FRN,

2.331%,

1/20/68

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

United

States

6,703,761

291,687

l

2018-H05,

BI,

IO,

FRN,

2.315%,

2/20/68

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

United

States

4,298,425

189,973

l

2018-H15,

KI,

IO,

FRN,

2.087%,

8/20/68

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

United

States

3,143,380

116,805

h

2019-110,

SQ,

IO,

FRN,

1.585%,

(1-month

SOFR

+

5.936%),

9/20/49

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

United

States

3,626,626

394,244

h

2019-152,

ES,

IO,

FRN,

1.585%,

(1-month

SOFR

+

5.936%),

12/20/49

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

United

States

2,189,119

245,601

h

2019-83,

SY,

IO,

FRN,

1.635%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

3,283,836

379,149

h

2019-89,

PS,

IO,

FRN,

1.635%,

(1-month

SOFR

+

5.986%),

7/20/49

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

United

States

4,054,231

437,538

h

2019-96,

SY,

IO,

FRN,

1.635%,

(1-month

SOFR

+

5.986%),

8/20/49

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

United

States

3,732,400

442,179

2020-13,

AI,

IO,

4%,

3/20/46

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

United

States

7,872,235

1,043,951

2020-167,

PI,

IO,

3.5%,

11/20/50

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

United

States

4,664,412

820,946

2020-175,

NI,

IO,

3%,

11/20/50

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

United

States

5,021,388

809,738

h

2020-63,

AS,

IO,

FRN,

1.535%,

(1-month

SOFR

+

5.886%),

8/20/43

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

United

States

4,034,412

460,997

h

2020-63,

PS,

IO,

FRN,

1.635%,

(1-month

SOFR

+

5.986%),

4/20/50

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

United

States

4,827,036

595,374

h

2020-63,

SP,

IO,

FRN,

1.635%,

(1-month

SOFR

+

5.986%),

5/20/50

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

United

States

3,721,101

447,494

h

2020-96,

KS,

IO,

FRN,

1.685%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

11,790,709

1,508,785

h

2020-97,

QS,

IO,

FRN,

1.685%,

(1-month

SOFR

+

6.036%),

7/20/50

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

United

States

3,106,397

419,582

h

2021-116,

ES,

IO,

FRN,

1.746%,

(1-month

SOFR

+

6.086%),

11/20/47

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

United

States

6,045,579

665,814

2021-122,

GI,

IO,

4.5%,

11/20/47

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

United

States

6,370,641

1,525,218

2021-156,

IO,

3.5%,

7/20/51

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

United

States

7,691,124

1,495,724

2021-214,

AI,

IO,

4%,

12/20/51

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

United

States

4,827,566

964,162

2021-59,

IP,

IO,

3%,

4/20/51

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

United

States

6,475,632

1,113,888

h

2021-59,

SM,

IO,

FRN,

1.835%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

11,331,205

1,435,395

h

2021-59,

SQ,

IO,

FRN,

1.835%,

(1-month

SOFR

+

6.186%),

4/20/51

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

United

States

3,822,385

492,162

h

2021-77,

SM,

IO,

FRN,

1.835%,

(1-month

SOFR

+

6.186%),

5/20/51

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

United

States

5,632,036

730,787

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

#### a
a

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities
(continued)

#### Financial

#### Services
(continued)

k

GNMA,

(continued)

h

2021-98,

SK,

IO,

FRN,

1.835%,

(1-month

SOFR

+

6.186%),

6/20/51

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

United

States

8,900,461

$

1,149,619

h

2023-35,

SH,

IO,

FRN,

2.102%,

(30-day

SOFR

Average

+

6.45%),

2/20/53

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

United

States

12,179,119

1,059,169

2024-186,

IO,

3%,

9/20/51

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

United

States

7,630,802

1,165,304

l

2024-32,

IO,

FRN,

0.7%,

6/16/63

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

United

States

10,689,978

523,973

2024-4,

IG,

IO,

5%,

12/20/52

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

United

States

3,614,656

641,621

46,182,185

a

a

a

a

a

a

#### Total

#### Agency

#### Commercial

#### Mortgage-Backed

#### Securities

#### (Cost

#### $48,602,035)
.......

#### 46,182,185

#### Total

#### Long

#### Term

#### Investments

#### (Cost

#### $399,047,182)

#### .............................

#### 400,527,604

#### a

#### Short

#### Term

#### Investments

#### 11.5%
a

a

#### Country

#### Principal

#### Amount

#### \*
a

#### Value
a

a

#### a
a

#### Certificates

#### of

#### Deposit

#### 2.0%
n

Bank

of

America

NA,

4.25%,

3/02/26

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

United

States

1,750,000

1,750,000

Canadian

Imperial

Bank

of

Commerce,

4.62%,

2/09/26

.......

Canada

1,800,000

1,801,163

Mizuho

Bank

Ltd.,

4.58%,

8/06/25

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

Japan

2,000,000

2,000,048

Toronto-Dominion

Bank

(The),

4.62%,

4/02/26

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

Canada

1,850,000

1,850,188

#### Total

#### Certificates

#### of

#### Deposit

#### (Cost

#### $7,400,000)

#### ................................

#### 7,401,399
a

#### a

#### Commercial

#### Papers

#### 3.0%
b,d

ABN

AMRO

Funding

USA

LLC

,

144A,

4.41%

,

9/03/25

........

Netherlands

1,850,000

1,842,323

d

BPCE

SA

,

4.33%

,

8/18/25

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

France

1,800,000

1,796,108

b

Commonwealth

Bank

of

Australia

,

144A,

4.7 %

,

4/09/26

.......

Australia

1,750,000

1,750,112

d

Lloyds

Bank

plc

,

4.39%

,

9/17/25

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

United

Kingdom

1,750,000

1,739,813

b,d

NRW

Bank

,

144A,

4.36%

,

10/02/25

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

Germany

1,750,000

1,736,748

b

Royal

Bank

of

Canada

,

144A,

4.59 %

,

3/23/26

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

Canada

1,850,000

1,850,537

#### Total

#### Commercial

#### Papers

#### (Cost

#### $10,716,034)

#### .................................

#### 10,715,641
a

#### a

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### 0.8%
d,o

U.S.

Treasury

Bills

,

4.21%,

10/02/25

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

United

States

2,600,000

2,580,996

4.21%,

11/06/25

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

United

States

200,000

197,733

2,778,729

#### Total

#### U.S.

#### Government

#### and

#### Agency

#### Securities

#### (Cost

#### $2,779,751)

#### ................

#### 2,778,729

#### Shares

#### Management

#### Investment

#### Companies

#### 4.9%
a,p

Putnam

Short

Term

Investment

Fund,

Class

P,

4.558%

.......

United

States

17,854,912

17,854,912

#### Total

#### Management

#### Investment

#### Companies

#### (Cost

#### $17,854,912)

#### ..................

#### 17,854,912
Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Short

#### Term

#### Investments
(continued)

a

a

#### Country

#### Shares
a

#### Value
a

a

#### a
a

#### Money

#### Market

#### Funds

#### 0.8%
a,p

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

...

United

States

3,081,736

$

3,081,736

#### Total

#### Money

#### Market

#### Funds

#### (Cost

#### $3,081,736)

#### .................................

#### 3,081,736

#### Total

#### Short

#### Term

#### Investments

#### (Cost

#### $41,832,433

####)
..............................

#### 41,832,417

#### a

#### Total

#### Investments

#### (Cost

#### $440,879,615)

#### 121.8%

#### ................................

#### $442,360,021

#### TBA

#### Sale

#### Commitments

#### (2.6)%

#### ..............................................

#### (9,460,993)

#### Other

#### Assets,

#### less

#### Liabilities

#### (19.2)%

#### ........................................

#### (69,907,207)

#### Net

#### Assets

#### 100.0%

#### .........................................................

#### $362,991,821

#### a

#### Principal

#### Amount

#### \*
q

#### TBA

#### Sale

#### Commitments

#### (2.6)%

#### Mortgage-Backed

#### Securities

#### (2.6)%

#### Federal

#### National

#### Mortgage

#### Association
(FNMA)

#### Fixed

#### Rate

#### (2.6)%
Uniform

Mortgage-Backed

Securities

,

4%,

TBA,

8/25/55

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

United

States

(1,000,000)

(922,440)

4.5%,

TBA,

8/25/55

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

United

States

(9,000,000)

(8,538,553)

#### Total

#### TBA

#### Sale

#### Commitments

#### (Proceeds

#### $(9,472,031))

#### .........................

#### $(9,460,993)
\*

The

principal

amount

is

stated

in

U.S.

dollars

unless

otherwise

indicated.

†

Rounds

to

less

than

0.1%

of

net

assets.

a

See

Note

(e)

regarding

investments

in

affiliated

management

investment

companies.

b

Security

was

purchased

pursuant

to

Rule

144A

or

Regulation

S

under

the

Securities

Act

of

1933. 144A

securities

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

a

public

offering

registered

under

the

Securities

Act

of

1933. Regulation

S

securities

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

At

July

31,

2025,

the

aggregate

value

of

these

securities

was

$144,646,250,

representing

39.8%

of

net

assets.

c

Defaulted

security

or

security

for

which

income

has

been

deemed

uncollectible.

See

Note

.

d

The

rate

shown

represents

the

yield

at

period

end.

e

A

portion

or

all

of

the

security

purchased

on

a

delayed

delivery

basis.

See

Note

(d).

f

Income

may

be

received

in

additional

securities

and/or

cash.

g

See

Note

(f)

regarding

senior

floating

rate

interests.

h

The

coupon

rate

shown

represents

the

rate

inclusive

of

any

caps

or

floors,

if

applicable,

in

effect

at

period

end.

i

See

Note

regarding

unfunded

loan

commitments.

j

Perpetual

security

with

no

stated

maturity

date.

k

Investment

in

an

interest-only

security

entitles

holders

to

receive

only

the

interest

payment

on

the

underlying

instruments.

The

principal

amount

shown

is

the

notional

amount

of

the

underlying

instruments.

l

Adjustable

rate

security

with

an

interest

rate

that

is

not

based

on

a

published

reference

index

and

spread.

The

rate

is

based

on

the

structure

of

the

agreement

and

current

market

conditions.

The

coupon

rate

shown

represents

the

rate

at

period

end.

m

Security

purchased

on

a

to-be-announced

(TBA)

basis.

See

Note

(d).

n

Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

o

A

portion

or

all

of

the

security

has

been

segregated

as

collateral

for

certain

derivative

contracts.

At

July

31,

2025,

the

value

of

this

security

pledged

amounted

to

$1,258,704,

representing

0.3%

net

assets.

p

The

rate

shown

is

the

annualized

seven-day

effective

yield

at

period

end.

q

Security

sold

on

a

to-be-announced

(TBA)

basis

resulting

in

a

short

position.

As

such,

the

Fund

is

not

subject

to

fees

and

expenses

associated

with

short

sale

transactions.

See

Note

1(d).

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

July

31,

2025,

the

Fund

had

the

following futures

contracts

outstanding.

See

Note

1(e).

At

July

31,

2025,

the

Fund

had

the

following

forward

exchange

contracts

outstanding.

See

Note

(e).

#### Futures

#### Contracts

#### Description

#### Type

#### Number

#### of

#### Contracts

#### Notional

#### Amount

#### \*

#### Expiration

#### Date

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### Interest

#### rate

#### contracts
Euro-

Bobl

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

Short

$

7,494,397

9/08/25

$

49,058

U.S.

Treasury

Year

Ultra

Notes

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

Short

3,166,188

9/19/25

(20,828)

U.S.

Treasury

Year

Notes

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

Short

47,606,406

9/30/25

53,572

Total

Futures

Contracts

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

$81,802

\*

As

of

period

end.

#### Forward

#### Exchange

#### Contracts

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount

#### \*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
Japanese

Yen

......

BOFA

Buy

147,522,300

1,007,129

8/20/25

$

—

$

(27,024)

Japanese

Yen

......

GSCO

Buy

254,207,100

1,735,439

8/20/25

—

(46,543)

Japanese

Yen

......

HSBK

Buy

135,633,600

916,495

8/20/25

—

(15,375)

Japanese

Yen

......

TDOM

Buy

1,366,800

9,330

8/20/25

—

(250) Japanese

Yen

......

UBSW

Buy

125,971,100

859,983

8/20/25

—

(23,058)

British

Pound

......

HSBK

Sell

336,600

454,503

9/17/25

9,773

—

British

Pound

......

JPHQ

Sell

457,100

617,059

9/17/25

13,119

—

British

Pound

......

TDOM

Sell

222,400

300,258

9/17/25

6,414

—

Euro

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

BOFA

Sell

1,314,500

1,507,674

9/17/25

2,998

—

Euro

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

BZWS

Sell

1,012,400

1,161,042

9/17/25

2,173

—

Euro

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

CITI

Sell

1,191,200

1,366,195

9/17/25

2,657

—

Euro

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

HSBK

Sell

965,500

1,107,501

9/17/25

2,317

—

Euro

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

JPHQ

Sell

689,200

790,330

9/17/25

1,420

—

Euro

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

MSCO

Sell

1,310,500

1,523,076

9/17/25

22,979

—

Euro

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

SSBT

Sell

1,937,800

2,222,407

9/17/25

4,255

—

Euro

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

TDOM

Sell

768,000

880,689

9/17/25

1,578

—

Euro

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

UBSW

Sell

540,300

619,765

9/17/25

1,297

—

Norwegian

Krone

...

BOFA

Sell

1,000,500

98,675

9/17/25

1,874

—

Norwegian

Krone

...

BZWS

Sell

277,200

27,338

9/17/25

518

—

Norwegian

Krone

...

CITI

Sell

2,343,200

231,093

9/17/25

4,382

—

Norwegian

Krone

...

HSBK

Sell

389,100

38,370

9/17/25

724

—

Norwegian

Krone

...

JPHQ

Sell

225,000

22,184

9/17/25

—

Norwegian

Krone

...

SSBT

Sell

4,765,700

469,828

9/17/25

8,734

—

Norwegian

Krone

...

TDOM

Sell

4,863,300

479,427

9/17/25

8,890

—

Swedish

Krona

.....

BOFA

Sell

4,517,100

473,621

9/17/25

10,819

—

Swedish

Krona

.....

CITI

Sell

5,881,700

616,629

9/17/25

14,016

—

Swedish

Krona

.....

HSBK

Sell

1,176,900

123,363

9/17/25

2,783

—

Swedish

Krona

.....

SSBT

Sell

2,536,600

265,875

9/17/25

5,987

—

Swedish

Krona

.....

UBSW

Sell

131,000

13,731

9/17/25

—

Swiss

Franc

.......

BOFA

Buy

78,400

96,592

9/17/25

—

Swiss

Franc

.......

BZWS

Buy

174,700

215,280

9/17/25

1,031

—

Swiss

Franc

.......

GSCO

Buy

256,400

315,954

9/17/25

1,516

—

Swiss

Franc

.......

HSBK

Buy

49,100

60,504

9/17/25

—

Swiss

Franc

.......

JPHQ

Buy

1,259,400

1,551,656

9/17/25

7,714

—

Australian

Dollar

....

BZWS

Buy

483,300

318,410

10/15/25

—

(7,379)

Australian

Dollar

....

BZWS

Sell

704,700

465,037

10/15/25

11,522

—

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

July

31,

2025,

the

Fund

had

the

following forward

premium

swap

options contracts

outstanding.

See

Note

1(e).

#### Forward

#### Exchange

#### Contracts
(continued)

#### Currency

#### Counter-

#### party

#### a

#### Type

#### Quantity

#### Contract

#### Amount\*

#### Settlement

#### Date

#### Unrealized

#### Appreciation

#### Unrealized

#### Depreciation

#### a

#### OTC

#### Forward

#### Exchange

#### Contracts
(continued)

Australian

Dollar

....

CITI

Sell

1,089,500

717,071

10/15/25

$

15,914

$

—

Australian

Dollar

....

HSBK

Sell

129,100

84,962

10/15/25

1,878

—

Australian

Dollar

....

JPHQ

Sell

1,591,100

1,048,033

10/15/25

24,068

—

Australian

Dollar

....

MSCO

Sell

1,705,500

1,122,455

10/15/25

24,867

—

Australian

Dollar

....

UBSW

Sell

48,200

31,712

10/15/25

693

—

Australian

Dollar

....

WPAC

Sell

30,200

19,877

10/15/25

—

Canadian

Dollar

....

BOFA

Sell

600

10/15/25

—

Canadian

Dollar

....

BZWS

Sell

182,500

134,593

10/15/25

2,405

—

Canadian

Dollar

....

GSCO

Sell

19,800

14,594

10/15/25

—

Canadian

Dollar

....

JPHQ

Sell

431,300

317,944

10/15/25

5,545

—

Canadian

Dollar

....

TDOM

Sell

1,420,800

1,047,266

10/15/25

18,154

—

Canadian

Dollar

....

UBSW

Sell

1,176,000

867,176

10/15/25

15,377

—

New

Zealand

Dollar

.

BOFA

Sell

43,500

26,629

10/15/25

935

—

New

Zealand

Dollar

.

MSCO

Sell

1,660,200

1,015,843

10/15/25

35,207

—

New

Zealand

Dollar

.

UBSW

Sell

166,600

101,967

10/15/25

3,561

—

Total

Forward

Exchange

Contracts

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

$302,294

$(119,629)

Net

unrealized

appreciation

(depreciation)

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

$182,665

\*

In

U.S.

dollars

unless

otherwise

indicated.

a

May

be

comprised

of

multiple

contracts

with

the

same

counterparty,

currency

and

settlement

date.

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### par

#### t

#### y

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
3.833%/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

8,682,100

$

207,068

$

(131,634)

(3.833%)/1-day

SOFR/Sep-35/(Purchased)

BNDP

9/08/25

/

3.833%

8,682,100

207,068

(132,387)

3.3%/1-day

SOFR/Feb-27/(Written)

BNDP

2/05/26

/

3.3%

138,450,000

(304,590)

109,542

3.85%/1-day

SOFR/Feb-27/(Purchased)

BNDP

2/05/26

/

3.85%

92,300,000

383,045

(49,499)

3.625%/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

3.625%

1,201,500

55,629

(17,391)

(4.125%)/1-day

SOFR/Nov-37/(Purchased)

BNDP

11/12/27

/

4.125%

1,201,500

55,629

(5,238)

3.725%/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

3.725%

4,605,400

225,204

(91,460)

(4.225%)/1-day

SOFR/Nov-36/(Purchased)

BOFA

11/23/26

/

4.225%

4,605,400

235,796

(122,041)

3.165%/1-day

SOFR/Mar-52/(Purchased)

BOFA

3/22/32

/

3.165%

4,099,200

293,093

(69,569)

(4%)/1-day

SOFR/Dec-30/(Purchased)

CITI

12/08/25

/

4%

16,330,600

184,536

(140,466)

(4.608%)/1-day

SOFR/May-56/(Purchased)

CITI

5/26/26

/

4.608%

2,170,500

78,789

(32,238)

(2.495%)/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

328,897

615,902

2.495%/6-month

AUD

BBR/Nov-46/

(Purchased)

JPHQ

11/23/26

/

2.495%

AUD

5,302,300

328,897

(314,186)

1.201%/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

1.201%

EUR

10,390,700

206,241

(135,613)

(4.201%)/6-month

EURIBOR/Apr-39/

(Purchased)

JPHQ

4/11/29

/

4.201%

EUR

10,390,700

259,753

(54,214)

1.445%/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

(135,349)

(1.445%)/6-month

AUD

BBR/Mar-40/

(Purchased)

JPHQ

3/27/30

/

1.445%

AUD

4,317,900

165,123

508,075

(4.5%)/1-day

SOFR/Oct-30/(Written)

MCM

10/09/25

/

4.5%

16,330,600

(53,169)

51,440

2.85%/1-day

SOFR/Oct-30/(Purchased)

MCM

10/09/25

/

2.85%

16,330,600

109,947

(101,118)

(4.384%)/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

4.384%

4,030,200

185,591

(36,612)

3.884%/1-day

SOFR/Feb-38/(Purchased)

MCM

1/31/28

/

3.884%

4,030,200

178,135

(11,351)

4.01%/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

614,500

73,679

(11,817)

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

July

31,

2025,

the

Fund

had

the

following credit

default

swap

contracts outstanding.

See

Note

(e).

#### Forward

#### Premium

#### Swap

#### Option

#### Contracts
(continued)

#### Fixed

#### right

#### or

#### obligation

#### to

#### receive

#### or

#### (pay)/

#### Floating

#### rate

#### index/Maturity

#### date

#### Counter

#### party

#### Expiration

#### date/strike

#### Notional/

#### Contract

#### amount

#### \*

#### Premium

#### receivable/
(payable)

#### Unrealized

#### appreciation/
(depreciation)

#### a
(4.01%)/1-day

SOFR/Mar-52/(Purchased)

MCM

3/29/32

/

4.01%

614,500

$

73,679

$

7,829

(2.952%)/6-month

EURIBOR/Jun-49/

(Purchased)

MSCO

6/18/29

/

2.952%

EUR

4,848,800

386,533

88,940

(2.98%)/6-month

EURIBOR/May-55/

(Purchased)

MSCO

5/08/35

/

2.98%

EUR

260,500

27,195

7,509

(4.825%)/1-day

SOFR/May-57/(Purchased)

NATW

4/30/27

/

4.825%

2,708,400

98,044

(1,466)

(2%)/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

301,721

2%/6-month

AUD

BBR/Sep-46/(Purchased)

UBSW

9/10/36

/

2%

AUD

4,626,600

245,400

(148,184)

2.7%/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

(73,984)

(2.7%)/6-month

AUD

BBR/Apr-47/(Purchased)

UBSW

4/01/37

/

2.7%

AUD

2,202,100

133,601

84,167

#### Unrealized

#### appreciation

#### 1,775,125

#### Unrealized
(depreciation)

#### (1,815,817)

#### Total

#### $(40,692)
\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Credit

#### Default

#### Swap

#### Contracts

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### Centrally

#### Cleared

#### Swap

#### Contracts

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CDX.NA.HY.44

.

5.00%

Quarterly

6/20/30

18,279,000

$

1,426,785

$

877,594

$

549,191

Non-

Investment

Grade

Total

Centrally

Cleared

Swap

Contracts

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

$1,426,785

$877,594

$549,191

#### OTC

#### Swap

#### Contracts

#### to

#### Buy

#### Protection
(c) #### Traded

#### Index
CMBX.NA.BB.10

(5.00)%

Monthly

CITI

11/17/59

1,969,000

1,063,556

820,325

243,231

CMBX.NA.BB.10

(5.00)%

Monthly

MLCO

11/17/59

584,000

315,447

33,229

282,218

CMBX.NA.BB.13

(5.00)%

Monthly

GSCO

12/16/72

289,000

109,020

108,736

CMBX.NA.BB.6

.

(5.00)%

Monthly

CITI

5/11/63

234,000

12,539

30,905

(18,366)

CMBX.NA.BB.6

.

(5.00)%

Monthly

GSCO

5/11/63

405,000

21,703

18,248

3,455

CMBX.NA.BB.8

.

(5.00)%

Monthly

CITI

10/17/57

358,000

159,061

155,013

4,048

CMBX.NA.BB.8

.

(5.00)%

Monthly

GSCO

10/17/57

134,000

59,537

54,714

4,823

CMBX.NA.BB.8

.

(5.00)%

Monthly

MSCO

10/17/57

25,000

11,108

10,981

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

CITI

11/17/59

1,129,000

222,582

339,336

(116,754)

CMBX.

NA.BBB-.10

..

(3.00)%

Monthly

MSCO

11/17/59

1,053,000

207,599

340,501

(132,902)

CMBX.

NA.BBB-.11

..

(3.00)%

Monthly

GSCO

11/18/54

1,326,000

162,252

165,603

(3,351)

CMBX.

NA.BBB-.12

..

(3.00)%

Monthly

GSCO

8/17/61

442,000

80,414

80,223

CMBX.

NA.BBB-.13

..

(3.00)%

Monthly

GSCO

12/16/72

884,000

185,535

185,345

CMBX.NA.BBB-.6

(3.00)%

Monthly

CITI

5/11/63

766,000

24,291

143,487

(119,196)

CMBX.NA.BBB-.9

(3.00)%

Monthly

MSCO

9/17/58

442,000

73,918

79,394

(5,476)

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Credit

#### Default

#### Swap

#### Contracts
(continued)

#### Description

#### Periodic

#### Payment

#### Rate

#### Received
(Paid)

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Amount
(a) #### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

#### Rating
(b) #### OTC

#### Swap

#### Contracts
(continued)

#### to

#### Sell

#### Protection

#### (c)(d)

#### Traded

#### Index
CMBX.NA.A.13

.

2.00%

Monthly

MLCO

12/16/72

804,000

$

(51,696)

$

(105,907)

$

54,211

Investment

Grade

CMBX.NA.BB.10

5.00%

Monthly

JPHQ

11/17/59

215,000

(116,132)

(17,251)

(98,881)

Non-

Investment

Grade

CMBX.NA.BB.13

5.00%

Monthly

CITI

12/16/72

289,000

(109,020)

(123,564)

14,544

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

CITI

5/11/63

1,391,000

(74,540)

(241,859)

167,319

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

GSCO

5/11/63

186,000

(9,967)

(32,290)

22,323

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

JPHQ

5/11/63

21,000

(1,125)

(10,811)

9,686

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MLCO

5/11/63

256,000

(13,718)

(28,625)

14,907

Non-

Investment

Grade

CMBX.NA.BB.6

.

5.00%

Monthly

MSCO

5/11/63

921,000

(49,354)

(163,951)

114,597

Non-

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

CITI

4/17/65

63,000

(10,314)

(14,321)

4,007

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

GSCO

4/17/65

33,000

(5,403)

(6,777)

1,374

Investment

Grade

CMBX.

NA.BBB-.16

..

3.00%

Monthly

MSCO

4/17/65

34,000

(5,567)

(7,729)

2,162

Investment

Grade

CMBX.NA.BBB-.6

3.00%

Monthly

BOFA

5/11/63

766,000

(24,292)

(47,650)

23,358

Investment

Grade

Total

OTC

Swap

Contracts

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

$2,237,434

$1,765,305

$472,129

Total

Credit

Default

Swap

Contracts

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

$3,664,219

$

2,642,899

$1,021,320

(a) In

U.S.

dollars

unless

otherwise

indicated.

For

contracts

to

sell

protection,

the

notional

amount

is

equal

to

the

maximum

potential

amount

of

the

future

payments

and

no

recourse

provisions

have

been

entered

into

in

association

with

the

contracts.

(b) Based

on

Standard

and

Poor's

(S&P)

Rating

for

single

name

swaps

and

internal

ratings

for

index

swaps.

Internal

ratings

based

on

mapping

into

equivalent

ratings

from

external

vendors.

(c) Performance

triggers

for

settlement

of

contract

include

default,

bankruptcy

or

restructuring

for

single

name

swaps,

and

failure

to

pay

or

bankruptcy

of

the

underlying

securities

for

traded

index

swaps.

(d) The

fund

enters

contracts

to

sell

protection

to

create

a

long

credit

position.

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

At

July

31,

2025,

the

Fund

had

the

following

interest

rate

swap

contracts

outstanding.

See

Note

1(e).

#### Interest

#### Rate

#### Swap

#### Contracts

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount

#### \*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
Receive

Fixed

1.93%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/27

13,076,000

EUR

$

(51,619)

$

(3,226)

$

(48,393)

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.58%

....

Annual

9/17/27

275,679,000

314,357

(333,092)

647,449

Receive

Fixed

2.48%

..

Semi-Annual

Pay

Floating

1-day

REPO_CORRA

.....

Semi-Annual

9/17/27

14,091,000

CAD

(35,123)

5,421

(40,544)

Receive

Fixed

3.23%

..

Quarterly

Pay

Floating

3-month

AUD

BBR

.........

Quarterly

9/17/27

6,412,000

AUD

(3,349)

2,412

(5,761)

Receive

Fixed

3.78%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/27

3,455,000

GBP

12,271

1,842

10,429

Receive

Fixed

3.63%

..

Annual

Pay

Floating

1-day

SOFR

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

Annual

9/17/30

272,337,000

752,537

900,247

(147,710)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

3.73%

....

Semi-Annual

9/17/30

13,862,000

AUD

4,422

(49,648)

54,070

Receive

Floating

6-month

EURIBOR

...........

Semi-Annual

Pay

Fixed

2.18%

....

Annual

9/17/30

487,000

EUR

5,221

1,423

3,798

Receive

Fixed

4.166%

.

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

7/15/35

16,226,800

AUD

(2,765)

—

(2,765)

Receive

Fixed

0.4%

...

Annual

Pay

Floating

1-day

SARON

..........

Annual

9/17/35

3,908,000

CHF

(64,244)

16,333

(80,577)

Receive

Floating

1-day

REPO_CORRA

.......

Semi-Annual

Pay

Fixed

3.03%

....

Semi-Annual

9/17/35

7,244,000

CAD

61,341

(3,316)

64,657

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

3.88%

....

Annual

9/17/35

79,041,000

(320,243)

(227,682)

(92,561)

Receive

Fixed

2.53%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/35

3,466,000

EUR

(54,558)

(7,249)

(47,309)

Receive

Floating

3-month

AUD

BBR

...........

Quarterly

Pay

Fixed

4.2%

.....

Semi-Annual

9/17/35

9,019,000

NZD

(57,086)

(12,439)

(44,647)

Receive

Floating

3-month

STIBOR

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

Quarterly

Pay

Fixed

2.7%

.....

Annual

9/17/35

33,695,000

SEK

16,110

(19,189)

35,299

Putnam

Premier

Income

Trust

Schedule

of

Investments

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

At

July

31,

2025,

the

Fund

had

the

following total

return swap

contracts

outstanding.

See

Note

1(e)

.

#### Interest

#### Rate

#### Swap

#### Contracts
(continued)

#### Description

#### Payment

#### Frequency

#### Maturity

#### Date

#### Notional

#### Amount\*

#### Value

#### Upfront

#### Payments
(Receipts)

#### Unrealized

#### Appreciation
(Depreciation)

aa

#### aa

#### Centrally

#### Cleared

#### Swap

#### Contracts
(continued)

Receive

Fixed

4.18%

..

Annual

Pay

Floating

1-day

SONIA

...........

Annual

9/17/35

4,049,000

GBP

$

46,225

$

9,308

$

36,917

Receive

Fixed

4.23%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/35

6,482,000

AUD

15,117

12,821

2,296

Receive

Floating

6-month

NIBOR

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

Semi-Annual

Pay

Fixed

4%

......

Annual

9/17/35

56,552,000

NOK

(28,948)

12,758

(41,706)

Receive

Floating

6-month

AUD

BBR

...........

Semi-Annual

Pay

Fixed

4.377%

...

Semi-Annual

7/02/45

1,531,000

AUD

16,282

—

16,282

Receive

Floating

1-day

SOFR

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

Annual

Pay

Fixed

4.03%

....

Annual

9/17/55

3,624,000

8,210

(19,135)

27,345

Receive

Fixed

2.58%

..

Annual

Pay

Floating

6-month

EURIBOR

.........

Semi-Annual

9/17/55

1,720,000

EUR

(105,190)

(22,756)

(82,434)

Receive

Fixed

4.48%

..

Semi-Annual

Pay

Floating

6-month

AUD

BBR

.........

Semi-Annual

9/17/55

179,000

AUD

869

(804) Total

Interest

Rate

Swap

Contracts

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

$529,033

$

265,702

$263,331

\*

In

U.S.

dollars

unless

otherwise

indicated.

#### Total

#### Return

#### Swap

#### Contracts

#### Underlying

#### Instruments

#### Financing

#### Rate

#### Payment

#### Frequency

#### Counter-

#### party

#### Maturity

#### Date

#### Notional

#### Value

#### \*

#### Value/

#### Unrealized

#### Appreciation
(Depreciation)

#### OTC

#### Swap

#### Contracts

#### Long
(a) Ephesus

Funding

DAC

(b) ................

0.165%

At

Maturity

MSCO

9/22/25

2,435,000

$

48,697

Total

Return

Swap

Contracts

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

$48,697

\*

In

U.S.

dollars

unless

otherwise

indicated.

(a) The

Fund

receives

the

total

return

on

the

underlying

instrument

and

pays

a

fixed

financing

rate.

(b) Fair

valued

using

significant

unobservable

inputs.

See

Note

regarding

fair

value

measurements.

See

Note 9 regarding

other

derivative

information.

See

A

bbreviations

on

.

Putnam

Premier

Income

Trust

Financial

Statements

Statement

of

Assets

and

Liabilities

July

31,

2025

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Annual

Report

#### Putnam

#### Premier

#### Income

#### Trust
Assets:

Investments

in

securities:

Cost

-

Unaffiliated

issuers

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

$410,787,298

Cost

-

Non-controlled

affiliates

(Note

e)

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

30,092,317

Value

-

Unaffiliated

issuers

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

$412,212,171

Value

-

Non-controlled

affiliates

(Note

e)

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

30,147,850

Cash

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

2,555,322

Receivables:

Investment

securities

sold

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

952,079

Receivable

for

sales

of

TBA

securities

(Note

d)

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

9,472,031

Dividends

and

interest

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

2,966,206

Deposits

with

brokers

for:

Centrally

cleared

swap

contracts

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

4,798,599

Variation

margin

on

futures

contracts

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

10,160

OTC

swap

contracts

(upfront

payments)

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

2,566,040

Unrealized

appreciation

on

OTC

forward

exchange

contracts

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

302,294

Unrealized

appreciation

on

forward

premium

swap

option

contracts

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

1,775,125

Unrealized

appreciation

on

OTC

swap

contracts

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

1,015,752

Unrealized

appreciation

on

unfunded

loan

commitments

(Note

8)

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

Prepaid

expenses

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

109,235

Other

assets

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

Total

assets

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

468,883,333

Liabilities:

Payables:

Investment

securities

purchased

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

3,476,647

Payable

for

purchases

of

TBA

securities

(Note

d)

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

85,903,359

Management

fees

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

679,819

Administrative

fees

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

531

Transfer

agent

fees

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

29,312

Trustees'

fees

and

expenses

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

157,734

Distributions

to

shareholders

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

153,217

Variation

margin

on

centrally

cleared

swap

contracts

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

52,195

Deposits

from

brokers

for:

OTC

derivative

contracts

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

2,479,000

OTC

swap

contracts

(upfront

receipts)

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

800,735

Unrealized

depreciation

on

OTC

swap

contracts

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

494,926

Unrealized

depreciation

on

OTC

forward

exchange

contracts

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

119,629

Unrealized

depreciation

on

forward

premium

swap

option

contracts

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

1,815,817

TBA

sale

commitments,

at

value

(proceeds

$9,472,031)

(Note

1d)

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

9,460,993

Accrued

expenses

and

other

liabilities

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

267,598

Total

liabilities

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

105,891,512

Net

assets,

at

value

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

$362,991,821

Net

assets

consist

of:

Paid-in

capital

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

$600,996,062

Total

distributable

earnings

(losses)

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

(238,004,241)

Net

assets,

at

value

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

$362,991,821

Shares

outstanding

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

95,567,537

Net

asset

value

per

share

a

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

$3.80

a

Net

asset

value

per

share

may

not

recalculate

due

to

rounding.

Putnam

Premier

Income

Trust

Financial

Statements

Statement

of

Operations

for

the

year

ended

July

31,

2025

franklintempleton.com

Annual

Report

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Premier

#### Income

#### Trust
Investment

income:

Dividends:

Non-controlled

affiliates

(Note

e)

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

$2,330,814

Interest:

Unaffiliated

issuers

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

20,841,850

Total

investment

income

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

23,172,664

Expenses:

Management

fees

(Note

a)

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

2,673,000

Administrative

fees

(Note

b)

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

5,889

Transfer

agent

fees

(Note

3)

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

181,152

Custodian

fees

(Note

4)

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

62,872

Reports

to

shareholders

fees

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

110,899

Registration

and

filing

fees

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

69,536

Professional

fees

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

271,059

Trustees'

fees

and

expenses

(Note

3d)

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

36,647

Interest

expense

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

635

Other

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

23,903

Total

expenses

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

3,435,592

Expense

reductions

(Note

4)

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

(2,463)

Expenses

waived/paid

by

affiliates

(Note

3e)

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

(6,349)

Net

expenses

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

3,426,780

Net

investment

income

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

19,745,884

Realized

and

unrealized

gains

(losses):

Net

realized

gain

(loss)

from:

Investments:

Unaffiliated

issuers

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

(3,218,003)

Foreign

currency

transactions

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

32,930

Forward

exchange

contracts

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

(399,596)

Forward

premium

swap

option

contracts

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

1,120,900

Futures

contracts

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

(545,771)

TBA

sale

commitments

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

335,254

Swap

contracts

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

4,456,122

Net

realized

gain

(loss)

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

1,781,836

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments:

Unaffiliated

issuers

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

3,409,358

Non-controlled

affiliates

(Note

e)

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

55,533

Translation

of

other

assets

and

liabilities

denominated

in

foreign

currencies

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

128,078

Unfunded

loan

commitments

(Note

8)

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

Forward

exchange

contracts

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

(186,712)

Forward

premium

swap

option

contracts

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

(1,575,083)

Futures

contracts

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

919,188

TBA

sale

commitments

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

608,310

Swap

contracts

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

98,798

Net

change

in

unrealized

appreciation

(depreciation)

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

3,457,473

Net

realized

and

unrealized

gain

(loss)

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

5,239,309

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

$24,985,193

Putnam

Premier

Income

Trust

Financial

Statements

Statements

of

Changes

in

Net

Assets

franklintempleton.com

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Putnam

#### Premier

#### Income

#### Trust

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024
Increase

(decrease)

in

net

assets:

Operations:

Net

investment

income

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

$19,745,884

$23,349,281

Net

realized

gain

(loss)

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

1,781,836

(22,356,765)

Net

change

in

unrealized

appreciation

(depreciation)

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

3,457,473

31,011,496

Net

increase

(decrease)

in

net

assets

resulting

from

operations

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

24,985,193

32,004,012

Distributions

to

shareholders

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

(19,390,338)

(20,299,800)

Distributions

to

shareholders

from

tax

return

of

capital

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

(10,429,111)

(9,704,516)

Total

distributions

to

shareholders

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

(29,819,449)

(30,004,316)

Capital

share

transactions

(Note

2)

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

(107,871)

(3,872,140)

Net

increase

(decrease)

in

net

assets

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

(4,942,127)

(1,872,444)

Net

assets:

Beginning

of

year

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

367,933,948

369,806,392

End

of

year

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

$362,991,821

$367,933,948

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
Putnam

Premier

Income

Trust (Fund)

is

registered under

the

Investment

Company

Act

of

1940

(1940

Act)

as

a

closed-end

management

investment

company.

The

Fund

follows

the

accounting

and

reporting

guidance

in

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946,

Financial

Services

–

Investment

Companies

(ASC

946)

and

applies

the

specialized

accounting

and

reporting

guidance

in

U.S.

Generally

Accepted

Accounting

Principles

(U.S.

GAAP),

including,

but

not

limited

to,

ASC

946. The

following

summarizes

the

Fund

's

significant

accounting

policies.

a. #### Financial

#### Instrument

#### Valuation
The

Fund's

investments

in

financial

instruments

are

carried

at

fair

value

daily.

Fair

value

is

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

on

the

measurement

date.

The

Fund

calculates

the

net

asset

value

(NAV)

per

share

each business

day as

of

p.m.

Eastern

time

or

the

regularly

scheduled

close

of

the

New

York

Stock

Exchange

(NYSE),

whichever

is

earlier.

Under

compliance

policies

and

procedures

approved

by

the Fund's

Board

of

Trustees

(the

Board),

the

Board

has

designated

the

Fund's

investment

manager

as

the

valuation

designee

and

has

responsibility

for

oversight

of

valuation.

The

investment

manager

is

assisted

by

the

Fund's

administrator

in

performing

this

responsibility,

including

leading

the

cross-

functional

Valuation

Committee

(VC).

The

Fund

may

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers,

and

other

market

sources

to

determine

fair

value.

Equity

securities,

exchange

traded

funds,

and

derivative

financial

instruments

listed

on

an

exchange

or

on

the

NASDAQ

National

Market

System

are

valued

at

the

last

quoted

sale

price

or

the

official

closing

price

of

the

day,

respectively.

Over-the-counter

(OTC)

securities

are

valued

within

the

range

of

the

most

recent

quoted

bid

and

ask

prices.

Securities

that

trade

in

multiple

markets

or

on

multiple

exchanges

are

valued

according

to

the

broadest

and

most

representative

market.

Certain

equity

securities

are

valued

based

upon

fundamental

characteristics

or

relationships

to

similar

securities.

Debt

securities

generally

trade

in

the OTC

market

rather

than

on

a

securities

exchange.

The

Fund's

pricing

services

use

multiple

valuation

techniques

to

determine

fair

value.

In

instances

where

sufficient

market

activity

exists,

the

pricing

services

may

utilize

a

market-based

approach

through

which

quotes

from

market

makers

are

used

to

determine

fair

value.

In

instances

where

sufficient

market

activity

may

not

exist

or

is

limited,

the

pricing

services

also

utilize

proprietary

valuation

models

which

may

consider

market

characteristics

such

as

benchmark

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

anticipated

timing

of

principal

repayments,

underlying

collateral,

and

other

unique

security

features

in

order

to

estimate

the

relevant

cash

flows,

which

are

then

discounted

to

calculate

the

fair

value.

Securities

denominated

in

a

foreign

currency

are

converted

into

their

U.S.

dollar

equivalent

at

the

foreign

exchange

rate

in

effect

at

p.m.

Eastern

time

on

the

date

that

the

values

of

the

foreign

debt

securities

are

determined.

Investments

in open-end mutual

funds

are

valued

at

the

closing

NAV.

Derivative

financial

instruments

listed

on

an

exchange

are

valued

at

the

official

closing

price

of

the

day.

Certain

derivative

financial

instruments

trade

in

the

OTC

market.

The

Fund's

pricing

services

use

various

techniques

including

industry

standard

option

pricing

models

and

proprietary

discounted

cash

flow

models

to

determine

the

fair

value

of

those

instruments.

The

Fund's

net

benefit

or

obligation

under

the

derivative

contract,

as

measured

by

the

fair

value

of

the

contract,

is

included

in

net

assets.

The

Fund

has

procedures

to

determine

the

fair

value

of

financial

instruments

for

which

market

prices

are

not

reliable

or

readily

available.

Under

these

procedures,

the Fund

primarily

employs

a

market-based

approach

which

may

use

related

or

comparable

assets

or

liabilities,

recent

transactions,

market

multiples,

and

other

relevant

information

for

the

investment

to

determine

the

fair

value

of

the

investment.

An

income-based

valuation

approach

may

also

be

used

in

which

the

anticipated

future

cash

flows

of

the

investment

are

discounted

to

calculate

fair

value.

Discounts

may

also

be

applied

due

to

the

nature

or

duration

of

any

restrictions

on

the

disposition

of

the

investments.

Due

to

the

inherent

uncertainty

of

valuations

of

such

investments,

the

fair

values

may

differ

significantly

from

the

values

that

would

have

been

used

had

an

active

market

existed.

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

b. #### Foreign

#### Currency

#### Translation
Portfolio

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

based

on

the

exchange

rate

of

such

currencies

against

U.S.

dollars

on

the

date

of

valuation.

The

Fund

may

enter

into

foreign

currency

exchange

contracts

to

facilitate

transactions

denominated

in

a

foreign

currency.

Purchases

and

sales

of

securities,

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

exchange

rate

in

effect

on

the

transaction

date.

Portfolio

securities

and

assets

and

liabilities

denominated

in

foreign

currencies

contain

risks

that

those

currencies

will

decline

in

value

relative

to

the

U.S.

dollar.

Occasionally,

events

may

impact

the

availability

or

reliability

of

foreign

exchange

rates

used

to

convert

the

U.S.

dollar

equivalent

value.

If

such

an

event

occurs,

the

foreign

exchange

rate

will

be

valued

at

fair

value

using

procedures

established

and

approved

by

the

Board.

The

Fund

does

not

separately

report

the

effect

of

changes

in

foreign

exchange

rates

from

changes

in

market

prices

on

securities

held.

Such

changes

are

included

in

net

realized

and

unrealized

gain

or

loss

from

investments

in

the

Statement of

Operations.

Realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions

and

the

difference

between

the

recorded

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

and

the

U.S.

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

foreign

exchange

rates

on

foreign

denominated

assets

and

liabilities

other

than

investments

in

securities

held

at

the

end

of

the

reporting

period.

c. #### 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.

d. #### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
The

Fund

may

purchase

securities

on

a when-issued,

forward

commitment

or

delayed

delivery

and to-be-

announced

(TBA)

basis,

with

payment

and

delivery

scheduled

for

a

future

date.

These

transactions

are

subject

to

market

fluctuations

and

are

subject

to

the

risk

that

the

value

at

delivery

may

be

more

or

less

than

the

trade

date

purchase

price.

Although

the

Fund

will

generally

purchase

these

securities

with

the

intention

of

holding

the

securities, it

may

sell

the

securities

before

the

settlement

date.

Collateral

has

been

pledged

and/or

received

for

open

TBA

trades.

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

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

in

the

Financial

Instrument

Valuation

note.

The

contract

is

marked

to

market

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

daily

and

the

change

in

fair

value

is

recorded

by

the

Fund

as

an

unrealized

gain

or

loss.

Based

on

market

circumstances,

the

investment

manager

will

determine

whether

to

take

delivery

of

the

underlying

securities

or

to

dispose

of

the

TBA

commitments

prior

to

settlement.

e. #### Derivative

#### Financial

#### Instruments
The

Fund invested

in

derivative

financial

instruments

in

order

to

manage

risk

or

gain

exposure

to

various

other

investments

or

markets.

Derivatives

are

financial

contracts

based

on

an

underlying

or

notional

amount,

require

no

initial

investment

or

an

initial

net

investment

that

is

smaller

than

would

normally

be

required

to

have

a

similar

response

to

changes

in

market

factors,

and

require

or

permit

net

settlement.

Derivatives

contain

various

risks

including

the

potential

inability

of

the

counterparty

to

fulfill

their

obligations

under

the

terms

of

the

contract,

the

potential

for

an

illiquid

secondary

market,

and/or

the

potential

for

market

movements

which

expose

the

Fund

to

gains

or

losses

in

excess

of

the

amounts

shown

in

the

Statement

of

Assets

and

Liabilities.

Realized

gain

and

loss

and

unrealized

appreciation

and

depreciation

on

these

contracts

for

the

period

are

included

in

the

Statement

of

Operations.

Derivative

counterparty

credit

risk

is

managed

through

a

formal

evaluation

of

the

creditworthiness

of

all

potential

counterparties.

The

Fund

attempts

to

reduce

its

exposure

to

counterparty

credit

risk

on

OTC

derivatives,

whenever

possible,

by

entering

into

International

Swaps

and

Derivatives

Association

(ISDA)

master

agreements

with

certain

counterparties.

These

agreements

contain

various

provisions,

including

but

not

limited

to

collateral

requirements,

events

of

default,

or

early

termination.

Termination

events

applicable

to

the

counterparty

include

certain

deteriorations

in

the

credit

quality

of

the

counterparty.

Termination

events

applicable

to

the

Fund

include

failure

of

the

Fund

to

maintain

certain

net

asset

levels

and/or

limit

the

decline

in

net

assets

over

various

periods

of

time.

In

the

event

of

default

or

early

termination,

the

ISDA

master

agreement

gives

the

non-defaulting

party

the

right

to

net

and

close-out

all

transactions

traded,

whether

or

not

arising

under

the

ISDA

agreement,

to

one

net

amount

payable

by

one

counterparty

to

the

other.

However,

absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

Early

termination

by

the

counterparty

may

result

in

an

immediate

payment

by

the

Fund

of

any

net

liability

owed

to

that

counterparty

under

the

ISDA

agreement.

Collateral

requirements

differ

by

type

of

derivative.

Collateral

or

initial

margin

requirements

are

set

by

the

broker

or

exchange

clearing

house

for

exchange

traded

and

centrally

cleared

derivatives.

Initial

margin

deposited

is

held

at

the

exchange

and

can

be

in

the

form

of

cash

and/or

securities.

For

OTC

derivatives

traded

under

an

ISDA

master

agreement,

posting

of

collateral

is

required

by

either

the

Fund

or

the

applicable

counterparty

if

the

total

net

exposure

of

all

OTC

derivatives

with

the

applicable

counterparty

exceeds

the

minimum

transfer

amount,

which

typically

ranges

from

$100,000

to

$250,000,

and

can

vary

depending

on

the

counterparty

and

the

type

of agreement.

Generally,

collateral

is

determined

at

the

close

of

Fund

business

each

day

and

any

additional

collateral

required

due

to

changes

in

derivative

values

may

be

delivered

by

the

Fund

or

the

counterparty

the

next

business

day,

or

within

a

few

business

days.

Collateral

pledged

and/or

received

by

the

Fund

for

OTC

derivatives,

if

any,

is

held

in

segregated

accounts

with

the

Fund's

custodian/counterparty

broker

and

can

be

in

the

form

of

cash

and/or

securities.

Unrestricted

cash

may

be

invested

according

to

the

Fund's

investment

objectives.

To

the

extent

that

the

amounts

due

to

the

Fund

from

its

counterparties

are

not

subject

to

collateralization

or

are

not

fully

collateralized,

the

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

The

Fund

entered

into

exchange

traded

futures

contracts

primarily

to

manage

and/or

gain

exposure

to

interest

rate

risk.

A

futures

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

an

asset

at

a

specified

price

on

a

future

date.

Required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Futures

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

OTC

forward

exchange

contracts

primarily

to

manage

and/or

gain exposure

to

certain

foreign

currencies.

A

forward

exchange

contract

is

an

agreement

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

foreign

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

d. #### Securities

#### Purchased

#### on

#### a

#### When-Issued,

#### Forward Commitment or

#### Delayed

#### Delivery

#### Basis

#### and

#### TBA

#### Basis
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

currency at

a

specific

exchange

rate

on

a

future

date.

Forward

exchange

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

credit

default

swap

contracts

primarily

to

manage

and/or

gain

exposure

to

credit

risk.

A

credit

default

swap

is

an

agreement

between

the

Fund

and

a

counterparty

whereby

the

buyer

of

the

contract

receives

credit

protection

and

the

seller

of

the

contract

guarantees

the

credit

worthiness

of

a

referenced

debt

obligation.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

credit

default

swaps)

or

may

be

executed

in

a

multilateral

trade

facility

platform,

such

as

a

registered

exchange

(centrally

cleared

credit

default

swaps).

The

underlying

referenced

debt

obligation

may

be

a

single

issuer

of

corporate

or

sovereign

debt,

a

credit

index,

a

basket

of

issuers

or

indices,

or

a

tranche

of

a

credit

index

or

basket

of

issuers

or

indices.

In

the

event

of

a

default

of

the

underlying

referenced

debt

obligation,

the

buyer

is

entitled

to

receive

the

notional

amount

of

the

credit

default

swap

contract

from

the

seller

in

exchange

for

the

referenced

debt

obligation,

a

net

settlement

amount

equal

to

the

notional

amount

of

the

credit

default

swap

less

the

recovery

value

of

the

referenced

debt

obligation,

or

other

agreed

upon

amount.

For

centrally

cleared

credit

default

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

the

buyer

pays

the

seller

a

periodic

stream

of

payments,

provided

that

no

event

of

default

has

occurred.

Such

periodic

payments

are

accrued

daily

as

an

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Upfront

payments

and

receipts

are

reflected

in

the Statement

of

Assets

and

Liabilities

and

represent

compensating

factors

between

stated

terms

of

the

credit

default

swap

agreement

and

prevailing

market

conditions

(credit

spreads

and

other

relevant

factors).

These

upfront

payments

and

receipts

are

amortized

over

the

term

of

the

contract

as

a

realized

gain

or

loss

in

the Statement

of

Operations.

Credit

default

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund entered

into

interest

rate

swap

contracts

primarily

to

manage

interest

rate

risk.

An

interest

rate

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

cash

flows

based

on

the

difference

between

two

interest

rates,

applied

to

a

notional

amount.

These

agreements

may

be

privately

negotiated

in

the

over-the-

counter

market

(OTC

interest

rate

swaps)

or

may

be

executed

on

a

registered

exchange

(centrally

cleared

interest

rate

swaps).

For

centrally

cleared

interest

rate

swaps,

required

initial

margins

are

pledged

by

the

Fund,

and

the

daily

change

in

fair

value

is

accounted

for

as

a

variation

margin

payable

or

receivable

in

the

Statement

of

Assets

and

Liabilities.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

and

to

be

received

are

accrued

daily

and

recorded

as

unrealized

appreciation

or

depreciation

until

the

payments

are

made,

at

which

time

they

are

realized.

Interest

rate

swap

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

entered

into

OTC

total

return

swap

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate risk

of

an

underlying

instrument

such

as

a

stock,

bond,

index

or

basket

of

securities

or

indices.

A

total

return

swap

is

an

agreement

between

the

Fund

and

a

counterparty

to

exchange

a

return

linked

to

an

underlying

instrument

for

a

floating

or

fixed

rate

payment,

both

based

upon

a

notional

amount.

Over

the

term

of

the

contract,

contractually

required

payments

to

be

paid

or

received

are

accrued

daily

and

recorded

as

unrealized

appreciation or

depreciation

until

the

payments

are

made,

at

which

time

they

are

recognized

as

realized

gain

or

loss. Total

return

swap contracts outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

The

Fund

purchased

or

wrote

OTC

option

contracts

primarily

to

manage

and/or

gain exposure

to

interest

rate

risk.

An

option

is

a

contract

entitling

the

holder

to

purchase

or

sell

a

specific

amount

of

shares

or

units

of

an

asset

or

notional

amount

of

a

swap

(swaption),

at

a

specified

price.

When

an

option

is

purchased

or

written,

an

amount

equal

to

the

premium

paid

or

received

is

recorded

as

an

asset

or

liability,

respectively.

Upon

exercise

of

an

option,

the

acquisition

cost

or

sales

proceeds

of

the

underlying

investment

is

adjusted

by

any

premium

received

or

paid.

Upon

expiration

of

an

option,

any

premium

received

or

paid

is

recorded

as

a

realized

gain

or

loss.

Upon

closing

an

option

other

than

through

expiration

or

exercise,

the

difference

between

the

premium

received

or

paid

and

the

cost

to

close

the

position

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

is

recorded

as

a

realized

gain

or

loss.

Option

contracts

outstanding

at

period

end,

if

any,

are

listed

in

the

Fund's

Schedule

of

Investments.

See

Note

9 regarding

other

derivative

information.

f. #### Senior

#### Floating

#### Rate

#### Interests
The

Fund

invests

in

senior

secured

corporate

loans

that

pay

interest

at

rates

which

are

periodically

reset

by

reference

to

a

base

lending

rate

plus

a

spread.

These

base

lending

rates

are

generally

the

prime

rate

offered

by

a

designated

U.S.

bank

or

the

Secured

Overnight

Financing

Rate

(SOFR).

Senior

secured

corporate

loans

often

require

prepayment

of

principal

from

excess

cash

flows

or

at

the

discretion

of

the

borrower.

As

a

result,

actual

maturity

may

be

substantially

less

than

the

stated

maturity.

Senior

secured

corporate

loans

in

which

the Fund

invests

are

generally

readily

marketable,

but

may

be

subject

to

certain

restrictions

on

resale.

g. #### Income

#### and

#### Deferred

#### Taxes
It

is the Fund's

policy

to

qualify

as

a

regulated

investment

company

under

the

Internal

Revenue

Code. The Fund

intends

to

distribute

to

shareholders

substantially

all

of

its

taxable

income

and

net

realized

gains

to

relieve

it

from

federal

income

and if

applicable,

excise

taxes.

As

a

result,

no

provision

for

U.S.

federal

income

taxes

is

required.

The

Fund

may

be

subject

to

foreign

taxation

related

to

income

received,

capital

gains

on

the

sale

of

securities

and

certain

foreign

currency

transactions

in

the

foreign

jurisdictions

in

which it

invests.

Foreign

taxes,

if

any,

are

recorded

based

on

the

tax

regulations

and

rates

that

exist

in

the

foreign

markets

in

which

the

Fund

invests.

When

a

capital

gain

tax

is

determined

to

apply,

the

Fund

records

an

estimated

deferred

tax

liability

in

an

amount

that

would

be

payable

if

the

securities

were

disposed

of

on

the

valuation

date.

The Fund

may

recognize

an

income

tax

liability

related

to

its

uncertain

tax

positions

under

U.S.

GAAP

when

the

uncertain

tax

position

has

a

less

than

50%

probability

that

it

will

be

sustained

upon

examination

by

the

tax

authorities

based

on

its

technical

merits.

As

of

July

31,

2025, the Fund

has

determined

that

no

tax

liability

is

required

in

its

financial

statements

related

to

uncertain

tax

positions

for

any

open

tax

years

(or

expected

to

be

taken

in

future

tax

years).

Open

tax

years

are

those

that

remain

subject

to

examination

and

are

based

on

the

statute

of

limitations

in

each

jurisdiction

in

which

the Fund

invests.

h. #### Security

#### Transactions,

#### Investment

#### Income,

#### Expenses

#### and

#### Distributions
Security

transactions

are

accounted

for

on

trade

date.

Realized

gains

and

losses

on

security

transactions

are

determined

on

a

specific

identification

basis.

Interest

income

(including

interest

income

from

payment-in-kind

securities,

if

any)

and

estimated

expenses

are

accrued

daily.

Amortization

of

premium

and

accretion

of

discount

on

debt

securities

are

included

in

interest

income.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income

on

the

Statement

of

Operations.

The

Fund

may

receive

other

income

from

investments

in

senior

secured

corporate

loans

or

unfunded

commitments,

including

amendment

fees,

consent

fees

or

commitment

fees.

These

fees

are

recorded

as

income

when

received

by

the

Fund.

Facility

fees

are

recognized

as

income

over

the

expected

term

of

the

loan. Dividend

income

are

recorded

on

the

ex-dividend

date.

Distributions

to

shareholders

from

net

investment

income,

if

any,

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.

Realized

and

unrealized

gains

and

losses

and

net

investment

income,

excluding

class

specific

expenses,

are

allocated

daily

to

each

class

of

shares

based

upon

the

relative

proportion

of

net

assets

of

each

class.

Differences

in

per

share

distributions

by

class

are

generally

due

to

differences

in

class

specific

expenses.

i. #### Accounting

#### Estimates
The

preparation

of

financial

statements

in

accordance

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

e. #### Derivative

#### Financial

#### Instruments
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

and

liabilities

at

the

date

of

the

financial

statements

and

the

amounts

of

income

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

j. #### Guarantees

#### and

#### Indemnifications
Under

the Fund's

organizational

documents,

its

officers

and trustees

are

indemnified

by

the

Fund against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Fund.

Additionally,

in

the

normal

course

of

business,

the

Fund

enters

into

contracts

with

service

providers

that

contain

general

indemnification

clauses.

The Fund's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Fund

that

have

not

yet

occurred.

Currently,

the Fund

expects

the

risk

of

loss

to

be

remote.

2. #### Shares

#### of

#### Beneficial

#### Interest
At

July

31,

2025,

there

were

an

unlimited

number

of

shares

authorized

(without

par

value).

During

the periods

ended

July

31,

2025 and 2024,

there

were

no

shares

issued;

all

reinvested

distributions

were

satisfied

with

previously

issued

shares

purchased

in

the

open

market.

In September

2025,

subsequent

to

the

reporting

period,

the

Board

authorized

the

Fund

to

repurchase

shares

in

the

open

market

pursuant

to

the

Fund's

open-market

share

repurchase

program.

Under

the

program,

the

Fund

may

purchase,

from

time

to

time,

fund

shares

in

open-market

transactions,

at

the

discretion

of

management.

This

authorization

remains

in

effect.

Repurchases

are

made

when

the

Fund's

shares

are

trading

at

less

than

net

asset

value

and

therefore

increase

the

net

asset

value

per

share

of

the

Fund's

remaining

shares. Transactions

in

the

Fund's

shares

were

as

follows:

3. #### Transactions

#### with

#### Affiliates
Franklin

Resources,

Inc.

is

the

holding

company

for

various

subsidiaries

that

together

are

referred

to

as

Franklin

Templeton.

Certain

officers

and trustees

of

the Fund are

also

officers

and/or

directors

of

the

following

subsidiaries:

#### Year

#### Ended

#### July

#### 31,

#### 2025

#### Year

#### Ended

#### July

#### 31,

#### 2024

#### Shares

#### Amount

#### Shares

#### Amount
Shares

repurchased

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

30,484

$107,871

1,117,282

$3,872,140

Weighted

average

discount

of

cost

of

repurchase

to

net

asset

value

of

shares

repurchased

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

7.12%

7.92%

#### Subsidiary

#### Affiliation
Franklin

Advisers,

Inc.

(Advisers)

Investment

manager

Franklin

Templeton

Investment

Management

Limited

(FTIML)

Subadvisor

Putnam

Investments

Limited

(PIL)

Subadvisor

Putnam

Investment

Management,

LLC

(Putnam

Management)

Subadvisor

Franklin

Templeton

Services,

LLC

(FT

Services)

Administrative

manager

Franklin

Distributors,

LLC

(Distributors)

Principal

underwriter

Putnam

Investor

Services,

Inc.

(PSERV)

Transfer

agent

1. #### Organization

#### and

#### Significant

#### Accounting

#### Policies
(continued)

i. #### Accounting

#### Estimates
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

a. #### Management

#### Fees
The

Fund

pays Advisers 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:

For

the

reporting

period,

the

management

fee

represented

an

effective

rate

(excluding

the

impact

from

any

expense

waivers

in

effect)

of

0.750%

of

the

Fund's

average

net

assets.

Advisers

retained

Putnam

Management

as

subadvisor

for

the

Fund.

Pursuant

to

the

agreement,

Putnam

Management

provides

certain

advisory

and

related

services

to

the

Fund.

Advisers

pays

a

monthly

fee

to

Putnam

Management

based

on

the

costs

of

Putnam

Management

in

providing

these

services

to

the

Fund,

which

may

include

a

mark-up

not

to

exceed

15%

over

such

costs.

Effective

November

1,

2024,

under

a

subadvisory

agreement,

FTIML

provides

subadvisory

services

to

the

Fund.

The

subadvisory

fee

is

paid by Advisers

based

on

the

average

net

assets

managed

by

FTIML,

and

is

not

an

additional

expense

of

the

Fund.

Prior

to

November

1,

2024,

PIL

provided

subadvisory

services

to

the

Fund.

Effective

November

1,

2024,

PIL

merged

into

FTIML,

and

PIL

investment

professionals

became

employees

of

FTIML.

b. #### Administrative

#### Fees
Under

an

agreement

with

Advisers,

FT

Services

provides

administrative

services

to

the

Fund.

The

fee

is

paid

by Advisers

based

on

the Fund's

average

daily

net

assets,

and

is

not

an

additional

expense

of

the

Fund.

The

Fund

reimburses

Advisers

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.

#### Annualized

#### Fee

#### Rate

#### Net

#### Assets
0.750%

of

the

first

$500

million

of

average

net

assets,

0.650%

of

the

next

$500

million

of

average

net

assets,

0.600%

of

the

next

$500

million

of

average

net

assets,

0.550%

of

the

next

$5

billion

of

average

net

assets,

0.525%

of

the

next

$5

billion

of

average

net

assets,

0.505%

of

the

next

$5

billion

of

average

net

assets,

0.490%

of

the

next

$5

billion

of

average

net

assets,

0.480%

of

the

next

$5

billion

of

average

net

assets,

0.470%

of

the

next

$5

billion

of

average

net

assets,

0.460%

of

the

next

$5

billion

of

average

net

assets,

0.450%

of

the

next

$5

billion

of

average

net

assets,

0.440%

of

the

next

$5

billion

of

average

net

assets,

0.430%

of

the

next

$8.5

billion

of

average

net

assets

and

0.420%

of

any

excess

thereafter.

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

c. #### Transfer

#### Agent

#### Fees
PSERV,

an

affiliate

of Advisers,

provides

investor

servicing

agent

functions

to

the

Fund.

PSERV

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 Transfer

agent fees

in

the

Statement

of

Operations.

d. #### Trustee

#### Fees
The

Fund

has

adopted

a

Trustee

Fee

Deferral

Plan

(the

Deferral

Plan)

which

allows

the

Trustees,

who

were

serving

prior

to

April

25,

2025, to

defer

the

receipt

of

all

or

a

portion

of

Trustees'

fees

payable

from

July

1,

1995

through

December

31,

2023. 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

were

serving

prior

to

April

25,

2025

and

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

the

Trustees' fees

and

expenses

in

the

Statement

of

Operations.

Accrued

pension

liability

is

included

in

Payable

for

Trustees' fees

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. e. #### Investments

#### in

#### Affiliated

#### Management

#### Investment

#### Companies
The

Fund

invests

in

one

or

more

affiliated

management

investment

companies.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Controlled

Affiliate"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

25%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

The

Fund

does

not

invest

for

purposes

of

exercising

a

controlling

influence

over

the

management

or

policies.

Management

fees

paid

by

the

Fund

are

waived

on

assets

invested

in

the

affiliated

management

investment

companies,

as

noted

in

the

Statement

of

Operations,

in

an

amount

not

to

exceed

the

management

and

administrative

fees,

if

applicable, paid

directly

or

indirectly

by

each

affiliate.

During

the

year

ended

July

31,

2025,

the

Fund

held

investments

in

affiliated

management

investment

companies

as

follows:

#### &nbsp;&nbsp;&nbsp;&nbsp;aa

#### Value

#### at

#### Beginning

#### of

#### Year

#### Purchases

#### Sales

#### Realized

#### Gain
(Loss)

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### Value

#### at

#### End

#### of

#### Year

#### Number

#### of

#### Shares

#### Held

#### at

#### End

#### of

#### Year

#### Investment

#### Income

#### a&nbsp;&nbsp;&nbsp;&nbsp;

#### a

#### Putnam

#### Premier

#### Income

#### Trust

#### Non-Controlled

#### Affiliates
Dividends

Franklin

Ultra

Short

Bond

ETF

.

$—

$9,155,669

$—

$—

$55,533

$9,211,202

368,080

$153,338

Putnam

Government

Money

Market

Fund,

Class

G,

4.163%

.

40,929,849

91,575,880

(129,423,993)

—

—

3,081,736

3,081,736

1,005,840

Putnam

Short

Term

Investment

Fund,

Class

P,

4.558%

......

32,198,833

15,837,901

(30,181,822)

—

—

17,854,912

17,854,912

1,171,636

#### Total

#### Non-Controlled

#### Affiliates
$73,128,682

$116,569,450

$(159,605,815)

$—

$55,533

$30,147,850

$2,330,814

#### Total

#### Affiliated

#### Securities

#### ...
$73,128,682

$116,569,450

$(159,605,815)

$—

$55,533

$30,147,850

$2,330,814

3. #### Transactions

#### with

#### Affiliates
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

4. #### Expense

#### Offset

#### Arrangement
The Fund has entered

into arrangements

with

PSERV

and

its

custodian

whereby

credits

realized

as

a

result

of

uninvested

cash

balances

are

used

to

reduce

a

portion

of

the

Fund's

transfer

agent

and

custodian

fees,

respectively.

During

the

year

ended

July

31,

2025,

the

fees

were

reduced

as

noted

in

the

Statement

of

Operations.

Effective

April

14,

2025,

earned

credits

on

custodian

fees,

if

any,

are

recognized

as

income.

5. #### Income

#### Taxes
For

tax

purposes,

capital

losses

may

be

carried

over

to

offset

future

capital

gains.

At

July

31,

2025,

the

capital

loss

carryforwards

were

as

follows:

During

the

year

ended

July

31,

2025,

the

Fund

utilized

$2,002,524

of

capital

loss

carryforwards.

The

tax

character

of

distributions

paid

during

the

years

ended

July

31,

2025

and

2024,

was

as

follows:

At

July

31,

2025,

the

cost

of

investments

and

net

unrealized

appreciation

(depreciation) for

income

tax

purposes

were

as

follows:

Differences

between

income

and/or

capital

gains

as

determined

on

a

book

basis

and

a

tax

basis

are

primarily

due

to

differing

treatments

of

defaulted

securities,

foreign

currency

transactions

and

derivative

financial

instruments.

6. #### Investment

#### Transactions
Purchases

and

sales

of

investments (excluding

short

term

securities) for

the

year

ended

July

31,

2025,

aggregated

$2,005,744,961 and

$1,870,093,030,

respectively.

Capital

loss

carryforwards

not

subject

to

expiration:

Short

term

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

$

99,349,718

Long

term

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

100,793,088

Total

capital

loss

carryforwards

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

$200,142,806

#### 2025

#### 2024
Distributions

paid

from:

Ordinary

income

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

$19,390,338

$20,299,800

Tax

exempt

income

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

—

9,704,516

Return

of

capital

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

10,429,111

—

$29,819,449

$30,004,316

Cost

of

investments

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

$475,183,546

Unrealized

appreciation

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

$18,808,960

Unrealized

depreciation

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

(56,627,754)

Net

unrealized

appreciation

(depreciation)

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

$(37,818,794)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

7. #### Credit

#### Risk

#### and

#### Defaulted

#### Securities
At

July

31,

2025,

the

Fund

had 35.5%

of

its

portfolio

invested

in

high

yield

or

other

securities

rated

below

investment

grade

and

unrated

securities.

These

securities

may

be

more

sensitive

to

economic

conditions

causing

greater

price

volatility

and

are

potentially

subject

to

a

greater

risk

of

loss

due

to

default

than

higher

rated

securities.

The

Fund held

defaulted

securities

and/or

other

securities

for

which

the

income

has

been

deemed

uncollectible.

At

July

31,

2025,

the

aggregate

value

of

these

securities represents

less

than

0.1% of

the

Fund's

net

assets.

The

Fund

discontinues

accruing

income

on

securities

for

which

income

has

been

deemed

uncollectible

and

provides

an

estimate

for

losses

on

interest

receivable.

The

securities

have

been

identified

in

the

accompanying Schedule

of

Investments.

8. #### Unfunded

#### Loan

#### Commitments
The

Fund

enters

into

certain

credit

agreements,

all

or

a

portion

of

which

may

be

unfunded.

The Fund

is

obligated

to

fund

these

loan

commitments

at

the

borrowers'

discretion.

Unfunded

loan

commitments

and

funded

portions

of

credit

agreements

are

marked

to

market

daily

and

any

unrealized

appreciation

or

depreciation

is

included

in

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations.

Funded

portions

of

credit

agreements

are

presented

in

the

Schedule

of

Investments.

At

July

31,

2025,

unfunded

commitments

were

as

follows:

9. #### Other

#### Derivative

#### Information
At

July

31,

2025,

investments

in

derivative

contracts

are

reflected

in

the Statement of

Assets

and

Liabilities

as

follows:

#### Borrower

#### Unfunded

#### Commitment

#### Putnam

#### Premier

#### Income

#### Trust
Clydesdale

Acquisition

Holdings,

Inc.

$

7,500

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Premier

#### Income

#### Trust
Interest

rate

contracts

.......

Variation

margin

on

futures

contracts

$

102,630

a

Variation

margin

on

futures

contracts

$

20,828

a

Variation

margin

on

centrally

cleared

swap

contracts

898,542

b

Variation

margin

on

centrally

cleared

swap

contracts

635,211

b

Unrealized

appreciation

on

OTC

swap

contracts

48,697

Unrealized

depreciation

on

OTC

swap

contracts

—

Unrealized

appreciation

on

forward

premium

swap

option

contracts

1,775,125

Unrealized

depreciation

on

forward

premium

swap

option

contracts

1,815,817

Foreign

exchange

contracts

..

Unrealized

appreciation

on

OTC

forward

exchange

contracts

302,294

Unrealized

depreciation

on

OTC

forward

exchange

contracts

119,629

Credit

contracts

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

Variation

margin

on

centrally

cleared

swap

contracts

549,191

b

Variation

margin

on

centrally

cleared

swap

contracts

—

OTC

swap

contracts

(upfront

payments)

2,566,040

OTC

swap

contracts

(upfront

receipts)

800,735

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

For

the

year

ended

July

31,

2025,

the

effect

of

derivative

contracts

in

the Statement

of

Operations

was

as

follows:

For

the

year

ended

July

31,

2025

,

the

average

month

end

notional

amount

of

futures

contracts,

swap

contracts

and

options,

and

the

average month

end

contract

value

for forward

exchange

contracts,

were as

follows:

#### Asset

#### Derivatives

#### Liability

#### Derivatives

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Location

#### Fair

#### Value

#### Putnam

#### Premier

#### Income

#### Trust
(continued)

Credit

contracts

(continued)

..

Unrealized

appreciation

on

OTC

swap

contracts

$

967,055

Unrealized

depreciation

on

OTC

swap

contracts

$

494,926

Total

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

$7,209,574

$3,887,146

a

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

futures

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

b

This

amount

reflects

the

cumulative

appreciation

(depreciation)

of

centrally

cleared

swap

contracts

as

reported

in

the

Schedule

of

Investments.

Only

the

variation

margin

receivable/payable

at

year

end

is

separately

reported

within

the

Statement

of

Assets

and

Liabilities.

Prior

variation

margin

movements

were

recorded

to

cash

upon

receipt

or

payment.

#### Derivative

#### Contracts

#### Not

#### Accounted

#### for

#### as

#### Hedging

#### Instruments

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Realized

#### Gain
(Loss)

#### for

#### the

#### Year

#### Statement

#### of

#### Operations

#### Location

#### Net

#### Change

#### in

#### Unrealized

#### Appreciation
(Depreciation)

#### for

#### the

#### Year

#### Putnam

#### Premier

#### Income

#### Trust
Net

realized

gain

(loss)

from:

Net

change

in

unrealized

&nbsp;&nbsp;&nbsp;&nbsp;appreciation

(depreciation)

on:

Interest

rate

contracts

..........

Futures

contracts

$(545,771)

Futures

contracts

$919,188

Swap

contracts

4,067,825

Swap

contracts

(1,646,246)

Forward

premium

swap

option

contracts

1,120,900

Forward

premium

swap

option

contracts

(1,575,083)

Foreign

exchange

contracts

.....

Forward

exchange

contracts

(399,596)

Forward

exchange

contracts

(186,712)

Credit

contracts

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

Swap

contracts

388,297

Swap

contracts

1,745,044

Total

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

$4,631,655

$(743,809)

#### Putnam

#### Premier

#### Income

#### Trust
Futures

contracts

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

$

75,184,528

Swap

contracts

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

1,025,803,126

Forwards

exchange

contracts

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

30,193,022

Options

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

662,859,941

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

July

31,

2025,

the

Fund's

OTC

derivative

assets

and

liabilities

are

as

follows:

At

July

31,

2025,

OTC

derivative

assets,

which

may

be

offset

against

the

Fund's

OTC

derivative

liabilities

and

collateral

received

from

the

counterparty,

are

as

follows:

#### Gross

#### Amounts

#### of

#### Assets

#### and

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Assets

#### a

#### Liabilities

#### a

#### Putnam

#### Premier

#### Income

#### Trust
Forward

Exchange

Contracts

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

$

302,294

$

119,629

Forward

Premium

Swap

Option

Contracts

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

1,775,125

1,815,817

Swap

Contracts

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

3,581,792

1,295,661

Total

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

$5,659,211

$3,231,107

a

Absent

an

event

of

default

or

early

termination,

OTC

derivative

assets

and

liabilities

are

presented

gross

and

not

offset

in

the

Statement

of

Assets

and

Liabilities.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Assets

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Received

#### a,b

#### Cash

#### Collateral

#### Received

#### b

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Premier

#### Income

#### Trust

#### Counterparty
BNDP

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

$

109,542

$

(109,542)

$

—

$

—

$

—

BOFA

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

40,474

(40,474)

—

—

—

BZWS

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

17,649

(7,379)

—

—

10,270

CITI

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

1,959,184

(806,764)

—

(1,152,420)

—

GSCO

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

647,278

(88,961)

—

(558,317)

—

HSBK

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

17,766

(15,375)

—

—

2,391

JPHQ

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

1,185,944

(766,305)

(318,639)

(101,000)

—

MCM

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

59,269

(59,269)

—

—

—

MLCO

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

384,565

(134,532)

—

(198,000)

52,033

MSCO

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

775,961

(310,058)

—

(160,000)

305,903

NATW

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

—

—

—

—

—

SSBT

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

18,976

—

—

—

18,976

TDOM

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

35,036

(250) —

—

34,786

UBSW

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

407,126

(245,226)

(104,900)

(57,000)

—

WPAC

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

—

—

—

Total

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

$5,659,211

$(2,584,135)

$(423,539)

$(2,226,737)

$424,800

$

a

At

July

31,

2025,

the

Fund

received

U.S

Treasury

Bills,

Bonds

and

Notes

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

At

July

31,

2025,

OTC

derivative

liabilities,

which

may

be

offset

against

the

Fund's

OTC

derivative

assets

and

collateral

pledged

to

the

counterparty,

are

as

follows:

See

Note

1(e) regarding

derivative

financial

instruments.

See

Abbreviations

on

.

#### Amounts

#### Not

#### Offset

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Gross

#### Amounts

#### of

#### Liabilities

#### Presented

#### in

#### the

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Financial

#### Instruments

#### Available

#### for

#### Offset

#### Financial

#### Instruments

#### Collateral

#### Pledged

#### a,b

#### Cash

#### Collateral

#### Pledged

#### Net

#### Amount

#### (Not

#### less

#### than

#### zero)

#### Putnam

#### Premier

#### Income

#### Trust

#### Counterparty
BNDP

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

$

336,149

$

(109,542)

$

(112,146)

$

—

$

114,461

BOFA

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

357,744

(40,474)

(255,122)

—

62,148

BZWS

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

7,379

(7,379)

—

—

—

CITI

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

806,764

(806,764)

—

—

—

GSCO

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

88,961

(88,961)

—

—

—

HSBK

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

15,375

(15,375)

—

—

—

JPHQ

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

766,305

(766,305)

—

—

—

MCM

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

160,898

(59,269)

—

—

101,629

MLCO

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

134,532

(134,532)

—

—

—

MSCO

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

310,058

(310,058)

—

—

—

NATW

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

1,466

—

—

—

1,466

SSBT

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

—

—

—

—

—

TDOM

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

(250) —

—

—

UBSW

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

245,226

(245,226)

—

—

—

WPAC

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

—

—

—

—

—

Total

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

$3,231,107

$(2,584,135)

$(367,268)

$—

$279,704

a

See

the

accompanying

Schedule

of

Investments

for

securities

pledged

as

collateral

for

derivatives.

b

In

some

instances,

the

collateral

amounts

disclosed

in

the

table

above

were

adjusted

due

to

the

requirement

to

limit

the

collateral

amounts

to

avoid

the

effect

of

overcollateralization.

Actual

collateral

received

and/or

pledged

may

be

more

than

the

amounts

disclosed

herein.

9. #### Other

#### Derivative

#### Information
(continued)

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

10. #### Fair

#### Value

#### Measurements
The

Fund

follows

a

fair

value

hierarchy

that

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the Fund's

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Fund's financial

instruments

and

are

summarized

in

the

following

fair

value

hierarchy:

Level

–

quoted

prices

in

active

markets

for

identical

financial

instruments

Level

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

financial

instruments,

interest

rates,

prepayment

speed,

credit

risk,

etc.)

Level

–

significant

unobservable

inputs

(including

the

Fund's

own

assumptions

in

determining

the

fair

value

of

financial

instruments)

The

input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level.

A

summary

of

inputs

used

as

of

July

31,

2025,

in

valuing

the

Fund's assets

and

liabilities carried

at

fair

value,

is

as

follows:

A

reconciliation

in

which

Level

inputs

are

used

in

determining

fair

value

is

presented

when

there

are

significant

Level

assets

and/or

liabilities

at

the

beginning

and/or

end

of

the year.

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Putnam

#### Premier

#### Income

#### Trust

#### Assets:
Investments

in

Securities:

Management

Investment

Companies

.........

$

9,211,202

$

—

$

—

$

9,211,202

Convertible

Bonds

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

—

11,019,911

—

11,019,911

Corporate

Bonds

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

—

103,828,862

—

103,828,862

Senior

Floating

Rate

Interests

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

—

24,103,672

—

24,103,672

Foreign

Government

and

Agency

Securities

....

—

38,221,670

—

38,221,670

Asset-Backed

Securities

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

—

3,607,555

—

3,607,555

Commercial

Mortgage-Backed

Securities

......

—

37,839,505

—

37,839,505

Mortgage-Backed

Securities

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

—

86,682,821

—

86,682,821

Residential

Mortgage-Backed

Securities

.......

—

39,830,221

—

39,830,221

Agency

Commercial

Mortgage-Backed

Securities

—

46,182,185

—

46,182,185

Short

Term

Investments

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

20,936,648

19,145,769

1,750,000

41,832,417

Total

Investments

in

Securities

...........

$30,147,850

$410,462,171

$1,750,000

$442,360,021

Other

Financial

Instruments:

Forward

Exchange

Contracts

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

$—

$302,294

$—

$302,294

Forward

Premium

Swap

Option

Contracts

.....

—

1,775,125

—

1,775,125

Futures

Contracts

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

102,630

—

—

102,630

Swap

Contracts

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

—

2,414,788

48,697

2,463,485

Unfunded

Loan

Commitments

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

—

—

Total

Other

Financial

Instruments

.........

$102,630

$4,492,210

$48,697

$4,643,537

#### Liabilities:
Other

Financial

Instruments:

TBA

Sale

Commitments

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

$

—

$

9,460,993

$

—

$

9,460,993

Forward

Exchange

Contracts

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

—

119,629

—

119,629

Forward

Premium

Swap

Option

Contracts

......

—

1,815,817

—

1,815,817

Futures

Contracts

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

20,828

—

—

20,828

Swap

Contracts

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

—

1,130,137

—

1,130,137

Total

Other

Financial

Instruments

.........

$20,828

$12,526,576

$—

$12,547,404

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

11. #### Operating

#### Segments
The

Fund has adopted

the

FASB

Accounting

Standards

Update

(ASU)

2023-07,

*Segment* 

*Reporting* 

*(Topic* 

*280)* 

*-* 

*Improvements* 

*to* 

*Reportable* 

*Segment* 

*Disclosures.*

The

update

is

limited

to

disclosure

requirements

and

does

not

impact

the Fund's

financial

position

or

results

of

operations.

The Fund operates

as

a

single

operating

segment,

which

is

an

investment

portfolio.

The

Fund's Investment

manager

serves

as

the

Chief

Operating

Decision

Maker

(CODM),

evaluating

fund-wide

results

and

performance

under

a

unified

investment

strategy.

The

CODM

uses

these

measures

to

assess

fund

performance

and

allocate

resources

effectively.

Internal

reporting

provided

to

the

CODM

aligns

with

the

accounting

policies

and

measurement

principles

used

in

the financial

statements.

For

information

regarding

segment

assets,

segment

profit

or

loss,

and

significant

expenses,

refer

to

the Statement

of

Assets

and

Liabilities

and

the Statement

of

Operations,

along

with

the

related

notes

to

the financial

statements.

The Schedule

of

Investments

provides

details

of

the Fund's investments

that

generate

returns

such

as

interest,

dividends,

and

realized

and

unrealized

gains

or

losses.

Performance

metrics,

including

portfolio

turnover

and

expense

ratios,

are

disclosed

in

the Financial

Highlights.

12. #### Subsequent

#### Events
The Fund

has

evaluated

subsequent

events

through

the

issuance

of

the

financial

statements

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

those

already

disclosed

in

the

financial

statements.

Putnam

Premier

Income

Trust

Notes

to

Financial

Statements

franklintempleton.com

Annual

Report

#### Abbreviations

#### Counterparty

#### BNDP
BNP

Paribas

SA

#### BOFA
Bank

of

America

NA

#### BZWS
Barclays

Bank

plc

#### CITI
Citibank

NA

#### GSCO
Goldman

Sachs

Group,

Inc.

#### HSBK
HSBC

Bank

plc

#### JPHQ
JPMorgan

Chase

Bank

NA

#### MCM
Mizuho

Capital

Markets

LLC

#### MLCO
Merrill

Lynch

International

&

Co.

#### MSCO
Morgan

Stanley

#### NATW
Natwest

Markets

plc

#### SSBT
State

Street

Bank

and

Trust

Co.

#### TDOM
Toronto

Dominion

Bank

#### UBSW
UBS

AG

#### WPAC
Westpac

Banking

Corp.

#### Cu

#### r

#### rency

#### AUD
Australian

Dollar

#### CAD
Canadian

Dollar

#### CHF
Swiss

Franc

#### EUR
Euro

#### GBP
British

Pound

#### JPY
Japanese

Yen

#### NOK
Norwegian

Krone

#### NZD
New

Zealand

Dollar

#### SEK
Swedish

Krona

#### USD
United

States

Dollar

#### Index

#### CDX.NA.HY.

#### Series

#### number
CDX

North

America

High

Yield

Index

#### CMBX.NA.

#### Series

#### number
CMBX

North

America

Index

#### Selected

#### Portfolio

#### BBR
Bank

of

England

Base

Rate

#### CLO
Collateralized

Loan

Obligation

#### CME
Chicago

Mercantile

Exchange

#### CMT
Constant

Monthly

U.S.

Treasury

Securities

Yield

Curve

Rate

Index

#### ETF
Exchange-Traded

Fund

#### EURIBOR
Euro

Inter-Bank

Offer

Rate

#### FHLMC
Federal

Home

Loan

Mortgage

Corp.

#### FNMA
Federal

National

Mortgage

Association

#### FRN
Floating

Rate

Note

#### GNMA
Government

National

Mortgage

Association

#### PIK
Payment-In-Kind

#### REIT
Real

Estate

Investment

Trust

#### REMIC
Real

Estate

Mortgage

Investment

Conduit

#### SARON
Swiss

Average

Rate

Overnight

#### SOFR
Secured

Overnight

Financing

Rate

#### SONIA
Sterling

Overnight

Index

Average

#### STACR
Structured

Agency

Credit

Risk

The

following

reference

rates,

and

their

values

as

of

period

end,

are

used

for

security

descriptions:

#### Reference

#### Index

#### Reference

#### Rate
1-day

REPO_CORRA

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

2.75%

1-day

SARON

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

(0.03)%

1-day

SOFR

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

4.39%

1-day

SONIA

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

4.22%

3-month

AUD

BBR

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

3.68%

3-month

STIBOR

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

2.16%

6-month

AUD

BBR

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

3.78%

6-month

EURIBOR

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

2.08%

6-month

NIBOR

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

4.36%

Putnam

Premier

Income

Trust

Report

of

Independent

Registered

Public

Accounting

Firm

franklintempleton.com

Annual

Report

To

the

Board

of

Trustees

and

Shareholders

of

Putnam

Premier

Income

Trust

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

schedule

of

investments,

of

Putnam

Premier

Income

Trust

(the

"Fund")

as

of

July

31,

2025,

the

related

statement

of

operations

for

the

year

ended

July

31,

2025,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

July

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

July

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

July

31,

2025

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

July

31,

2025

by

correspondence

with

the

custodian,

transfer

agent,

agent

banks

and

brokers;

when

replies

were

not

received

from

brokers

or

agent

banks,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Boston,

Massachusetts

September

23,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

Putnam

Funds

family

of

funds

since

at

least

1957. We

have

not

been

able

to

determine

the

specific

year

we

began

serving

as

auditor.

Putnam

Premier

Income

Trust

Tax

Information

(unaudited)

franklintempleton.com

Annual

Report

By

mid-February,

tax

information

related

to

a

shareholder's

proportionate

share

of

distributions

paid

during

the

preceding

calendar

year

will

be

received,

if

applicable.

Please

also

refer

to

www.franklintempleton.com

for

per

share

tax

information

related

to

any

distributions

paid

during

the

preceding

calendar

year.

Shareholders

are

advised

to

consult

with

their

tax

advisors

for

further

information

on

the

treatment

of

these

amounts

on

their

tax

returns.

The

following

tax

information

for

the

Fund

is

required

to

be

furnished

to

shareholders

with

respect

to

income

earned

and

distributions

paid

during

its

fiscal

year.

The

Fund

hereby

reports

the

following

amounts,

or

if

subsequently

determined

to

be

different,

the

maximum

allowable

amounts,

for

the

fiscal

year

ended

July

31,

2025:

#### Pursuant

#### to:

#### Amount

#### Reported
Income

Eligible

for

Dividends

Received

Deduction

(DRD)

§854(b)(1)(A)

$5,730

Qualified

Dividend

Income

Earned

(QDI)

§854(b)(1)(B)

$5,730

Qualified

Net

Interest

Income

(QII)

§871(k)(1)(C)

$14,928,124

Section

163(j)

Interest

Earned

§163(j)

$19,929,425

Putnam

Premier

Income

Trust

Important

Information

to

Shareholders

(unaudited)

franklintempleton.com

Annual

Report

#### Share

#### Repurchase

#### Program
In

September

2025,

the

Trustees

of

your

fund

authorized

a

share

repurchase

program

that

allows

your

fund

to

repurchase,

beginning

October

1,

2025,

up

to

10%

of

the

fund's

common

shares

outstanding

as

of

September

30,

2025. #### Information

#### about

#### the

#### fund's

#### goal,

#### investment

#### strategies,

#### principal

#### risks,

#### and

#### fundamental

#### investment

#### policies

#### Goal
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

#### Main

#### Investment

#### Strategies

#### and

#### Related

#### Risks
This

section

contains

detail

regarding

the

fund's

main

investment

strategies

and

the

related

risks

you

face

as

a

fund

shareholder.

It

is

important

to

keep

in

mind

that

risk

and

reward

generally

go

hand

in

hand;

the

higher

the

potential

reward,

the

greater

the

risk.

We

pursue

the

fund's

goal

by

investing

mainly

in

bonds,

securitized

debt

instruments

(such

as

residential

mortgage-

backed

securities

and

commercial

mortgage-backed

securities),

and

other

obligations

of

companies

and

governments

worldwide

that

are

either

investment-grade

or

below-investment-grade

in

quality

(sometimes

referred

to

as

"junk

bonds"),

that

have

intermediate-

to

long-term

maturities

(three

years

or

longer),

and

that

are

from

multiple

sectors.

The

fund

currently

has

significant

investment

exposure

to

residential

and

commercial

mortgage-backed

investments.

We

may

consider,

among

other

factors,

credit,

interest

rate

and

prepayment

risks,

as

well

as

general

market

conditions,

when

deciding

whether

to

buy

or

sell

investments.

We

typically

use

to

a

significant

extent

derivatives,

such

as

futures,

options,

certain

foreign

currency

transactions

and

swap

contracts,

for

hedging

and

non-hedging

purposes

and

to

obtain

leverage.

The

fund

currently

has

significant

investment

exposure

to

CMBS,

which

are

also

subject

to

risks

associated

with

the

commercial

real

estate

markets

and

the

servicing

of

mortgage

loans

secured

by

commercial

properties.

During

periods

of

difficult

economic

conditions,

delinquencies

and

losses

on

CMBS

in

particular

generally

increase,

including

as

a

result

of

the

effects

of

those

conditions

on

commercial

real

estate

markets,

the

ability

of

commercial

tenants

to

make

loan

payments,

and

the

ability

of

a

property

to

attract

and

retain

commercial

tenants.

The

fund

achieves

exposure

to

CMBS

via

CMBX,

an

index

that

references

a

basket

of

CMBS.

• #### Foreign

#### investments.
We

consider

any

securities

issued

by

a

foreign

government

or

a

supranational

organization

(such

as

the

World

Bank)

or

denominated

in

a

foreign

currency

to

be

securities

of

a

foreign

issuer.

In

addition,

we

consider

an

issuer

to

be

a

foreign

issuer

if

we

determine

that

(i) the

issuer

is

headquartered

or

organized

outside

the

United

States,

(ii) the

issuer's

securities

trade

in

a

market

outside

the

United

States,

(iii) the

issuer

derives

a

majority

of

its

revenues

or

profits

outside

the

United

States,

or

(iv) the

issuer

is

significantly

exposed

to

the

economic

fortunes

and

risks

of

regions

outside

the

United

States.

Foreign

investments

involve

certain

special

risks,

including:

—

Unfavorable

changes

in

currency

exchange

rates:

Foreign

investments

are

typically

issued

and

traded

in

foreign

currencies.

As

a

result,

their

values

may

be

affected

by

changes

in

exchange

rates

between

foreign

currencies

and

the

U.S.

dollar.

—

Political

and

economic

developments:

Foreign

investments

may

be

subject

to

the

risks

of

seizure

by

a

foreign

government,

direct

or

indirect

impact

of

sovereign

debt

default,

imposition

of

economic

sanctions,

tariffs,

trade

restrictions,

currency

restrictions

or

similar

actions

(or

retaliatory

measures

taken

in

response

to

such

actions),

and

tax

increases.

—

Unreliable

or

untimely

information:

There

may

be

less

information

publicly

available

about

a

foreign

company

than

about

most

publicly-traded

U.S.

companies,

and

foreign

companies

are

usually

not

subject

to

accounting,

auditing

and

financial

reporting

standards

and

practices

as

stringent

as

those

in

the

United

States.

Foreign

securities

may

trade

on

markets

that

are

closed

when

U.S.

markets

are

open.

As

a

result,

accurate

pricing

information

based

on

foreign

market

prices

may

not

always

be

available.

—

Limited

legal

recourse:

Legal

remedies

for

investors

may

be

more

limited

than

the

remedies

available

in

the

United

States.

Putnam

Premier

Income

Trust

Important

Information

to

Shareholders

(unaudited)

franklintempleton.com

Annual

Report

—

Limited

markets:

Certain

foreign

investments

may

be

less

liquid

(harder

to

buy

and

sell)

and

more

volatile

than

most

U.S.

investments,

which

means

we

may

at

times

be

unable

to

sell

these

foreign

investments

at

desirable

prices.

In

addition,

there

may

be

limited

or

no

markets

for

bonds

of

issuers

that

become

distressed.

For

the

same

reason,

we

may

at

times

find

it

difficult

to

value

the

fund's

foreign

investments.

—

Trading

practices:

Brokerage

commissions

and

other

fees

are

generally

higher

for

foreign

investments

than

for

U.S.

investments.

The

procedures

and

rules

governing

foreign

transactions

and

custody

may

also

involve

delays

in

payment,

delivery

or

recovery

of

money

or

investments.

—

Sovereign

issuers:

The

willingness

and

ability

of

sovereign

issuers

to

pay

principal

and

interest

on

government

securities

depends

on

various

economic

factors,

including

the

issuer's

balance

of

payments,

overall

debt

level,

and

cash

flow

from

tax

or

other

revenues.

In

addition,

there

may

be

no

legal

recourse

for

investors

in

the

event

of

default

by

a

sovereign

government.

The

risks

of

foreign

investments

are

typically

increased

in

countries

with

less

developed

markets,

which

are

sometimes

referred

to

as

emerging

markets.

Emerging

markets

may

have

less

developed

economies

and

legal

and

regulatory

systems,

and

may

be

susceptible

to

greater

political

and

economic

instability

than

developed

foreign

markets.

Countries

with

emerging

markets

are

also

more

likely

to

experience

high

levels

of

inflation,

or

currency

devaluation,

and

investments

in

emerging

markets

may

be

more

volatile

and

less

liquid

than

investments

in

developed

markets.

For

these

and

other

reasons,

investments

in

emerging

markets

are

often

considered

speculative.

Certain

risks

related

to

foreign

investments

may

also

apply

to

some

extent

to

U.S.-

traded

investments

that

are

denominated

in

foreign

currencies,

investments

in

U.S.

companies

that

are

traded

in

foreign

markets,

or

investments

in

U.S.

companies

that

have

significant

foreign

operations.

• #### Interest

#### rate

#### risk.
The

values

of

bonds

and

other

debt

instruments

usually

rise

and

fall

in

response

to

changes

in

interest

rates.

Interest

rates

can

change

in

response

to

the

supply

and

demand

for

credit,

government

and/or

central

bank

monetary

policy

and

action,

inflation

rates,

and

other

factors.

Declining

interest

rates

generally

result

in

an

increase

in

the

value

of

existing

debt

instruments,

and

rising

interest

rates

generally

result

in

a

decrease

in

the

value

of

existing

debt

instruments.

Changes

in

a

debt

instrument's

value

usually

will

not

affect

the

amount

of

interest

income

paid

to

the

fund,

but

will

affect

the

value

of

the

fund's

shares.

Interest

rate

risk

is

generally

greater

for

investments

with

longer

maturities.

Some

investments

give

the

issuer

the

option

to

call

or

redeem

an

investment

before

its

maturity

date.

If

an

issuer

calls

or

redeems

an

investment

during

a

time

of

declining

interest

rates,

we

might

have

to

reinvest

the

proceeds

in

an

investment

offering

a

lower

yield,

and,

therefore,

the

fund

might

not

benefit

from

any

increase

in

value

as

a

result

of

declining

interest

rates.

• #### Credit

#### risk.
Investors

normally

expect

to

be

compensated

in

proportion

to

the

risk

they

are

assuming.

Thus,

debt

of

issuers

with

poor

credit

prospects

usually

offers

higher

yields

than

debt

of

issuers

with

more

secure

credit.

Higher-rated

investments

generally

have

lower

credit

risk.

Investments

rated

below

BBB

or

its

equivalent

are

below

investment-grade

in

quality

(sometimes

referred

to

as

"junk

bonds"),

which

can

be

more

sensitive

to

changes

in

markets,

credit

conditions,

and

interest

rate,

and

may

be

considered

speculative.

This

rating

reflects

a

greater

possibility

that

the

issuers

may

be

unable

to

make

timely

payments

of

interest

and

principal

and

thus

default.

If

a

default

occurs,

or

is

perceived

as

likely

to

occur,

the

value

of

the

investment

will

usually

be

more

volatile

and

could

decrease.

The

value

of

a

debt

instrument

may

also

be

affected

by

changes

in,

or

perceptions

of,

the

financial

condition

of

the

issuer,

borrower,

counterparty,

or

other

entity,

or

underlying

collateral

or

assets,

or

changes

in,

or

perceptions

of,

specific

or

general

market,

economic,

industry,

political,

regulatory,

geopolitical,

environmental,

public

health,

and

other

conditions.

A

default

or

expected

default

could

also

make

it

difficult

for

us

to

sell

the

investment

at

a

price

approximating

the

value

we

had

previously

placed

on

it.

Lower-rated

debt

usually

has

a

more

limited

market

than

higher-rated

debt,

which

may

at

times

make

it

difficult

for

us

to

buy

or

sell

certain

debt

instruments

or

to

establish

their

fair

values.

Credit

risk

is

generally

greater

for

zero-coupon

bonds

and

other

investments

that

are

issued

at

less

than

their

face

value

and

that

are

required

to

make

interest

payments

only

at

maturity

rather

than

at

intervals

during

the

life

of

the

investment.

Credit

ratings

are

based

largely

on

the

issuer's

historical

financial

condition

and

the

rating

agencies'

investment

analysis

at

the

time

of

rating.

The

rating

assigned

to

any

particular

investment

does

not

necessarily

reflect

the

Putnam

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issuer's

current

financial

condition,

and

does

not

reflect

an

assessment

of

the

investment's

volatility

or

liquidity.

Although

we

consider

credit

ratings

in

making

investment

decisions,

we

perform

our

own

investment

analysis

and

do

not

rely

only

on

ratings

assigned

by

the

rating

agencies.

Our

success

in

achieving

the

fund's

goal

may

depend

more

on

our

own

credit

analysis

when

we

buy

lower-rated

debt

than

when

we

buy

investment-grade

debt.

We

may

have

to

participate

in

legal

proceedings

involving

the

issuer.

This

could

increase

the

fund's

operating

expenses

and

decrease

its

net

asset

value.

Although

investment-grade

investments

generally

have

lower

credit

risk,

they

may

share

some

of

the

risks

of

lower-rated

investments.

U.S.

government

investments

generally

have

the

least

credit

risk,

but

are

not

completely

free

of

credit

risk.

While

some

investments,

such

as

U.S.

Treasury

obligations

and

Ginnie

Mae

certificates,

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government,

others

are

backed

only

by

the

credit

of

the

issuer.

Mortgage-backed

securities

may

be

subject

to

the

risk

that

underlying

borrowers

will

be

unable

to

meet

their

obligations.

Bond

investments

may

be

more

susceptible

to

downgrades

or

defaults

during

economic

downturns

or

other

periods

of

economic

stress,

which

can

significantly

strain

the

financial

resources

of

debt

issuers,

including

the

issuers

of

the

bonds

in

which

the

fund

invests

(or

has

exposure

to).

This

may

make

it

less

likely

that

those

issuers

can

meet

their

financial

obligations

when

due

and

may

adversely

impact

the

value

of

their

bonds,

which

could

negatively

impact

the

performance

of

the

fund.

It

is

difficult

to

predict

the

level

of

financial

stress

and

duration

of

such

stress

issuers

may

experience.

• #### Prepayment

#### risk.
Traditional

debt

investments

typically

pay

a

fixed

rate

of

interest

until

maturity,

when

the

entire

principal

amount

is

due.

In

contrast,

payments

on

securitized

debt

instruments,

including

mortgage-backed

and

asset-

backed

investments,

typically

include

both

interest

and

partial

payment

of

principal.

Principal

may

also

be

prepaid

voluntarily

or

as

a

result

of

refinancing

or

foreclosure.

We

may

have

to

invest

the

proceeds

from

prepaid

investments

in

other

investments

with

less

attractive

terms

and

yields.

Compared

to

debt

that

cannot

be

prepaid,

mortgage-backed

investments

are

less

likely

to

increase

in

value

during

periods

of

declining

interest

rates

and

have

a

higher

risk

of

decline

in

value

during

periods

of

rising

interest

rates.

These

investments

may

increase

the

volatility

of

the

fund.

Some

mortgage-backed

investments

receive

only

the

interest

portion

or

the

principal

portion

of

payments

on

the

underlying

mortgages.

The

yields

and

values

of

these

investments

are

extremely

sensitive

to

changes

in

interest

rates

and

in

the

rate

of

principal

payments

on

the

underlying

mortgages.

The

market

for

these

investments

may

be

volatile

and

limited,

which

may

make

them

difficult

to

buy

or

sell.

Asset-backed

securities

are

structured

like

mortgage-backed

securities,

but

instead

of

mortgage

loans

or

interests

in

mortgage

loans,

the

underlying

assets

may

include

such

items

as

motor

vehicle

installment

sales

or

installment

loan

contracts,

leases

of

various

types

of

real

and

personal

property

and

receivables

from

credit

card

agreements.

Asset-backed

securities

are

subject

to

risks

similar

to

those

of

mortgage-backed

securities.

• #### Derivatives.
We

typically

engage

to

a

significant

extent

in

a

variety

of

transactions

involving

derivatives,

such

as

to-be-announced

(TBA)

commitments,

futures,

options

and

swaptions,

including

on

mortgage-backed

securities

and

indices,

forward

contracts,

certain

foreign

currency

transactions,

credit

default,

total

return

and

interest

rate

swap

contracts,

including

to

obtain

or

adjust

exposure

to

commercial

and

residential

mortgage-backed

instruments.

Derivatives

are

financial

instruments

whose

value

depends

upon,

or

is

derived

from,

the

value

of

something

else,

such

as

one

or

more

underlying

investments,

pools

of

investments,

indexes

or

currencies.

We

may

make

use

of

"short"

derivative

positions,

the

values

of

which

typically

move

in

the

opposite

direction

from

the

price

of

the

underlying

investment,

pool

of

investments,

index

or

currency.

We

may

use

derivatives

for

hedging

and

non-

hedging

purposes

and

to

obtain

leverage.

For

example,

we

may

use

derivatives

to

increase

or

decrease

the

fund's

exposure

to

long-

or

short-term

interest

rates

(in

the

United

States

or

abroad),

increase

or

decrease

the

fund's

exposure

to

inflation,

adjust

the

term

of

the

fund's

U.S.

Treasury

security

exposure,

adjust

the

fund's

positioning

on

the

yield

curve

(a

line

that

plots

interest

rates

of

bonds

having

equal

credit

quality

but

differing

maturity

dates)

or

to

take

tactical

positions

along

the

yield

curve

or

to

a

particular

currency

or

group

of

currencies,

or

as

a

substitute

for

a

direct

investment

in

the

securities

of

one

or

more

issuers.

The

fund

may

also

use

derivatives

to

isolate

prepayment

risk

associated

with

the

fund's

holdings

of

collateralized

mortgage

obligations.

However,

we

may

also

choose

not

to

use

derivatives

based

on

our

evaluation

of

market

conditions

or

the

availability

of

suitable

derivatives.

Investments

in

derivatives

may

Putnam

Premier

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Important

Information

to

Shareholders

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franklintempleton.com

Annual

Report

be

applied

toward

meeting

a

requirement

to

invest

in

a

particular

kind

of

investment

if

the

derivatives

have

economic

characteristics

similar

to

that

investment.

Derivatives

involve

special

risks

and

may

result

in

losses.

The

successful

use

of

derivatives

depends

on

our

ability

to

manage

these

sophisticated

instruments.

Some

derivatives

are

"leveraged,"

which

means

they

provide

the

fund

with

investment

exposure

greater

than

the

value

of

the

fund's

investment

in

the

derivatives.

As

a

result,

these

derivatives

may

magnify

or

otherwise

increase

investment

losses

to

the

fund.

The

risk

of

loss

from

certain

short

derivative

positions

is

theoretically

unlimited.

The

value

of

derivatives

may

move

in

unexpected

ways

due

to

unanticipated

market

movements,

the

use

of

leverage,

imperfect

correlation

between

the

derivative

instrument

and

the

reference

asset

or

other

factors,

especially

in

unusual

market

conditions,

and

volatility

in

the

value

of

derivatives

could

adversely

impact

the

fund's

returns,

obligations,

and

exposures.

Other

risks

arise

from

the

potential

inability

to

terminate

or

sell

derivative

positions.

Derivatives

may

be

subject

to

liquidity

risk

due

to

the

fund's

obligation

to

make

payments

of

margin,

collateral,

or

settlement

payments

to

counterparties.

A

liquid

secondary

market

may

not

always

exist

for

the

fund's

derivative

positions.

In

fact,

certain

over-the-counter

instruments

(investments

not

traded

on

an

exchange)

may

not

be

liquid.

Over-the-counter

instruments

also

involve

the

risk

that

the

other

party

to

the

derivative

transaction

may

not

be

willing

or

able

to

meet

its

obligations

with

respect

to

the

derivative

transaction.

The

risk

of

a

party

failing

to

meet

its

obligations

may

increase

if

the

fund

has

significant

exposure

to

that

counterparty.

Derivative

transactions

may

also

be

subject

to

operational

risk,

including

due

to

documentation

and

settlement

issues,

system

failures,

inadequate

controls

and

human

error,

and

legal

risk

due

to

insufficient

documentation,

insufficient

capacity

or

authority

of

a

counterparty,

or

issues

with

respect

to

the

legality

or

enforceability

of

the

derivative

contract.

• #### Floating

#### rate

#### loans.
Floating

rate

loans

are

debt

obligations

with

interest

rates

that

adjust

or

"float"

periodically

(normally

on

a

monthly

or

quarterly

basis)

based

on

a

generally

recognized

base

rate,

such

as

the

London

Inter-Bank

Offered

Rate

or

the

prime

rate

offered

by

one

or

more

major

U.S.

banks.

While

most

floating

rate

loans

are

below-investment-grade

in

quality,

many

also

are

senior

in

rank

in

the

event

of

bankruptcy

to

most

other

securities

of

the

borrower,

such

as

common

stock

or

public

bonds.

Floating

rate

loans

are

also

normally

secured

by

specific

collateral

or

assets

of

the

borrower

so

that

the

holders

of

the

loans

will

have

a

priority

claim

on

those

assets

in

the

event

of

default

or

bankruptcy

of

the

issuer.

Floating

rate

loans

generally

are

less

sensitive

to

interest

rate

changes

than

obligations

with

fixed

interest

rates

but

may

decline

in

value

if

their

interest

rates

do

not

rise

as

much,

or

as

quickly,

as

interest

rates

in

general.

Conversely,

floating

rate

instruments

will

not

generally

increase

in

value

if

interest

rates

decline.

Changes

in

interest

rates

will

also

affect

the

amount

of

interest

income

the

fund

earns

on

its

floating

rate

investments.

Most

floating

rate

loans

allow

for

prepayment

of

principal

without

penalty.

If

a

borrower

prepays

a

loan,

we

might

have

to

reinvest

the

proceeds

in

an

investment

that

may

have

lower

yields

than

the

yield

on

the

prepaid

loan

or

might

not

be

able

to

take

advantage

of

potential

gains

from

increases

in

the

credit

quality

of

the

issuer.

The

value

of

collateral,

if

any,

securing

a

floating

rate

loan

can

decline,

and

may

be

insufficient

to

meet

the

borrower's

obligations

or

difficult

to

liquidate.

In

addition,

the

fund's

access

to

collateral

may

be

limited

by

bankruptcy

or

other

insolvency

proceedings.

Floating

rate

loans

may

not

be

fully

collateralized

and

may

decline

in

value.

Loans

may

not

be

considered

"securities,"

and

it

is

possible

that

the

fund

may

not

be

entitled

to

rely

on

anti-fraud

and

other

protections

under

the

federal

securities

laws

when

it

purchases

loans.

Although

the

market

for

the

types

of

floating

rate

loans

in

which

the

fund

invests

has

become

increasingly

liquid

over

time,

this

market

is

still

developing,

and

there

can

be

no

assurance

that

adverse

developments

with

respect

to

this

market

or

particular

borrowers

will

not

prevent

the

fund

from

selling

these

loans

at

their

market

values

when

we

consider

such

a

sale

desirable.

In

addition,

the

settlement

period

(the

period

between

the

execution

of

the

trade

and

the

delivery

of

cash

to

the

purchaser)

for

floating

rate

loan

transactions

may

be

significantly

longer

than

the

settlement

period

for

other

investments,

and

in

some

cases

longer

than

seven

days.

Requirements

to

obtain

consent

of

borrower

and/or

agent

can

delay

or

impede

the

fund's

ability

to

sell

the

floating

rate

loans

and

can

adversely

affect

the

price

that

can

be

obtained.

It

is

possible

that

sale

proceeds

from

floating

rate

loan

transactions

will

not

be

available

to

meet

redemption

obligations.

Putnam

Premier

Income

Trust

Important

Information

to

Shareholders

(unaudited)

franklintempleton.com

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Report

• #### Liquidity

#### and

#### illiquid

#### investments.
We

may

invest

the

fund's

assets

in

illiquid

investments,

which

may

be

considered

speculative

and

which

may

be

difficult

to

sell.

The

sale

of

many

of

these

investments

is

prohibited

or

limited

by

law

or

contract.

Some

investments

may

be

difficult

to

value

for

purposes

of

determining

the

fund's

net

asset

value.

Certain

other

investments

may

not

have

an

active

trading

market

due

to

adverse

market,

economic,

industry,

political,

regulatory,

geopolitical,

environmental,

public

health,

and

other

conditions,

including

investors

trying

to

sell

large

quantities

of

a

particular

investment

or

type

of

investment,

or

lack

of

market

makers

or

other

buyers

for

a

particular

investment

or

type

of

investment.

Commercial

mortgage-

backed

securities

may

be

less

liquid

and

exhibit

greater

price

volatility

than

other

types

of

mortgage-

or

asset-backed

securities.

We

may

not

be

able

to

sell

the

fund's

illiquid

investments

when

we

consider

it

desirable

to

do

so,

or

we

may

be

able

to

sell

them

only

at

less

than

their

value.

• #### Focused

#### investment

#### risk.
Focusing

investments

in

sectors

and

industries

with

high

positive

correlations

to

one

another

creates

additional

risk.

The

fund

currently

has

significant

investment

exposure

to

private

issuers

of

residential

and

commercial

mortgage-backed

securities

and

mortgage-backed

securities

issued

or

guaranteed

by

the

U.S.

government

or

its

agencies

or

instrumentalities,

which

makes

the

fund's

net

asset

value

more

susceptible

to

economic,

market,

political

and

other

developments

affecting

the

residential

and

commercial

real

estate

markets

and

the

servicing

of

mortgage

loans

secured

by

real

estate

properties.

Factors

affecting

the

residential

and

commercial

real

estate

markets

include

the

supply

and

demand

of

real

property

in

particular

markets,

changes

in

the

availability,

terms

and

costs

of

mortgages,

changes

in

tenants'

ability

to

make

loan

payments,

changes

in

zoning

laws

and

eminent

domain

practices,

the

impact

of

environmental

laws,

delays

in

completion

of

construction,

changes

in

real

estate

values,

changes

in

property

taxes,

levels

of

occupancy,

adequacy

of

rent

to

cover

operating

expenses,

changes

in

government

regulations,

and

local

and

regional

market

conditions.

Some

of

these

factors

may

vary

greatly

by

geographic

location.

The

value

of

these

investments

also

may

be

affected

by

changes

in

interest

rates

and

social

and

economic

trends.

Mortgage-

backed

securities

are

subject

to

the

risk

of

fluctuations

in

income

from

underlying

real

estate

assets,

prepayments,

extensions,

and

defaults

by

borrowers.

Because

the

fund

currently

has

significant

investment

exposure

to

commercial

mortgage-backed

securities,

the

fund

may

be

particularly

susceptible

to

adverse

developments

affecting

those

securities.

Commercial

mortgage-backed

securities

include

securities

that

reflect

an

interest

in,

or

are

secured

by,

mortgage

loans

on

commercial

real

property,

such

as

industrial

and

warehouse

properties,

office

buildings,

retail

space

and

shopping

malls,

cooperative

apartments,

hotels

and

motels,

nursing

homes,

hospitals

and

senior

living

centers.

Many

of

the

risks

of

investing

in

commercial

mortgage-backed

securities

reflect

the

risks

of

investing

in

the

real

estate

securing

the

underlying

mortgage

loans.

During

periods

of

difficult

economic

conditions

(including

periods

of

significant

disruptions

to

business

operations,

supply

chains,

and

customer

activity

and

lower

consumer

demand

for

goods

and

services),

delinquencies

and

losses

on

commercial

real

estate

generally

increase,

including

as

a

result

of

the

effects

of

those

conditions

on

commercial

real

estate

markets,

the

ability

of

commercial

tenants

to

make

loan

payments,

and

the

ability

of

a

property

to

attract

and

retain

commercial

tenants.

The

risk

of

defaults

on

residential

mortgage-backed

securities

is

generally

higher

in

the

case

of

mortgage-backed

investments

that

include

non-qualified

mortgages.

Litigation

with

respect

to

the

representations

and

warranties

given

in

connection

with

the

issuance

of

mortgage-backed

securities

can

be

an

important

consideration

in

investing

in

such

securities,

and

the

outcome

of

any

such

litigation

could

significantly

impact

the

value

of

the

fund's

mortgage-backed

investments.

• #### Market

#### risk.
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

(including

perceptions

about

monetary

policy,

interest

rates,

inflation

or

the

risk

of

default);

government

actions

(including

protectionist

measures,

intervention

in

the

financial

markets

or

other

regulation,

and

changes

in

fiscal,

monetary

or

tax

policies);

geopolitical

events

or

changes

(including

natural

disasters,

terrorism

and

war);

outbreaks

of

infectious

illnesses

or

other

widespread

public

health

issues

(including

epidemics

and

pandemics);

and

factors

related

to

a

specific

issuer,

asset

class,

geography,

industry

or

sector.

Foreign

financial

markets

have

their

own

market

risks,

and

they

may

be

more

or

less

volatile

than

U.S.

markets

and

may

move

in

different

directions.

During

a

general

downturn

in

financial

markets,

multiple

asset

classes

may

decline

in

value

simultaneously.

These

and

other

factors

may

lead

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to

increased

volatility

and

reduced

liquidity

in

the

fund's

portfolio

holdings.

These

risks

may

be

exacerbated

during

economic

downturns

or

other

periods

of

economic

stress.

The

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

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

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

pandemic

and

its

effects

cannot

be

determined

with

certainty.

• #### ESG

#### considerations.
Although

ESG

considerations

do

not

represent

a

primary

focus

of

the

fund,

we

expect

to

integrate

environmental,

social,

or

governance

("ESG")

considerations

into

our

fundamental

research

process

and

investment

decision-making

for

the

fund,

where

we

consider

them

material

and

relevant,

and

where

data

is

available.

We

believe

that

ESG

considerations,

like

other,

more

traditional

subjects

of

investment

analysis

such

as

credit,

interest

rate,

prepayment

and

liquidity

risks,

as

well

as

general

market

conditions,

have

the

potential

to

impact

financial

risk

and

investment

returns.

We

believe

that

ESG

considerations

are

best

analyzed

in

combination

with

traditional

fundamental

considerations,

including

a

company's

industry,

geography,

and

strategic

position

or

the

fundamentals

of

a

securitized

product

and

its

underlying

assets.

With

respect

to

securitized

products,

we

may

evaluate

ESG

considerations

related

to

the

originator,

servicers

and

other

relevant

parties.

We

also

consider

ESG

factors

when

evaluating

sovereign

debt,

including

both

current

ESG

metrics

and

goals

and

progress

by

the

sovereign

issuer

with

respect

to

ESG

considerations.

When

considering

ESG

factors

for

all

asset

classes,

we

use

company

or

issuer

disclosures,

public

data

sources,

and

independent

third-party

data

(where

available)

as

inputs

into

our

analytical

processes.

With

respect

to

certain

fund

holdings,

such

as

holdings

of

securitized

investments,

data

on

material

ESG

considerations

may

be

limited.

Because

fixed

income

investments

generally

represent

a

promise

to

pay

principal

and

interest

by

an

issuer,

and

not

an

ownership

interest,

and

may

involve

complex

structures,

ESG-related

investment

considerations

may

have

a

more

limited

impact

on

risk

and

return

(or

may

have

an

impact

over

a

different

investment

time

horizon)

relative

to

other

asset

classes,

and

this

may

be

particularly

true

for

shorter-term

investments.

The

consideration

of

ESG

factors

as

part

of

the

fund's

investment

process

does

not

mean

that

the

fund

pursues

a

specific

"ESG"

or

"sustainable"

investment

strategy,

and

we

may

make

investment

decisions

for

the

fund

other

than

on

the

basis

of

relevant

ESG

considerations.

• #### Management

#### and

#### operational

#### risk.
The

fund

is

actively

managed

and

its

performance

will

reflect,

in

part,

our

ability

to

make

investment

decisions

that

seek

to

achieve

the

fund's

investment

objective.

There

is

no

guarantee

that

the

investment

techniques,

analyses,

or

judgments

that

we

apply

in

making

investment

decisions

for

the

fund

will

produce

the

intended

outcome

or

that

the

investments

we

select

for

the

fund

will

perform

as

well

as

other

securities

that

were

not

selected

for

the

fund.

As

a

result,

the

fund

may

underperform

its

benchmark

or

other

funds

with

a

similar

investment

goal

and

may

realize

losses.

In

addition,

we,

or

the

fund's

other

service

providers,

may

experience

disruptions

or

operating

errors

that

could

negatively

impact

the

fund.

Although

service

providers

may

have

operational

risk

management

policies

and

procedures

and

take

appropriate

precautions

to

avoid

and

mitigate

risks

that

could

lead

to

disruptions

and

operating

errors,

it

may

not

be

possible

to

identify

all

of

the

operational

risks

that

may

affect

the

fund

or

to

develop

processes

and

controls

to

completely

eliminate

or

mitigate

their

occurrence

or

effects.

• #### Other

#### investments.
In

addition

to

the

main

investment

strategies

described

above,

the

fund

may

make

other

types

of

investments,

such

as

investments

in

asset-backed,

hybrid

and

structured

bonds

and

notes,

preferred

securities

that

would

be

characterized

as

debt

securities

under

applicable

accounting

standards

and

tax

laws,

and

assignments

of

and

participations

in

fixed

and

floating

rate

loans.

The

fund

may

also

invest

in

cash

or

cash

equivalents,

including

money

market

instruments

or

short-term

instruments

such

as

commercial

paper,

bank

obligations

(e.g.,

certificates

of

deposit

and

bankers'

acceptances),

repurchase

agreements,

and

U.S.

Treasury

bills

or

other

government

obligations.

The

fund

may

also

from

time

to

time

invest

all

or

a

portion

of

its

cash

balances

in

money

market

and/or

short-term

bond

funds

advised

by

Franklin

Advisers,

Inc.

or

its

affiliates.

The

percentage

of

the

fund

invested

in

cash

and

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cash

equivalents

and

such

money

market

and

short-term

bond

funds

is

expected

to

vary

over

time

and

will

depend

on

various

factors,

including

market

conditions,

purchase

and

redemption

activity

by

fund

shareholders,

and

our

assessment

of

the

cash

level

that

is

appropriate

to

allow

the

fund

to

pursue

investment

opportunities

as

they

arise.

Large

cash

positions

may

dampen

performance

and

may

prevent

the

fund

from

achieving

its

goal.

The

fund

may

also

loan

portfolio

securities

to

earn

income.

The

Fund

may

also

invest

in

securities

of

other

investment

companies

to

the

extent

that

these

investments

are

consistent

with

the

Fund's

investment

objective,

strategies

and

policies

and

permissible

under

the

1940

Act.

The

Fund

may

also

invest

in

securities

of

private

funds

that

rely

on

exceptions

from

the

definition

of

investment

company

under

Sections

3(c)

(1) or

3(c)(7)

of

the

1940

Act,

structured

finance

vehicles

or

other

entities

not

traditionally

considered

pooled

investment

vehicles,

and

companies

that

rely

on

the

exceptions

from

the

definition

of

investment

company

under

Section

3(c)(5)

(A) or

(B) of

the

1940

Act.

The

Fund

may

invest

in

portfolio

affiliates

of

the

Fund

within

the

meaning

of,

and

in

reliance

on,

Rules

17a-6

and

17d-1(d)(5)

under

the

1940

Act.

The

Fund

may

invest

in

other

investment

companies

to

gain

broad

market

or

sector

exposure,

including

during

periods

when

it

has

large

amounts

of

uninvested

cash

or

when

the

investment

manager

believes

that

share

prices

of

other

investment

companies

offer

attractive

values.

In

general,

under

the

1940

Act,

an

investment

company

may

not

(i) own

more

than

3%

of

the

outstanding

voting

securities

of

any

one

registered

investment

company,

(ii) invest

more

than

5%

of

its

total

assets

in

the

securities

of

any

single

registered

investment

company

or

(iii) invest

more

than

10%

of

its

total

assets

in

securities

of

other

registered

investment

companies

(the

"3-5-10%

Limitations").

The

Fund

may

rely

on

certain

exemptions

to

exceed

the

3-5-10%

Limitations

when

investing

in

another

registered

investment

company

(including

money

market

funds)

or

business

development

company.

To

the

extent

that

the

Fund

invests

in

another

investment

company,

because

other

investment

companies

pay

advisory,

administrative

and

service

fees

that

are

borne

indirectly

by

investors,

such

as

the

Fund,

there

may

be

duplication

of

investment

management

and

other

fees.

• #### Temporary

#### defensive

#### strategies.
In

response

to

adverse

market,

economic,

political

or

other

conditions,

we

may

take

temporary

defensive

positions,

such

as

investing

some

or

all

of

the

fund's

assets

in

cash

and

cash

equivalents,

that

differ

from

the

fund's

usual

investment

strategies.

However,

we

may

choose

not

to

use

these

temporary

defensive

strategies

for

a

variety

of

reasons,

even

in

very

volatile

market

conditions.

If

we

do

employ

these

strategies,

the

fund

may

miss

out

on

investment

opportunities,

and

may

not

achieve

its

goal.

Additionally,

while

temporary

defensive

strategies

are

mainly

designed

to

limit

losses,

they

may

not

work

as

intended.

• #### Changes

#### in

#### policies.
The

Trustees

may

change

the

fund's

goal,

investment

strategies

and

other

policies

without

shareholder

approval,

except

in

circumstances

in

which

shareholder

approval

is

specifically

required

by

law

(such

as

changes

to

fundamental

investment

policies)

or

where

a

shareholder

approval

requirement

was

specifically

disclosed

in

the

fund's

prospectus,

statement

of

additional

information

or

shareholder

report

and

is

otherwise

still

in

effect.

#### The

#### Fund's

#### Fundamental

#### Investment

#### Policies
The

fund

has

adopted

the

following

investment

restrictions

which

may

not

be

changed

without

the

affirmative

vote

of

a

"majority

of

the

outstanding

voting

securities"

of

the

fund

(which

is

defined

in

the

Investment

Company

Act

of

1940,

as

amended,

(the

"1940

Act")

to

mean

the

affirmative

vote

of

the

lesser

of

(1) more

than

50%

of

the

outstanding

shares

of

the

fund,

or

(2) 67%

or

more

of

the

shares

present

at

a

meeting

if

more

than

50%

of

the

outstanding

shares

of

the

fund

are

represented

at

the

meeting

in

person

or

by

proxy).

The

fund

may

not:

1. Borrow

money

or

issue

senior

securities

(as

defined

in

the

1940

Act),

except

as

permitted

by

(i) the

1940

Act,

(ii) the

rules

or

regulations

promulgated

by

the

Securities

and

Exchange

Commission

under

the

1940

Act

or

(iii) any

applicable

exemption

from

the

provisions

of

the

1940

Act.

2. Underwrite

securities

issued

by

other

persons

except

to

the

extent

that,

in

connection

with

the

disposition

of

its

portfolio

investments,

it

may

be

deemed

to

be

an

underwriter

under

the

federal

securities

laws.

3. Purchase

or

sell

real

estate,

although

it

may

purchase

securities

of

issuers

which

deal

in

real

estate,

securities

which

are

secured

by

interests

in

real

estate,

and

securities

representing

interests

in

real

estate,

and

it

may

acquire

and

dispose

of

real

estate

or

interests

in

real

estate

acquired

through

the

exercise

of

its

rights

as

a

holder

of

debt

obligations

secured

by

real

estate

or

interests

therein.

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4. Purchase

or

sell

commodities

or

commodity

contracts,

except

that

the

fund

may

purchase

and

sell

financial

futures

contracts

and

options

and

may

enter

into

foreign

exchange

contracts

and

other

financial

transactions

not

involving

physical

commodities.

5. Make

loans,

except

by

purchase

of

debt

obligations

in

which

the

fund

may

invest

consistent

with

its

investment

policies

(including

without

limitation

debt

obligations

issued

by

other

Putnam

funds),

by

entering

into

repurchase

agreements

or

by

lending

its

portfolio

securities.

6. With

respect

to

50%

of

its

total

assets,

invest

in

securities

of

any

issuer

if,

immediately

after

such

investment,

more

than

5%

of

the

total

assets

of

the

fund

(taken

at

current

value)

would

be

invested

in

the

securities

of

such

issuer;

provided

that

this

limitation

does

not

apply

to

obligations

issued

or

guaranteed

as

to

interest

or

principal

by

the

U.S.

Government

or

its

agencies

or

instrumentalities.

7. With

respect

to

50%

of

its

total

assets,

acquire

more

than

10%

of

the

outstanding

voting

securities

of

any

issuer.

8. Invest

more

than

25%

of

the

value

of

its

total

assets

in

any

one

industry.

(Securities

of

the

U.S.

Government,

its

agencies

or

instrumentalities,

or

of

any

foreign

government,

its

agencies

or

instrumentalities,

securities

of

supranational

entities,

and

securities

backed

by

the

credit

of

a

governmental

entity

are

not

considered

to

represent

industries.)

#### The

#### following

#### information

#### is

#### a

#### summary

#### of

#### material

#### changes

#### since

#### the

#### last

#### fiscal

#### year.

#### This

#### information

#### may

#### not

#### reflect

#### all

#### of

#### the

#### changes

#### that

#### have

#### occurred

#### since

#### you

#### purchased

#### the

#### Fund.
There

have

not

been

any

material

changes

during

the

last

fiscal

year.

Putnam

Premier

Income

Trust

Annual

Meeting

of

Shareholders:

April

25,

2025

(unaudited)

franklintempleton.com

Annual

Report

The

Annual

Meeting

of

Shareholders

of

Putnam

Premier

Income

Trust

(the

"Fund")

was

held

at

the

Fund's

offices,

Federal

Street,

Boston,

MA,

on

April

25,

2025. The

purpose

of

the

meeting

was

to

elect

Trustees

of

the

Fund

and

to

fix

the

number

of

Trustees

for

the

Fund

at

8. At

the

meeting,

all

the

nominees

were

elected

by

the

shareholders

to

serve

as

Trustees

of

the

Fund.

Shareholders

also

fixed

the

number

of

Trustees

for

the

Fund

at

8. No

other

business

was

transacted

at

the

meeting

with

respect

to

the

Fund.

The

results

of

the

voting

at

the

Annual

Meeting

are

as

follows:

1. Election

of

Trustees:

2. Fixing

the

number

of

Trustees

at

8:

#### Term

#### Expiring

#### 2026

#### For

#### %

#### of

#### Shares

#### Present

#### %

#### of

#### Outstanding

#### Shares

#### Withheld

#### %

#### of

#### Shares

#### Present

#### %

#### of

#### Outstanding

#### Shares
Robert

D. Agdern\*

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

Carol

L. Colman

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

Anthony

Grillo

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

Eileen

A. Kamerick

...........

Nisha

Kumar

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

Peter

Mason\*

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

Hillary

A. Sale

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

Jane

E. Trust

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

70,115,572

70,396,930

70,220,575

69,536,398

69,416,861

70,320,581

70,479,586

69,523,750

95.76%

96.14%

95.90%

94.97%

94.80%

96.04%

96.25%

94.95%

73.49%

73.79%

73.60%

72.88%

72.76%

73.71%

73.87%

72.87%

3,107,473

2,826,115

3,002,470

3,686,647

3,806,184

2,902,464

2,743,458

3,699,295

4.24%

3.86%

4.10%

5.03%

5.20%

3.96%

3.75%

5.05%

3.26%

2.96%

3.15%

3.86%

3.99%

3.04%

2.88%

3.88%

#### Voted

#### %

#### of

#### Shares

#### Present

#### %

#### of

#### Outstanding

#### Shares
For

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

Against

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

Abstain

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

70,569,948

1,741,660

911,430

96.38%

2.38%

1.24%

73.97%

1.83%

0.96%

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

#### 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.

#### 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

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.

Putnam

Premier

Income

Trust

Dividend

Reinvestment

and

Cash

Purchase

Plan

(unaudited)

franklintempleton.com

Annual

Report

#### 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

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.

Putnam

Premier

Income

Trust

Board

Members

and

Officers

(unaudited)

franklintempleton.com

Annual

Report

The

business

and

affairs

of

Putnam

Premier

Income

Trust

(the

"Fund")

are

conducted

by

management

under

the

supervision

and

subject

to

the

direction

of

its

Board

of

Trustees.

The

business

address

of

each

Trustee

is

c/o

Jane

Trust,

Franklin

Templeton,

One

Madison

Avenue,

17th

Floor,

New

York,

New

York

10010. Information

pertaining

to

the

Trustees

and

officers

of

the

Fund

is

set

forth

below.

The

Fund's

annual

proxy

statement

includes

additional

information

about

Trustees

and

is

available,

without

charge,

upon

request

by

calling

the

Fund

at

1-888-777-0102.

Generally,

each

board

member

serves

until

that

person's

successor

is

elected

and

qualified.

Independent

Board

Members

#

:

#### Name

#### and

#### Year

#### of

#### Birth

#### Position(s)

#### with

#### Trust

#### Term

#### of

#### Office

#### and

#### Year

#### Service

#### Began\*

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member\*\*

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Robert
D. #### Agdern

#### (Born

#### 1950)
Trustee

Since

2025

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Member

of

the

Advisory

Committee

of

the

Dispute

Resolution

Research

Center

at

the

Kellogg

Graduate

School

of

Business,

Northwestern

University

(2002

to

2016);

#### formerly
,

Deputy

General

Counsel

responsible

for

western

hemisphere

matters

for

BP

PLC

(1999

to

2001);

Associate

General

Counsel

at

Amoco

Corporation

responsible

for

corporate,

chemical,

and

refining

and

marketing

matters

and

special

assignments

(1993

to

1998)

(Amoco

merged

with

British

Petroleum

in

1998

forming

BP

PLC)

#### Carol
L. #### Colman

#### (Born

#### 1946)
Trustee

Since

2025

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
President,

Colman

Consulting

Co.

#### Anthony

#### Grillo

#### (Born

#### 1955)
Trustee

Since

2025

Director

of

Littelfuse,

Inc.

(electronics

manufacturing)

(since

1991);

#### formerly
,

Director

of

Oaktree

Acquisition

Corp.

II

(2020

to

2022);

Director

of

Oaktree

Acquisition

Corp.

(2019

to

2021)

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Retired;

Founder,

Managing

Director

and

Partner

of

American

Securities

Opportunity

Funds

(private

equity

and

credit

firm)

(2006

to

2018);

#### formerly
,

Senior

Managing

Director

of

Evercore

Partners

Inc.

(investment

banking)

(2001

to

2004);

Senior

Managing

Director

of

Joseph

Littlejohn

&

Levy,

Inc.

(private

equity

firm)

(1999

to

2001);

Senior

Managing

Director

of

The

Blackstone

Group

L.P.

(private

equity

and

credit

firm)

(1991

to

1999)

#### Eileen
A. #### Kamerick

#### (Born

#### 1958)
Trustee

and

Chair

Since

2025

Director,

VALIC

Company

I

(since

October

2022);

Director

of

ACV

Auctions

Inc.

(since

2021);

Director

of

Associated

Banc-Corp

(financial

services

company)

(since

2007);

#### formerly
,

Director

of

Hochschild

Mining

plc

(precious

metals

company)

(2016-2023);

,

Trustee

of

AIG

Funds

and

Anchor

Series

Trust

(2018

to

2021)

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Chief

Executive

Officer,

The

Governance

Partners,

LLC

(consulting

firm)

(since

2015);

National

Association

of

Corporate

Directors

Board

Leadership

Fellow

(since

2016,

with

Directorship

Certification

since

2019)

and

NACD

2022

Directorship

honoree;

Adjunct

Professor,

Georgetown

University

Law

Center

(since

2021);

Adjunct

Professor,

The

University

of

Chicago

Law

School

(since

2018);

Adjunct

Professor,

University

of

Iowa

College

of

Law

(since

2007);

#### formerly
,

Chief

Financial

Officer,

Press

Ganey

Associates

(health

care

informatics

company)

(2012

to

2014);

Managing

Director

and

Chief

Financial

Officer,

Houlihan

Lokey

(international

investment

bank)

and

President,

Houlihan

Lokey

Foundation

(2010

to

2012)

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

#### Name

#### and

#### Year

#### of

#### Birth

#### Position(s)

#### with

#### Trust

#### Term

#### of

#### Office

#### and

#### Year

#### Service

#### Began\*

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member\*\*

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Nisha

#### Kumar

#### (Born

#### 1970)
Trustee

Since

2025

Director

of

Stonepeak-Plus

Infrastructure

Fund

LP

(since

2025);

Director

of

Birkenstock

Holding

plc

(since

2023);

Director

of

The

India

Fund,

Inc.

(since

2016);

#### formerly
,

Director

of

Aberdeen

Income

Credit

Strategies

Fund

(2017

to

2018);

and

Director

of

The

Asia

Tigers

Fund,

Inc.

(2016

to

2018)

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Formerly,

Managing

Director

and

the

Chief

Financial

Officer

and

Chief

Compliance

Officer

of

Greenbriar

Equity

Group,

LP

(2011-2021);

#### formerly
,

Chief

Financial

Officer

and

Chief

Administrative

Officer

of

Rent

the

Runway,

Inc.

(2011);

Executive

Vice

President

and

Chief

Financial

Officer

of

AOL

LLC,

a

subsidiary

of

Time

Warner

Inc.

(2007

to

2009).

Member

of

the

Council

on

Foreign

Relations

#### Peter

#### Mason

#### (Born

#### 1959)
Trustee

Since

2025

Chairman

of

University

of

Sydney

USA

Foundation

(since

2020);

Director

of

the

Radio

Workshop

US,

Inc.

(since

2023)

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Arbitrator

and

Mediator

(self-employed)

(since

2021);

#### formerly
,

Global

General

Counsel

of

UNICEF

(intergovernmental

organization)

(1998-

2021)

#### Hillary
A. #### Sale

#### (Born

#### 1961)
Trustee

Since

2025

Director

of

CBOE

U.S.

Securities

Exchanges,

CBOE

Futures

Exchange,

and

CBOE

SEF,

Director

(Since

2022);

Advisory

Board

Member

of

Foundation

Press

(academic

book

publisher)

(since

2019);

Chair

of

DirectWomen

Board

Institute

(since

2019);

#### formerly
,

Member

of

DirectWomen

(nonprofit)

(2007-

2022)

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Agnes

Williams

Sesquicentennial

Professor

of

Leadership

and

Corporate

Governance,

Georgetown

Law

Center;

and

Professor

of

Management,

McDonough

School

of

Business

(since

2018);

#### formerly
,

Associate

Dean

for

Strategy,

Georgetown

Law

Center

(2020-2023);

National

Association

of

Corporate

Directors

Board

Faculty

Member

(since

2021);

,

a

Member

of

the

Board

of

Governors

of

FINRA

(2016-2022)

Independent

Board

Members

#

:

(continued)

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

Interested

Board

Members

and

Officers:

The

Fund's

executive

officers

are

elected

each

year

at

a

regular

meeting

of

the

Board

to

hold

office

until

their

respective

successors

are

duly

elected

and

qualified.

Officers

of

the

Fund

receive

no

compensation

from

the

Fund,

although

they

may

be

reimbursed

by

the

Fund

for

reasonable

out-of-pocket

travel

expenses

for

attending

Board

meetings.

In

addition

to

Ms.

Trust,

the

Fund's

CEO

and

President,

the

executive

officers

of

the

Fund

currently

are:

#### Name

#### and

#### Year

#### of

#### Birth

#### Position(s)

#### with

#### Trust

#### Term

#### of

#### Office

#### and

#### Year

#### Service

#### Began\*

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member\*\*

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Jane

#### Trust,

#### CFA

#### †

#### (Born

#### 1962)
Trustee,

President

and

Chief

Executive

Officer

Since

2024

Trustee/Director

of

Franklin

Templeton

funds

consisting

of

portfolios;

Trustee

of

Putnam

Family

of

Funds

consisting

of

portfolios

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Senior

Vice

President,

Fund

Board

Management,

Franklin

Templeton

(since

2020);

Officer

and/or

Trustee/Director

of

funds

associated

with

Franklin

Templeton

Fund

Adviser,

LLC

(FTFA)

or

its

affiliates

(since

2015);

Trustee

of

Putnam

Family

of

Funds

consisting

of

Portfolios;

President

and

Chief

Executive

Officer

of

FTFA

(since

2015);

#### formerly
,

Senior

Managing

Director

(2018

to

2020)

and

Managing

Director

(2016

to

2018)

of

Legg

Mason

&

Co.,

LLC

("Legg

Mason

&

Co.");

and

Senior

Vice

President

of

FTFA

(2015) #### Fred

#### Jensen

#### (Born

#### 1963)
Chief

Compliance

Officer

Since

2025

Not

Applicable

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Director

-

Global

Compliance

of

Franklin

Templeton

(since

2020);

Managing

Director

of

Legg

Mason

&

Co.

(2006

to

2020);

Director

of

Compliance,

Legg

Mason

Office

of

the

Chief

Compliance

Officer

(2006

to

2020);

#### formerly
,

Chief

Compliance

Officer

of

Legg

Mason

Global

Asset

Allocation

(prior

to

2014);

Chief

Compliance

Officer

of

Legg

Mason

Private

Portfolio

Group

(prior

to

2013);

,

Chief

Compliance

Officer

of

The

Reserve

Funds

(investment

adviser,

funds

and

broker-dealer)

(2004) and

Ambac

Financial

Group

(investment

adviser,

funds

and

broker-dealer)

(2000

to

2003)

#### Marc
A. #### De

#### Oliveira

#### (Born

#### 1971)
Secretary

and

Chief

Legal

Officer

Since

2025

Not

Applicable

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Associate

General

Counsel

of

Franklin

Templeton

(since

2020);

Secretary

and

Chief

Legal

Officer

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2020);

Assistant

Secretary

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2006);

#### formerly
,

Managing

Director

(2016

to

2020)

and

Associate

General

Counsel

of

Legg

Mason

&

Co.

(2005

to

2020)

#### Thomas
C. #### Mandia

#### (Born

#### 1962)
Senior

Vice

President

Since

2025

Not

Applicable

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Senior

Associate

General

Counsel

of

Franklin

Templeton

(since

2020);

Secretary

of

FTFA

(since

2006);

Secretary

of

LM

Asset

Services,

LLC

("LMAS")

(since

2002)

and

Legg

Mason

Fund

Asset

Management,

Inc.

("LMFAM")

(since

2013)

(#### formerly
registered

investment

advisers)

and

Assistant

Secretary

of

certain

funds

in

the

fund

complex

(since

2006);

,

Managing

Director

and

Deputy

General

Counsel

of

Legg

Mason

&

Co.

(2005

to

2020)

#### Jeanne
M. #### Kelly

#### (Born

#### 1951)
Senior

Vice

President

Since

2025

Not

Applicable

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
U.S.

Fund

Board

Team

Manager,

Franklin

Templeton

(since

2020);

Senior

Vice

President

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates

(since

2007);

Senior

Vice

President

of

the

FTFA

(since

2006);

President

and

Chief

Executive

Officer

of

LMAS

and

LMFAM

(since

2015);

#### formerly
,

Managing

Director

of

Legg

Mason

&

Co.

(since

2005

to

2020);

Senior

Vice

President

of

LMFAM

(2013

to

2015)

Putnam

Premier

Income

Trust

franklintempleton.com

Annual

Report

#

Trustees

who

are

not

"interested

persons"

of

the

Trust

within

the

meaning

of

Section

2(a)(19)

of

the

1940

Act.

†

Ms.

Trust

is

an

"interested

person"

of

the

Trust,

as

defined

in

the

1940

Act,

because

of

her

position

with

FTFA

and/or

certain

of

its

affiliates.

\*

Each

Trustee

was

elected

to

their

position

on

April

25,

2025. \*\*

The

term

"Fund

Complex"

means

two

or

more

registered

investment

companies

that:

(a) hold

themselves

out

to

investors

as

related

companies

for

purposes

of

investment

and

investor

services;

or

(b) have

a

common

investment

adviser

or

that

have

an

investment

adviser

that

is

an

affiliated

person

of

the

investment

adviser

of

any

of

the

other

registered

investment

companies.

#### Name

#### and

#### Year

#### of

#### Birth

#### Position(s)

#### with

#### Trust

#### Term

#### of

#### Office

#### and

#### Year

#### Service

#### Began\*

#### Number

#### of

#### Portfolios

#### in

#### Fund

#### Complex

#### Overseen

#### by

#### Board

#### Member\*\*

#### Other

#### Directorships

#### Held

#### During

#### at

#### Least

#### the

#### Past

#### 5

#### Years

#### Christopher

#### Berarducci

#### (Born

#### 1974)
Treasurer

and

Principal

Financial

Officer

Since

2025

Not

Applicable

None

#### Principal

#### Occupation(s)

#### During

#### the

#### Past

#### Five

#### Years:
Vice

President,

Fund

Administration

and

Reporting,

Franklin

Templeton

(since

2020);

Treasurer

(since

2010)

and

Principal

Financial

Officer

(since

2019)

of

certain

funds

associated

with

Legg

Mason

&

Co.

or

its

affiliates;

#### formerly
,

Managing

Director

(2020),

Director

(2015

to

2020),

and

Vice

President

(2011

to

2015)

of

Legg

Mason

&

Co.

Interested

Board

Members

and

Officers:

(continued)

Putnam

Premier

Income

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

Board

Approval

of

Management

and

Sub-

Advisory

Agreements

#### Putnam

#### Premier

#### Income

#### Trust
(PPT)

(unaudited)

#### Background
The

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

requires

that

the

Board

of

Trustees

(the

"Board")

of

Putnam

Premier

Income

Trust

(the

"Fund"),

including

a

majority

of

its

members

who

are

not

considered

to

be

"interested

persons"

under

the

1940

Act

(the

"Independent

Trustees")

voting

separately,

approve

on

an

annual

basis

the

continuation

of

the

investment

management

agreement

(the

"Management

Agreement")

between

the

Fund

and

the

Fund's

manager,

Franklin

Advisers,

Inc.

(the

"Manager"),

and

the

sub-advisory

agreements

(individually,

a

"Sub-

Advisory

Agreement,"

and

collectively,

the

"Sub-Advisory

Agreements")

with

the

Manager's

affiliates,

Franklin

Templeton

Investment

Management

Limited

("FTIML")

and

Putnam

Investment

Management,

LLC

("PIM,"

and

together

with

FTIML,

the

"Sub-Advisers"),

with

respect

to

the

Fund.

At

an

in-person

meeting

(the

"Contract

Renewal

Meeting")

held

on

May

8-9,

2025,

the

Board,

including

the

Independent

Trustees,

considered

and

approved

the

continuation

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period.

To

assist

in

its

consideration

of

the

renewal

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

the

Board

received

and

considered

extensive

information

(together

with

the

information

provided

at

the

Contract

Renewal

Meeting,

the

"Contract

Renewal

Information")

about

the

Manager

and

the

Sub-Advisers,

as

well

as

the

management

and

sub-

advisory

arrangements

for

the

Fund

and

the

other

closed-

end

funds

in

the

same

complex

under

the

Board's

purview

(the

"Franklin

Templeton

Closed-end

Funds"),

certain

portions

of

which

are

discussed

below.

The

Board

noted

that

although

it

recently

assumed

oversight

responsibilities

for

the

Fund,

which

was

previously

overseen

by

another

board,

certain

information

the

Board

received

throughout

the

course

of

the

year

with

respect

to

the

Franklin

Templeton

Closed-

end

Funds

was

relevant

to

the

Board's

consideration

of

the

Management

Agreement

and

Sub-Advisory

Agreements.

A

presentation

made

by

the

Manager

and

the

Sub-Advisers

to

the

Board

at

the

Contract

Renewal

Meeting

in

connection

with

the

Board's

evaluation

of

each

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

encompassed

the

Fund

and

other

Franklin

Templeton

Closed-end

Funds.

In

addition

to

the

Contract

Renewal

Information,

the

Board

received

performance

and

other

information

related

to

the

respective

services

rendered

by

the

Manager

and

the

Sub-Advisers

to

the

Fund.

The

Board's

evaluation

took

into

account

the

information

received

and

also

reflected

the

knowledge

and

experience

gained

as

members

of

the

Boards

of

the

other

Franklin

Templeton

Closed-end

Funds

with

respect

to

the

services

provided

to

the

Fund

by

the

Manager

and

the

Sub-Advisers.

The

information

received

and

considered

by

the

Board

(including

its

various

committees)

in

conjunction

with

both

the

Contract

Renewal

Meeting

and

throughout

the

year

was

both

written

and

oral.

The

contractual

arrangements

discussed

below

are

the

product

of

multiple

years

of

review

and

negotiation

and

information

with

respect

to

the

other

Franklin

Templeton

Closed-end

Funds

received

and

considered

by

the

Board

during

each

of

those

years.

At

a

meeting

held

on

April

25,

2025,

the

Independent

Trustees,

in

preparation

for

the

Contract

Renewal

Meeting,

met

in

a

private

session

with

their

independent

legal

counsel

to

review

the

Contract

Renewal

Information

regarding

the

Franklin

Templeton

Closed-end

Funds,

including

the

Fund,

received

to

date.

No

representatives

of

the

Manager

or

the

Sub-Advisers

participated

in

this

meeting.

Following

the

April

25,

2025

meeting,

the

Independent

Trustees

submitted

certain

questions

and

requests

for

additional

information

to

Fund

management.

The

Independent

Trustees

also

met

in

private

sessions

with

their

independent

legal

counsel

to

consider

the

Contract

Renewal

Information

and

Fund

management's

responses

to

the

Independent

Trustees'

questions

and

requests

for

additional

information

in

advance

of

and

during

the

Contract

Renewal

Meeting.

The

discussion

below

reflects

all

of

these

reviews.

The

Manager

provides

the

Fund

with

investment

advisory

and

administrative

services

pursuant

to

the

Management

Agreement,

and

the

Sub-Advisers

together

provide

the

Fund

with

investment

sub-advisory

services

pursuant

to

the

Sub-

Advisory

Agreements.

The

discussion

below

covers

both

the

advisory

and

administrative

functions

being

rendered

by

the

Manager,

each

such

function

being

encompassed

by

the

Management

Agreement,

and

the

investment

sub-advisory

functions

being

rendered

by

the

Sub-Advisers

pursuant

to

the

Sub-Advisory

Agreements.

Putnam

Premier

Income

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

#### Board

#### Approval

#### of

#### Management

#### Agreement

#### and

#### Sub-

#### Advisory

#### Agreements
The

Independent

Trustees

were

advised

by

separate

independent

legal

counsel

throughout

the

process.

Prior

to

voting,

the

Independent

Trustees

received

a

memorandum

discussing

the

legal

standards

for

their

consideration

of

the

proposed

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements.

The

Independent

Trustees

considered

the

Management

Agreement

and

each

Sub-

Advisory

Agreement

separately

during

the

course

of

their

review.

In

doing

so,

they

noted

the

respective

roles

of

the

Manager

and

the

Sub-Advisers

in

providing

services

to

the

Fund.

In

approving

the

continuation

of

the

Management

Agreement

and

Sub-Advisory

Agreements,

the

Board,

including

the

Independent

Trustees,

considered

a

variety

of

factors,

including

those

factors

discussed

below.

No

single

factor

reviewed

by

the

Board

was

identified

by

the

Board

as

the

principal

factor

in

determining

whether

to

approve

the

continuation

of

the

Management

Agreement

and

the

Sub-

Advisory

Agreements.

Each

Board

member

may

have

attributed

different

weight

to

the

various

factors

in

evaluating

the

Management

Agreement

and

the

Sub-Advisory

Agreements.

After

considering

all

relevant

factors

and

information,

the

Board,

exercising

its

reasonable

business

judgment,

determined

that

the

continuation

of

the

Management

Agreement

and

Sub-Advisory

Agreements

were

in

the

best

interests

of

the

Fund's

stockholders

and

approved

the

continuation

of

each

such

agreement

for

an

additional

one-

year

period.

#### Nature,

#### Extent

#### and

#### Quality

#### of

#### the

#### Services

#### under

#### the

#### Management

#### Agreement

#### and

#### Sub-Advisory

#### Agreements
The

Board

received

and

considered

Contract

Renewal

Information

regarding

the

nature,

extent,

and

quality

of

services

provided

to

the

Fund

by

the

Manager

and

the

Sub-Advisers

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively,

during

the

past

year.

The

Board

noted

information

received

at

regular

meetings

throughout

the

year

related

to

the

services

provided

by

the

Manager

in

its

management

of

the

Fund's

affairs

and

the

Manager's

role

in

coordinating

the

activities

of

the

Sub-Advisers

and

the

Fund's

other

service

providers.

The

Board

observed

that

the

scope

of

services

provided

by

the

Manager

and

the

Sub-Advisers,

and

of

the

undertakings

required

of

the

Manager

and

Sub-Advisers

in

connection

with

those

services,

including

maintaining

and

monitoring

their

respective

compliance

programs

as

well

as

the

Fund's

compliance

programs,

had

expanded

over

time

as

a

result

of

regulatory,

market

and

other

developments.

The

Board

also

noted

that

on

a

regular

basis

it

received

and

reviewed

information

from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund's

compliance

policies

and

procedures

established

pursuant

to

Rule

38a-1

under

the

1940

Act.

The

Board

also

considered

the

risks

borne

by

the

Manager,

the

Sub-Advisers

and

their

respective

affiliates

on

behalf

of

the

Fund,

including

entrepreneurial,

operational,

reputational,

litigation

and

regulatory

risks,

as

well

as

the

Manager's

and

the

Sub-Advisers'

risk

management

processes.

The

Board

reviewed

the

qualifications,

backgrounds,

and

responsibilities

of

the

Manager's

senior

personnel

and

the

Sub-Advisers'

portfolio

management

teams

primarily

responsible

for

the

day-to-day

portfolio

management

of

the

Fund.

The

Board

also

considered,

based

on

its

knowledge

of

the

Manager

and

its

affiliates,

the

financial

resources

of

Franklin

Resources,

Inc.,

the

parent

organization

of

the

Manager

and

the

Sub-Advisers.

The

Board

recognized

the

importance

of

having

a

fund

manager

with

significant

resources.

The

Board

considered

the

division

of

responsibilities

between

the

Manager

and

the

Sub-Advisers

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively,

including

the

Manager's

coordination

and

oversight

of

the

services

provided

to

the

Fund

by

the

Sub-Advisers

and

the

Fund's

other

service

providers.

The

Management

Agreement

permits

the

Manager

to

delegate

certain

of

its

responsibilities,

including

its

investment

advisory

duties

thereunder,

provided

that

the

Manager,

in

each

case,

will

supervise

the

activities

of

the

delegee.

In

reaching

its

determinations

regarding

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

the

Board

took

into

account

that

Fund

stockholders,

in

pursuing

their

investment

goals

and

objectives,

may

have

purchased

their

shares

of

the

Fund

based

upon

the

reputation

and

the

investment

style,

philosophy

and

strategy

of

the

Manager

and

the

Sub-Advisers,

as

well

as

the

resources

available

to

the

Manager

and

the

Sub-Advisers.

The

Board

concluded

that,

overall,

the

nature,

extent,

and

quality

of

the

management

and

other

services

provided

(and

expected

to

be

provided)

to

the

Fund,

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements

were

satisfactory.

#### Fund

#### Performance
The

Board

received

and

considered

information

regarding

Fund

performance,

including

information

and

analyses

(the

"Broadridge

Performance

Information")

for

the

Fund,

as

well

as

for

a

group

of

comparable

funds

(the

"Performance

Universe")

selected

by

Broadridge

Financial

Solutions,

Putnam

Premier

Income

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

Inc.

("Broadridge"),

an

independent

third-party

provider

of

investment

company

data.

The

Board

was

provided

with

a

description

of

the

methodology

Broadridge

used

to

determine

the

similarity

of

the

Fund

with

the

funds

included

in

the

Performance

Universe.

It

was

noted

that

while

the

Board

found

the

Broadridge

Performance

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

end

date

selected,

and

that

the

results

of

the

performance

comparisons

may

vary

depending

on

the

selection

of

the

peer

group

and

its

composition

over

time.

The

Board

also

noted

that

Board

members

had

received

and

discussed

with

the

Manager

and

the

Sub-Advisers

information

throughout

the

year

at

periodic

intervals

comparing

the

Fund's

performance

against

its

benchmark

and

against

the

Fund's

peers.

In

addition,

the

Board

considered

the

Fund's

performance

in

view

of

overall

financial

market

conditions.

The

Broadridge

Performance

Information

comparing

the

Fund's

performance

to

that

of

its

Performance

Universe,

consisting

of

the

Fund

and

all

closed-end

non-leveraged

general

bond

funds,

regardless

of

asset

size,

showed,

among

other

data,

that

based

on

net

asset

value

per

share,

the

Fund's

performance

was

above

the

median

for

the

3-year

period

ended

December

31,

2024,

and

was

below

the

median

for

the

1-,

5-

and

10-year

periods

ended

December

31,

2024. The

Board

noted

the

explanations

from

the

Manager

and

the

Sub-Advisers

regarding

the

Fund's

relative

performance

versus

the

Performance

Universe

for

the

various

periods.

Based

on

the

reviews

and

discussions

of

Fund

performance

and

considering

other

relevant

factors,

including

those

noted

above,

the

Board

concluded,

under

the

circumstances,

that

continuation

of

the

Management

Agreement

and

the

Sub-Advisory

Agreements

for

an

additional

one-year

period

would

be

consistent

with

the

interests

of

the

Fund

and

its

stockholders.

#### Management

#### and

#### Sub-Advisory

#### Fees

#### and

#### Expense

#### Ratios
The

Board

reviewed

and

considered

the

contractual

management

fee

(the

"Contractual

Management

Fee")

and

the

actual

management

fee

(the

"Actual

Management

Fee")

payable

by

the

Fund

to

the

Manager

under

the

Management

Agreement

and

the

sub-advisory

fees

(the

"Sub-Advisory

Fees")

payable

by

the

Manager

to

the

Sub-Advisers

under

the

Sub-Advisory

Agreements

in

view

of

the

nature,

extent

and

overall

quality

of

the

management,

investment

advisory

and

other

services

provided

by

the

Manager

and

the

Sub-Advisers,

respectively.

The

Board

noted

that

the

Sub-Advisory

Fee

payable

to

the

Sub-Advisers

under

their

Sub-Advisory

Agreements

with

the

Manager

is

paid

by

the

Manager,

not

the

Fund,

and,

accordingly,

that

the

retention

of

the

Sub-Advisers

does

not

increase

the

fees

or

expenses

otherwise

incurred

by

the

Fund's

stockholders.

In

addition,

the

Board

received

and

considered

information

and

analyses

prepared

by

Broadridge

(the

"Broadridge

Expense

Information")

comparing

the

Contractual

Management

Fee

and

the

Actual

Management

Fee

and

the

Fund's

actual

total

expenses

with

those

of

funds

in

an

expense

universe

(the

"Expense

Universe")

selected

and

provided

by

Broadridge.

The

comparison

was

based

upon

the

constituent

funds'

latest

fiscal

years.

It

was

noted

that

while

the

Board

found

the

Broadridge

Expense

Information

generally

useful,

they

recognized

its

limitations,

including

that

the

data

may

vary

depending

on

the

selection

of

the

peer

group.

The

Broadridge

Expense

Information

showed

that

the

Fund's

Contractual

Management

Fee

was

below

the

median.

The

Broadridge

Expense

Information

also

showed

that

the

Fund's

Actual

Management

Fee

was

below

the

median.

The

Broadridge

Expense

Information

also

showed

that

the

Fund's

actual

total

expenses

were

below

the

median.

The

Board

took

into

account

management's

discussion

of

the

Fund's

expenses.

The

Board

also

reviewed

Contract

Renewal

Information

regarding

fees

charged

by

the

Manager

and/or

the

Sub-

Advisers

to

other

U.S.

clients

investing

primarily

in

an

asset

class

similar

to

that

of

the

Fund,

including,

where

applicable,

institutional

and

separate

accounts.

The

Manager

reviewed

with

the

Board

the

differences

in

services

provided

to

these

different

types

of

accounts,

noting

that

the

Fund

is

provided

with

certain

administrative

services,

office

facilities,

and

Fund

officers,

and

that

the

Fund

is

subject

not

only

to

heightened

regulatory

requirements

relative

to

institutional

clients

but

also

to

requirements

for

listing

on

the

New

York

Stock

Exchange,

and

that

the

Manager

coordinates

and

oversees

the

provision

of

services

to

the

Fund

by

the

Fund's

other

service

providers.

The

Board

considered

the

fee

comparisons

in

view

of

the

different

services

provided

in

managing

these

other

types

of

clients

and

funds.

The

Board

considered

the

overall

management

fee,

the

fees

of

the

Sub-Advisers

and

the

amount

of

the

management

fee

retained

by

the

Manager

after

payment

of

the

Sub-Advisory

Fees

in

each

case

in

view

of

the

services

rendered

for

those

amounts.

The

Board

also

received

an

analysis

of

complex-

wide

management

fees

provided

by

the

Manager,

which,

among

other

things,

set

out

a

framework

of

fees

based

on

asset

classes.

Putnam

Premier

Income

Trust

Shareholder

Information

franklintempleton.com

Annual

Report

Taking

all

of

the

above

into

consideration,

as

well

as

the

factors

identified

below,

the

Board

determined

that

the

management

fee

and

the

Sub-Advisory

Fees

were

reasonable

in

view

of

the

nature,

extent

and

overall

quality

of

the

management,

investment

advisory

and

other

services

provided

by

the

Manager

and

the

Sub-Advisers

to

the

Fund

under

the

Management

Agreement

and

the

Sub-Advisory

Agreements,

respectively.

#### Manager

#### Profitability
The

Board,

as

part

of

the

Contract

Renewal

Information,

received

an

analysis

of

the

profitability

to

the

Manager

and

its

affiliates

in

providing

services

to

the

Fund

for

the

Manager's

fiscal

years

ended

September

30,

2024

and

September

30,

2023. The

Board

also

received

profitability

information

with

respect

to

the

Franklin

Templeton

fund

complex

as

a

whole.

In

addition,

the

Board

received

Contract

Renewal

Information

with

respect

to

the

Manager's

revenue

and

cost

allocation

methodologies

used

in

preparing

such

profitability

data.

It

was

noted

that

the

allocation

methodologies

had

been

reviewed

by

an

outside

consultant.

The

profitability

to

each

of

the

Sub-Advisers

was

not

considered

to

be

a

material

factor

in

the

Board's

considerations

since

the

Sub-Advisory

Fees

are

paid

by

the

Manager,

not

the

Fund,

although

the

Board

noted

the

affiliation

of

the

Manager

with

the

Sub-Advisers.

The

profitability

of

the

Manager

and

its

affiliates

was

considered

by

the

Board

to

be

reasonable

in

view

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

#### Economies

#### of

#### Scale
The

Board

received

and

discussed

Contract

Renewal

Information

concerning

whether

the

Manager

realizes

economies

of

scale

if

the

Fund's

assets

grow.

The

Board

noted

that

because

the

Fund

is

a

closed-end

fund,

it

has

limited

ability

to

increase

its

assets.

The

Board

determined

that

the

management

fee

structure

was

appropriate

under

the

circumstances.

For

similar

reasons

as

stated

above

with

respect

to

the

Sub-Advisers'

profitability

and

the

costs

of

the

Sub-Advisers'

provision

of

services,

the

Board

did

not

consider

the

potential

for

economies

of

scale

in

the

Sub-

Advisers'

management

of

the

Fund

to

be

a

material

factor

in

the

Board's

consideration

of

the

Sub-Advisory

Agreements.

#### Other

#### Benefits

#### to

#### the

#### Manager

#### and

#### the

#### Sub-Advisers
The

Board

considered

other

benefits

received

by

the

Manager,

the

Sub-Advisers

and

their

affiliates

as

a

result

of

their

relationship

with

the

Fund,

including

the

opportunity

to

offer

additional

products

and

services

to

the

Fund's

stockholders.

In

view

of

the

costs

of

providing

investment

management

and

other

services

to

the

Fund

and

the

ongoing

commitment

of

the

Manager

and

the

Sub-Advisers

to

the

Fund,

the

Board

considered

that

the

ancillary

benefits

received

by

the

Manager

and

its

affiliates,

including

the

Sub-

Advisers,

were

reasonable.

38924

A

09/25©

2025

Franklin

Templeton

Investments.

All

rights

reserved.

Investors

should

be

aware

that

the

value

of

investments

made

for

the

Fund

may

go

down

as

well

as

up.

Like

any

investment

in

securities,

the

value

of

the

Fund's

portfolio

will

be

subject

to

the

risk

of

loss

from

market,

currency,

economic,

political

and

other

factors.

The

Fund

and

its

investors

are

not

protected

from

such

losses

by

the

investment

manager.

Therefore,

investors

who

cannot

accept

this

risk

should

not

invest

in

shares

of

the

Fund.

To

help

ensure

we

provide

you

with

quality

service,

all

calls

to

and

from

our

service

areas

are

monitored

and/or

recorded.

#### Annual

#### Report

#### Putnam

#### Premier

#### Income

#### Trust

#### Investment

#### Manager

#### Transfer

#### Agent

#### Fund

#### Information
Franklin

Advisers,

Inc.

Putnam

Investor

Services,

Inc.

Federal

Street,

Boston,

MA

02110

Toll

Free

Number:

1-800-225-1581

(800) DIAL

BEN®

/

342-5236

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 2. CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Pursuant to Item 19(a) (1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The Board of Trustees of the Registrant has determined that Eileen A. Kamerick and Nisha Kumar possess the technical attributes identified in Item 3 to Form N-CSR to qualify as "audit committee financial experts," and has designated Eileen A. Kamerick and Nisha Kumar as the Audit Committee's financial experts. Eileen A. Kamerick and Nisha Kumar are "independent" Trustees pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed in the last two fiscal years ending July 31, 2024 and July 31, 2025 (the "Reporting Periods") for professional services rendered by the Registrant's principal accountant (the "Auditor") for the audit of the Registrant's annual financial statements, or services that are normally provided by the Auditor in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $166,945 in July 31, 2024 and $123,251 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor that are reasonably related to the performance of the Registrant's financial statements were $0 in July 31, 2024 and $0 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed in the Reporting Periods for professional services rendered by the Auditor for tax compliance, tax advice and tax planning ("Tax Services") were $14,281 in July 31, 2024 and $23,802 in July 31, 2025. These services consisted of (i) review or preparation of U.S. federal, state, local and excise tax returns; (ii) U.S. federal, state and local tax planning, advice and assistance regarding statutory, regulatory or administrative developments, and (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired or held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. The aggregate fees billed in the Reporting Periods for products and services provided by the Auditor to the Registrant, other than the services reported in paragraphs (a) through (c) of this item, were $0 in July 31, 2024 and $0 in July 31, 2025.

There were no other non-audit services rendered by the Auditor to the Service Affiliates requiring pre-approval by the Audit Committee in the Reporting Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Audit Committee's pre–approval policies and procedures described in paragraph (c) (7) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by the Registrant's investment manager or one of their affiliates (each, an "Adviser") requires that the Committee shall approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.

The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent auditors, other than those provided to the Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services; (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Pre-approval by the Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund, the Adviser and the Covered Service Providers constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) None of the services described in paragraphs (b) through (d) of this Item were performed in reliance on paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Non-audit fees billed by the Auditor for services rendered to the Registrant and the Service Affiliates during the reporting period were $1,030,797 in July 31, 2024 and $489,647 in July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Yes. The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to Service Affiliates, which were not pre-approved (not requiring pre-approval), is compatible with maintaining the Auditor's independence. All services provided by the Auditor to the Registrant or to the Service Affiliates, which were required to be pre-approved, were pre-approved as required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The independent board members are acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act. The Audit Committee consists of the following Board members:

Robert D. Agdern

Carol L. Colman

Anthony Grillo

Eileen A. Kamerick

Nisha Kumar

Peter Mason

Hillary A. Sale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

ITEM 6. SCHEDULE OF INVESTMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The information is disclosed as part of the Financial Statements included in Item 1 of this Form N-CSR, as applicable.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Putnam Investments**

<u>Proxy Voting Procedures</u>

*<u>Introduction and Summary</u>*

Many of Putnam's investment management clients have delegated to Putnam the authority to vote proxies for shares in the client accounts Putnam manages. Putnam believes that the voting of proxies can be an important tool for institutional investors to promote best practices in corporate governance and votes all proxies in the best interests of its clients as investors. In Putnam's view, strong corporate governance policies, most notably oversight by an independent board of qualified directors, best serve investors' interests. Putnam will vote proxies and maintain records of voting of shares for which Putnam has proxy voting authority in accordance with its fiduciary obligations and applicable law.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.

This memorandum sets forth Putnam's policies for voting proxies. It covers all accounts for which Putnam has proxy voting authority. These accounts include the Putnam Mutual Funds<sup>1</sup> and Putnam Exchange-Traded Funds, US and international institutional accounts and funds managed or sub-advised by The Putnam Advisory Company, LLC, Putnam Investments Limited and Putnam Fiduciary Trust Company, LLC. In addition, the policies include US mutual funds and other accounts sub-advised by Putnam Investment Management, LLC.<sup>2</sup>

<sup>1</sup> Effective January 27, 2023, the Board of Trustees of the Putnam Mutual Funds delegated proxy voting authority to Putnam Investment Management, LLC, the investment manager to the Putnam Mutual Funds.

<sup>2</sup> The Putnam Proxy Voting Procedures and Guidelines will apply also to certain funds and institutional and other accounts managed by Franklin Advisers, Inc. ("FAV") but formerly managed or sub-advised by one of the Putnam adviser entities identified above, pursuant to sub-advisory agreements in effect from time to time between FAV and the relevant Putnam entity(ies).

*<u>Proxy Committee</u>*

Putnam has a Proxy Committee composed of senior professionals, including from the Putnam Equity investment team and the Putnam Equity Sustainability Strategy group. The Chief Investment Officer of Putnam Equity appoints the members of the Proxy Committee. The Proxy Committee is responsible for setting general policy as to proxies. Specifically, the Committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reviews these procedures and the Proxy Voting Guidelines annually and approves any amendments considered to
 be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Considers special proxy issues as they may from time to time arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Must approve all vote overrides recommended by investment professionals.

*<u>Proxy Voting Administration</u>*

The Putnam Sustainability Strategy group administers Putnam's proxy voting through a Proxy Voting Team. The Proxy Voting Team has the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Annually prepares the Proxy Voting Guidelines and distributes them to the Proxy Committee for review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Coordinates the Proxy Committee's review of any new or unusual proxy issues and serves as Secretary thereto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Manages the process of referring issues to portfolio managers for voting instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Oversees the work of any third-party vendor hired to process proxy votes (as of the date of these procedures Putnam has engaged Institutional
 Shareholder Services (ISS) to process proxy votes) and the process of setting up the voting process with ISS and custodial banks for new
 clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Coordinates responses to investment professionals' questions on proxy issues and proxy policies, including forwarding specialized
 proxy research from ISS and other vendors and forwards information to investment professionals prepared by other areas at Putnam.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Implements the exception process with respect to referred items on securities held solely in accounts managed by the Global Asset Allocation
 ("GAA") team within Franklin Templeton Investment Solutions described in more detail in the Proxy Referral section below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Maintains required records of proxy votes on behalf of the appropriate Putnam client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepares and distributes reports required by Putnam clients.

*<u>Proxy Voting Guidelines</u>*

Putnam maintains written voting guidelines ("Guidelines") setting forth voting positions determined by the Proxy Committee on those issues believed most likely to arise day to day. The Guidelines may call for votes to be cast normally in favor of or opposed to a matter or may deem the matter an item to be referred to investment professionals on a case-by-case basis. A copy of the Guidelines is attached to this memorandum as Exhibit A.

In light of our views on the importance of issuer governance and investor engagement, which we believe are applicable across our various strategies and clients, regardless of a specific portfolio's investment objective, Putnam will vote all proxies in accordance with the Guidelines, subject to two exceptions as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. If the portfolio managers of client accounts holding the stock of a company with a proxy vote believe that
 following the Guidelines in any specific case would not be in the clients' best interests, they may request the Proxy Voting Team
 not to follow the guidelines in such case. The request must be in writing and include an explanation of the rationale for
doing so. The Proxy Voting Team will review any such request with the Proxy Committee (or, in cases with limited time, with the Chair
of the Proxy Committee acting on the Proxy Committee's behalf) prior to implementing the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam may accept instructions to vote proxies under client specific guidelines subject to review and acceptance by the Investment Division
 and the Legal and Compliance Department.

*<u>Other</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Putnam may elect not to vote when the security is no longer held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Putnam will  **<u>abstain</u>** on items that require case-by-case review when a vote recommendation from the appropriate investment
 professional(s) cannot be obtained due to restrictive voting deadlines or other prohibitive operational or administrative requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Where securities held in Putnam client accounts, including the Putnam mutual funds, have been loaned to third parties in connection with
 a securities lending program administered by Putnam (through securities lending agents overseen by Putnam), Putnam has instructed lending
 agents to recall U.S. securities on loan to vote proxies, in accordance with Putnam's securities lending procedures Due to differences
 in non-U.S. markets, Putnam does not currently seek to recall non-U.S. securities on loan. In addition, where Putnam does not administer
 a client's securities lending program, this recall policy does not apply, since Putnam generally does not have information on loan
 details or authority to effect recalls in those cases. It is possible that, for impracticability or other reasons, a recalled security
 may not be returned to the relevant custodian in time to allow Putnam to vote the relevant proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Putnam will make its reasonable best efforts to vote all proxies except when impeded by circumstances that are reasonably beyond its control
 and responsibility, such as custodial proxy voting services, in part or whole, not available or not established by a client, or custodial
 error.

*<u>Proxy Voting Referrals</u>*

 

Under the Guidelines, certain proxy matters will be referred to Portfolio Managers. The Portfolio Manager receiving the referral request may delegate the vote decision to an appropriate Analyst from among a list of eligible analysts (such list to be approved by the Chief Investment Officer of the Putnam Equity group and the Director of Equity Research for the Putnam Equity group). The Analyst will be required to make the affirmation and disclosures identified in (3) below. Normally specific referral items will be referred to the portfolio team leader (or another member of the portfolio team he or she designates) whose accounts hold the greatest number of shares of the issuer of the proxies through the Proxy Referral Administration Database. The referral request contains (1) a field that will be used by the portfolio team leader or member for recommending a vote on each referral item, (2) a field for describing any contacts relating to the proxy referral item the portfolio team may have had with any Franklin Templeton employee outside Putnam Equity or with any person other than a proxy solicitor acting in the normal course of proxy solicitation, and (3) a field for portfolio managers to affirm that they are making vote recommendations in the best interest of client accounts and have disclosed to Compliance any potential conflicts of interest relevant to their vote recommendation.

Putnam may vote any referred items on securities held solely in accounts managed by the GAA team within Franklin Templeton Investment Solutions (and not held by any other investment product team) in accordance with the recommendation of Putnam's third-party proxy voting service provider. The Proxy Voting Team will first give the relevant portfolio manager(s) on the GAA team the opportunity to review the referred items and vote on them. If the portfolio manager(s) on the GAA team do not decide to make any active voting decision on any of the referred items, the items will be voted in accordance with the service provider's recommendation. If the security is also held by other investment teams at Putnam Equity, the items will be referred to the largest holder who is not a member of the GAA team.

The portfolio team leader or members who have been requested to provide a recommendation on a proxy referral item will complete the referral request. Upon receiving each completed referral request from the applicable Portfolio Manager or Analyst, the Proxy Voting Team will review the completed request for accuracy and completeness, and will follow up with investment personnel as appropriate.

*<u>Conflicts of Interest</u>*

A potential conflict of interest may arise when voting proxies of an issuer which has a significant business relationship with Putnam. For example, Putnam could manage a defined benefit or defined contribution pension plan for the issuer. Putnam's policy is to vote proxies based solely on the investment merits of the proposal. In order to guard against conflicts, the following procedures have been adopted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Proxy Committee is composed of senior professionals, including Portfolio Managers in Putnam Equity and the Putnam Equity Sustainability
 Strategy group. None of these individuals or groups reports to Franklin Templeton's marketing businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Franklin Templeton employee outside Putnam Equity may contact any portfolio manager about any proxy vote without first contacting the
 Proxy Voting Team or a senior lawyer in the Legal and Compliance Department. There is no prohibition on employees seeking to communicate
 investment-related information to investment professionals except for Putnam's restrictions on dissemination of material, non-public
 information. However, the Proxy Voting Team will coordinate the delivery of such information to investment professionals to avoid appearances
 of conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investment professionals responding to referral requests must disclose any contacts with third parties other than normal contact with
 proxy solicitation firms and must affirm that they are making vote recommendations in the best interest of client accounts and have disclosed
 to the Proxy Voting Team any potential conflicts of interest relevant to their vote recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Proxy Voting Team will review the name of the issuer of each proxy that contains a referral item against various sources of Putnam
 business relationships maintained by the Legal and Compliance Department or Client Service for potential material business relationships
 (*i.e.,* conflicts of interest). For referrals, the Proxy Voting Team will complete the Proxy Voting Conflict of Interest Disclosure
 Form (<u>attached as Exhibit B and C</u>) via the Proxy Referral Administration Database and will prepare a quarterly report for the Putnam
 Chief Compliance Officer identifying all completed Conflict of Interest Disclosure forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Putnam's Proxy Voting Guidelines may only be overridden with the written recommendation from a member of the Investment Division
 and concurrence of the Proxy Committee (or, in cases with limited time, with the Chair of the Proxy Committee on the Proxy Committee's
 behalf).

*<u>Recordkeeping</u>*

The Putnam Equity Sustainability Strategy Group will retain copies of the following books and records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Proxy Voting Procedures and Guidelines as are from time to time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of each proxy statement received with respect to securities in client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Records of each vote cast for each client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Internal documents generated in connection with a proxy referral, such as emails, memoranda, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Written reports to clients on proxy voting and all client requests for information and Putnam's response.

All records will be maintained for seven years. A proxy vendor may on Putnam's behalf maintain the records noted in 2 and 3 above if it commits to providing copies promptly upon request.

<u>Exhibit A to Proxy Procedures</u>

**Putnam Investments Proxy Voting Guidelines**

The proxy voting guidelines below summarize Putnam's positions on various issues of concern to investors and indicate how client portfolio securities will be voted on proposals dealing with a particular issue. The proxy voting service is instructed to vote all proxies relating to client portfolio securities in accordance with these guidelines, except as otherwise instructed by the Proxy Voting Team.

Putnam's voting policies are rooted in our views that (1) strong, independent corporate governance is important to long-term company financial performance, and (2) long-term investors' active engagement with company management, including through the proxy voting process, strengthens issuer accountability and overall market discipline, potentially reducing risk and improving returns over time. Our voting program is offered as a part of our investment management services, at no incremental fee to Putnam, and, while there can be no guarantees, it is intended to offer potential investment benefits over a long-term horizon. Our voting policies are designed with investment considerations in mind, not as a means to pursue particular political, social, or other goals. As a result, we may not support certain proposals whose costs to the issuer (including implementation costs, practicability, and other factors), in Putnam's view, outweigh their investment merits.

These proxy voting policies are intended to be decision-making guidelines. The guidelines are not exhaustive and do not include all potential voting issues. In addition, as contemplated by and subject to Putnam's Proxy Voting Procedures, because proxy issues and the circumstances of individual companies are so varied, portfolio teams may recommend votes that may vary from the general policy choices set forth in the guidelines.

The following guidelines are grouped according to the types of proposals generally presented to shareholders. Part I deals with proposals which have been approved and recommended by a company's board of directors. Part II deals with proposals submitted by shareholders for inclusion in proxy statements. Part III addresses unique considerations pertaining to non-US issuers.

**I. Board-Approved Proposals**

Proxies will be voted **for** board-approved proposals, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Matters Relating to the Board of Directors</u>** 

***Uncontested Election of Directors***

The board of directors has the important role of overseeing management and its performance on behalf of shareholders. When evaluating a company's board, Putnam may consider the diversity of professional backgrounds and personal characteristics. Putnam believes that companies generally benefit from diversity on the board, including diversity with respect to gender, ethnicity, race, skills, perspectives and experience.

Proxies will be voted **<u>for</u>** the election of the company's nominees for directors (and/or subsidiary directors) and **<u>for</u>** board-approved proposals on other matters relating to the board of directors (provided that such nominees and other matters have been approved by an independent nominating committee), except as follows:

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| ⮚ | Putnam will **<u>withhold votes</u>** from the entire board of directors if: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have a majority of independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have nominating, audit and compensation committees composed solely of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has more than 15 members or fewer than five members, absent special circumstances.

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|:---|:---|
| ⮚ | Putnam may refrain from withholding votes from the board due to insufficient key committee independence due to director resignation, change in board structure, or other specific circumstances, provided that the company has stated (for example in an 8-K), or it can otherwise be determined, that the board will address committee composition to ensure compliance with the applicable corporate governance code in a timely manner after the shareholder meeting and the company has a history of appropriate board independence. |

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Unless otherwise indicated, for the purposes of determining whether a board has a majority of independent directors and independent nominating, audit, and compensation committees, an independent director is a director who (1) meets all requirements to serve as an independent director of a company under the final NYSE Corporate Governance Rules (e.g., no material business relationships with the company and no present or recent employment relationship with the company (including employment of an immediate family member as an executive officer)), and (2) has not accepted directly or indirectly any consulting, advisory, or other compensatory fee (excluding immaterial fees for transactional services as defined by the NYSE Corporate Governance rules) from the company other than in his or her capacity as a member of the board of directors or any board committee. Putnam believes that the receipt of such compensation for services other than service as a director raises significant independence issues.

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|:---|:---|
| ⮚ | Putnam will **<u>withhold votes</u>** from any nominee for director who is considered an independent director by the company and who has received compensation within the last three years from the company for the provision of professional services (e.g., investment banking, consulting, legal or financial advisory fees). |

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| ⮚ | Putnam will **<u>withhold votes</u>** from any nominee for director who attends fewer than 75% of board and committee meetings. Putnam may refrain from withholding votes on a **case-by-case** basis if a valid reason for the absence exists, such as illness, personal emergency, potential conflict of interest, etc. |

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|:---|:---|
| ⮚ | Putnam will **<u>withhold votes</u>** from any incumbent nominee for director who served on a board that has not acted to implement a policy requested in a shareholder proposal that received the support of a majority of the votes actually cast on the matter at its previous two annual meetings, or |

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|:---|:---|
| ⮚ | Putnam will **<u>withhold votes</u>** from any incumbent nominee for director who served on a board that adopted, renewed, or made a material adverse modification to a shareholder rights plan (commonly referred to as a "poison pill") without shareholder approval during the current or prior calendar year. (This is applicable to any type of poison pill, for example, advance-warning type pill, EGM pill, and Trust Defense Plans in Japan.) |

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Putnam will refrain from opposing the board members who served at the time of the adoption of the poison pill if the duration is one year or less, if the plan contains other suitable restrictions; or if the company publicly discloses convincing rationale for its adoption and seeks shareholder approval of future renewals of the poison pill. (Suitable restrictions could include but are not limited to, a higher threshold for passive investors. Convincing rationale could include circumstances such as, but not limited to, extreme market disruption or conditions, stock volatility, substantial merger, active investor interest, or takeover attempts.)

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|:---|:---|
| ⮚ | Putnam will vote on a **case-by-case** basis and may consider voting against the Nominating Committee Chair if there is a lack of evidence of board diversity. |

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Putnam is concerned about over-committed directors. In some cases, directors may serve on too many boards to make a meaningful contribution. This may be particularly true for senior executives of public companies (or other directors with substantially full-time employment) who serve on more than a few outside boards.

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** any non-executive nominee for director who serves on more than four (4) public company boards, except where Putnam would otherwise be withholding votes for the entire board of directors. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board. Generally, Putnam will withhold support from directors serving on more than four unaffiliated public company boards, although an exception may be made in the case of a director who represents an investing firm with the sole purpose of managing a portfolio of investments that includes the company. |

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|:---|:---|
| ⮚ | Putnam will **<u>withhold</u>** votes from any nominee for director who serves as an executive officer of any public company ("home company") while serving on more than two (2) public company board**s** other than the home company board. (Putnam will withhold votes from the nominee at each company where Putnam client portfolios own shares.) In addition, if Putnam client portfolios are shareholders of the executive's home company, Putnam will withhold votes from members of the company's governance committee. For the purpose of this guideline, boards of affiliated registered investment companies and other similar entities such as UCITS will count as one board. |

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|:---|:---|
| ⮚ | Putnam will ***withhold votes*** from any nominee for director of a public company (Company A) who is employed as a senior executive of another public company (Company B) if a director of Company B serves as a senior executive of Company A (commonly referred to as an "interlocking directorate"). |

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Board independence depends not only on its members' individual relationships, but also the board's overall attitude toward management. Independent boards are committed to good corporate governance practices and, by providing objective independent judgment, enhancing shareholder value. Putnam may withhold votes on a case-by-case basis from some or all directors that, through their lack of independence, have failed to observe good corporate governance practices or, through specific corporate action, have demonstrated a disregard for the interest of shareholders.

Note: Designation of executive director is based on company disclosure.

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals that provide that a director may be removed only for cause. Putnam will generally vote **<u>for</u>** proposals that permit the removal of directors with or without cause. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals authorizing a board to fill a director vacancy without shareholder approval. |

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on subsidiary director nominees if Putnam will be voting against the nominees of the parent company's board. |

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis for director nominees, including nominees for positions on Supervisory Boards or Supervisory Committees, or similar board entities (depending on board structure), for (re)election when cumulative voting applies. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to approve annual directors' fees, except that Putnam will vote on a **<u>case-by-case</u>** basis if Putnam's independent proxy voting service has recommended a vote against such proposal. Additionally, Putnam will vote **<u>for</u>** proposals to approve the grant of equity awards to directors, except that Putnam will consider these proposals on a **<u>case-by-case</u>** basis if Putnam's proxy service provider is recommending a vote against the proposal. |

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***<u>Classified Boards</u>***

 

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals to classify a board, absent special circumstances indicating that shareholder interests would be better served by this structure. |

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***<u>Ratification of Auditors</u>***

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to ratify the selection of independent auditors if there is evidence that the audit firm's independence or the integrity of an audit is compromised. (Otherwise, Putnam will vote **<u>for</u>**.) |

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***Contested Elections of Directors***

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis in contested elections of directors. |

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**B. <u>Executive Compensation</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on board-approved proposals relating to executive compensation, except as follows:

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** stock option and restricted stock plans that will result in an average annual dilution of 1.67% or less (based on the disclosed term of the plan and including all equity-based plans), except where Putnam would otherwise be withholding votes for the entire board of directors in which case Putnam will evaluate the plans on a **<u>case-by-case</u>** basis. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** stock option and restricted stock plans that will result in an average annual dilution of greater than 1.67% (based on the disclosed term of the plan and including all equity plans). |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** any stock option or restricted stock plan where the company's actual grants of stock options and restricted stock under all equity-based compensation plans during the prior three (3) fiscal years have resulted in an average annual dilution of greater than 1.67%. |

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|:---|:---|
| ⮚ | Additionally, if the annualized dilution cannot be calculated, Putnam will vote **<u>for</u>** plans where the Total Potential Dilution is 5% or less. If the annualized dilution cannot be calculated and the Total Potential Dilution exceeds 5%, then Putnam will vote **<u>against</u>**. Note: Such plans must first pass all of Putnam's other screens. |

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|:---|:---|
| ⮚ | Putnam will vote proposals to issue equity grants to executives on a **<u>case-by-case</u>** basis. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** stock option plans that permit replacing or repricing of underwater options (and **<u>against</u>** any proposal to authorize such replacement or repricing of underwater options). |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** stock option plans that permit issuance of options with an exercise price below the stock's current market price. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** stock option plans/ restricted stock plans with evergreen features providing for automatic share replenishment. |

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|:---|:---|
| ⮚ | Putnam will vote **for** bonus plans under which payments are treated as performance-based compensation that is deductible under Section 162(m) of the Internal Revenue Code of 1986, as amended, except as follows: |

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Vote on a **<u>case-by-case</u>** basis on such proposals if any of the following circumstances exist:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount per employee under the plan is unlimited, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maximum award pool is undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the incentive bonus plan's performance criteria are undisclosed, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the independent proxy voting service recommends a vote against.

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|:---|:---|
| ⮚ | Putnam will vote in favor of the annual presentation of advisory votes on executive compensation (Say-on-Pay). |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** advisory votes on executive compensation (Say-on-Pay). However, Putnam will vote **<u>against</u>** an advisory vote if the company fails to effectively link executive compensation to company performance according to benchmarking performed by the independent proxy voting service. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will review the proposal on a  **<u>case-by-case</u>** basis if there is no recommendation of the independent proxy voting service.

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on severance agreements (e.g., golden and tin parachutes) |

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| ⮚ | Putnam will **<u>withhold</u>** votes from members of a Board of Directors which has approved compensation arrangements Putnam's investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** employee stock purchase plans that have the following features: (1) the shares purchased under the plan are acquired for no less than 85% of their market value, (2) the offering period under the plan is 27 months or less, and (3) dilution is 10% or less. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** Non-qualified Employee Stock Purchase Plans with all the following features: |

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1) Broad-based participation (i.e., all employees of the company with the exclusion of individuals with 5 percent or more of beneficial ownership of the company).

2) Limits on employee contribution, which may be a fixed dollar amount or expressed as a percent of base salary.

3) Company matching contribution up to 25 percent of employee's contribution, which is effectively a discount of 20 percent from market value.

4) No discount on the stock price on the date of purchase since there is a company matching contribution.

Putnam will vote **<u>against</u>** Non-qualified Employee Stock Purchase Plans when any of the plan features do not meet the above criteria.

Putnam may vote against executive compensation proposals on a **<u>case-by-case</u>** basis where compensation is excessive by reasonable corporate standards, or where a company fails to provide transparent disclosure of executive compensation. In voting on proposals relating to executive compensation, Putnam will consider whether the proposal has been approved by an independent compensation committee of the board.

**C. <u>Capitalization</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on board-approved proposals involving changes to a company's capitalization, except as follows:

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| ⮚ | Putnam will vote **<u>for</u>** proposals relating to the authorization of additional common stock, except that Putnam will evaluate such proposals on a **<u>case-by-case</u>** basis if (i) they relate to a specific transaction or to common stock with special voting rights, (ii) the company has a non-shareholder approved poison pill in place, or (iii) the company has had sizeable stock placements to insiders within the past three years at prices substantially below market value without shareholder approval. |

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| ⮚ | Putnam will vote **<u>for</u>** proposals to effect stock splits (excluding reverse stock splits.) |

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| ⮚ | Putnam will vote **<u>for</u>** proposals authorizing share repurchase programs, except that Putnam will vote on a **<u>case-by-case</u>** basis if there are concerns that there may be abusive practices related to the share repurchase programs. |

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**D. <u>Acquisitions, Mergers, Reorganizations and Other Transactions</u>**

Putnam will vote on a **<u>case-by-case</u>** basis on business transactions such as acquisitions, mergers, reorganizations involving business combinations, liquidations and sale of all or substantially all of a company's assets.

**E. <u>Anti-Takeover Measures</u>**

Putnam will vote **<u>against</u>** board-approved proposals to adopt anti-takeover measures such as supermajority voting provisions, issuance of blank check preferred stock, the creation of a separate class of stock with disparate voting rights, control share acquisition provisions, targeted share placements, and ability to make greenmail payments, except as follows:

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to ratify or approve shareholder rights plans; |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to adopt fair price provisions. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to issue blank check preferred stock in the case of REITs (only) |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals that enable or expand shareholders' ability to take action by written consent. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to increase shares of an existing class of stock with disparate voting rights from another share class. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on **shareholder or board-approved** proposals to eliminate supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest). |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on **board-approved** proposals to adopt supermajority voting provisions at controlled companies (companies in which an individual or a group voting collectively holds a majority of the voting interest). |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to issue blank check preferred stock if appropriate "*de-clawed"* language is present. Specifically, appropriate *de-clawed* language will include cases where the Company states (i.e., through 8-K, proxy statement or other public disclosure) it will not use the preferred stock for anti-takeover purposes, or in order to implement a shareholder rights plan, or discloses a commitment to submit any future issuances of preferred stock to be used in a shareholder rights plan/anti-takeover purpose to a shareholder vote prior to its adoption. |

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**F. <u>Other Business Matters</u>**

Putnam will vote **<u>for</u>** board-approved proposals approving routine business matters such as changing the company's name and procedural matters relating to the shareholder meeting, except as follows:

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals to amend a company's charter or bylaws (except for charter amendments necessary or to effect stock splits, to change a company's name, to authorize additional shares of common stock or other matters which are considered routine (for example, director age or term limits), technical in nature, fall within Putnam's guidelines (for example, regarding board size or virtual meetings), are required pursuant to regulatory and/or listing rules, have little or no economic impact or will not negatively impact shareholder rights). |

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|:---|:---|
| ⮚ | Additionally, Putnam believes the bundling of items, whether the items are related or unrelated, is generally not in shareholders' best interest. We may vote against the entire bundled proposal if we would normally vote against any of the items if presented individually. In these cases, we will review the bundled proposal on a case-by-case basis. |

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| ⮚ | Putnam generally supports quorum requirements if the level is set high enough to ensure a broad range of shareholders is represented in person or by proxy but low enough so that the Company can transact necessary business. Putnam will vote on a **<u>case-by-case</u>** basis on proposals seeking to change quorum requirements; however, Putnam will normally support proposals that seek to comply with market or exchange requirements. |

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals seeking to change a company's state of incorporation. However, Putnam will vote **<u>for</u>** mergers and reorganizations involving business combinations designed solely to reincorporate a company in Delaware. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** authorization to transact other unidentified, substantive business at the meeting. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals where there is a lack of information to make an informed voting decision. |

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|:---|:---|
| ⮚ | Putnam will vote as follows on proposals to adjourn shareholder meetings: |

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If Putnam is withholding support for the board of the company at the meeting, any proposal to adjourn should be referred for case-by-case analysis.

If Putnam is not withholding support for the board, Putnam will vote in favor of adjourning, unless the vote concerns an issue that is being referred back to Putnam for case-by-case review. Under such circumstances, the proposal to adjourn should also be referred to Putnam for **<u>case-by-case</u>** analysis.

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| ⮚ | Putnam will vote **<u>against</u>** management proposals to adopt a specific state's courts, or a specific U.S. district court as the exclusive forum for certain disputes, except that Putnam will vote **<u>for</u>** proposals adopting the State of Delaware, or the Delaware Chancery Court, as the exclusive forum, for corporate law matters for issuers incorporated in Delaware. Requiring shareholders to bring actions solely in one state may discourage the pursuit of derivative claims by increasing their difficulty and cost. However, Putnam's guideline recognizes the expertise of the Delaware state court system in handling disputes involving Delaware corporations. In addition, Putnam will **<u>withhold votes</u>** from the chair of the Nominating/Governance committee if a company amends its Bylaws, or takes other actions, to adopt a specific state's courts (other than Delaware courts, for issuers incorporated in Delaware) or a specific U.S. district court as the exclusive forum for certain disputes without shareholder approval. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on management proposals seeking to adopt a bylaw amendment allowing the company to shift legal fees and costs to unsuccessful plaintiffs in intra-corporate litigation (fee-shifting bylaw). Additionally, Putnam will vote **<u>against</u>** the Chair of the Nominating/Governance committee if a company adopts a fee-shifting bylaw amendment without shareholder approval. |

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⮚ Putnam will support management/shareholder proxy access proposals as long as the proposals align with the following principles for a shareholder (or up to 20 shareholders together as a group) to receive proxy access:

1) The required minimum aggregate ownership of the Company's outstanding common stock is no greater than 3%;

2) The required minimum holding period for the shareholder proponent(s) is no greater than two years; and

3) The shareholder(s) are permitted to nominate at least 20% of director candidates for election to the board.

Proposals requesting shares be held for 3 years will be reviewed on a **<u>case-by-case</u>** basis. Putnam will vote **<u>agains</u>**<u>t</u> proposals requesting shares be held for more than three years. Proposals that meet Putnam's stated criteria and include other requirements relating to issues such as, but not limited to, shares on loan or compensation agreements with nominees, will be reviewed on a **<u>case-by-case</u>** basis.

Additionally, shareholder proposals seeking an amendment to a company's proxy access policy which include any one of the supported criteria under Putnam's guidelines, for example, a 2-year holding period for shareholders, will be reviewed on a **<u>case-by-case</u>** basis.

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|:---|:---|
| ⮚ | Putnam supports management / shareholder proposals giving shareholders the right to call a special meeting as long as the ownership requirement in such proposals is at least **15%** of the company's outstanding common stock and not more than **25%**. |

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In general, Putnam will vote **<u>for</u>** management or shareholder proposals to reduce the ownership requirement below a company's existing threshold, as long as the new threshold is at least **15%** and not greater than **25%** of the company's outstanding common stock.

Putnam will vote **<u>against</u>** any proposal with an ownership requirement exceeding **25%** of the company's common stock or an ownership requirement that is less than **15%** of the company's outstanding common stock.

In cases where there are competing management and shareholder proposals giving shareholders the right to call a special meeting, Putnam will generally vote **<u>for</u>** the proposal which has the lower minimum shareholder ownership threshold, as long as that threshold is within Putnam's recommended minimum/maximum thresholds. If only one of the competing proposals has a threshold that falls within Putnam's threshold range, Putnam will normally support that proposal as long as it represents an improvement (reduction) from the previous requisite ownership level. Putnam will normally vote **<u>against</u>** both proposals if neither proposal has a requisite ownership level between **15%** and **25%** of the company's outstanding common stock**.**

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** management or shareholder proposals to allow a company to hold virtual-only or hybrid shareholder meetings or to amend its articles/charter/by-laws to allow for virtual-only or hybrid shareholder meetings, provided the proposal does not preclude in-person meetings (at any given time), and does not otherwise limit or impair shareholder participation; and if the company has provided clear disclosure to ensure that shareholders can effectively participate in virtual-only shareholder meetings and meaningfully communicate with company management and directors. Additionally, Putnam may consider the rationale of the proposal and whether there have been concerns about the company's previous meeting practices. |

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Disclosure should address the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of shareholders to ask questions during the meeting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o including time guidelines for shareholder questions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o rules around what types of questions are allowed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o and rules for how questions and comments will be recognized and disclosed to meeting participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the manner in which appropriate questions received during the meeting will be addressed by the board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• procedures, if any, for posting appropriate questions received during the meeting and the company's answers on the investor page
 of their website as soon as is practical after the meeting

&nbsp;&nbsp;&nbsp;&nbsp;• technical and logistical issues related to accessing the virtual meeting platform; and

&nbsp;&nbsp;&nbsp;&nbsp;• procedures for accessing technical support to assist in the event of any difficulties accessing the virtual meeting

Putnam may vote against proposals that do not meet these criteria.

Additionally, Putnam may vote **<u>agains</u>**<u>t</u> the Chair of the Governance Committee when the board is planning to hold a virtual-only shareholder meeting and the company has not provided sufficient disclosure (as noted above) or shareholder access to the meeting.

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to approve a company's board-approved climate transition action plan ("say on climate" proposals in which the company's board proposes that shareholders indicate their support for the company's plan), unless the proxy voting service has recommended a vote against the proposal, in which case Putnam will vote on a **<u>case-by-case</u>** basis on the proposal. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on board-approved proposals that conflict with shareholder proposals. |

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**II. Shareholder Proposals**

Shareholder proposals are non-binding votes that are often opposed by management. Some proposals relate to matters that are financially immaterial to the company's business, while others may be impracticable or costly for a company to implement. At the same time, well-crafted shareholder proposals may serve the purpose of raising issues that are material to a company's business for management's consideration and response. Putnam seeks to weigh the costs of different types of proposals against their expected financial benefits. More specifically:

Putnam will vote **<u>in accordance with the recommendation of the company's board of directors</u>** on all shareholder proposals, except as follows:

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals that are consistent with Putnam's proxy voting guidelines for board-approved proposals. |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals to declassify a board, absent special circumstances which would indicate that shareholder interests are better served by a classified board structure. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals to require shareholder approval of shareholder rights plans. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals asking that director nominees receive support from holders of a majority of votes cast or a majority of shares outstanding of the company in order to be (re) elected. |

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|:---|:---|
| ⮚ | Putnam will review on a **<u>case-by-case</u>** basis, shareholder proposals requesting that the board adopt a policy whereby, in the event of a significant restatement of financial results or significant extraordinary write-off, the board will recoup, to the fullest extent practicable, for the benefit of the company, all performance-based bonuses or awards that were made to senior executives based on having met or exceeded specific performance targets to the extent that the specified performance targets were not met. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals urging the board to seek shareholder approval of any future supplemental executive retirement plan ("SERP"), or individual retirement arrangement, for senior executives that provides credit for additional years of service not actually worked, preferential benefit formulas not provided under the company's tax-qualified retirement plans, accelerated vesting of retirement benefits or retirement perquisites and fringe benefits that are not generally offered to other company employees. (Implementation of this policy shall not breach any existing employment agreement or vested benefit.) |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals requiring companies to report on their executive retirement benefits. (Deferred compensation, split-dollar life insurance, SERPs and pension benefits) |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals requesting that a company establish a pay-for-superior-performance standard whereby the company discloses defined financial and/or stock price performance criteria (along with the detailed list of comparative peer group) to allow shareholders to sufficiently determine the pay and performance correlation established in the company's performance-based equity program. In addition, no multi-year award should be paid out unless the company's performance exceeds, during the current CEO's tenure (three or more years), its peer median or mean performance on selected financial and stock price performance criteria. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals urging the board to disclose in a separate report to shareholders, the Company's relationships with its executive compensation consultants or firms. Specifically, the report should identify the entity that retained each consultant (the company, the board or the compensation committee) and the types of services provided by the consultant in the past five years (non-compensation-related services to the company or to senior management and a list of all public company clients where the Company's executives serve as a director.) |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals requiring companies to accelerate vesting of equity awards under management severance agreements only if both of the following conditions are met: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the company undergoes a change in control, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the change in control results in the termination of employment for the person receiving the severance payment.

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals requiring that the chair's position be filled by an independent director (separate chair/CEO). However, Putnam will vote on a **case-by-case** basis on such proposals when the company's board has a lead-independent director (or already has an independent or separate chair) and Putnam is supporting the nominees for the board of directors. |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals seeking the submission of golden coffins to a shareholder vote or the elimination of the practice altogether. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals seeking a policy that forbids any director who receives more than 25% withhold votes cast (based on for and withhold votes) from serving on any key board committee for two years and asking the board to find replacement directors for the committees if need be. |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals urging the board to seek shareholder approval of severance agreements (e.g., golden and tin parachutes). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• However, Putnam will vote  **<u>against</u>** such proposals when the company has a policy that minimally requires shareholder approval
 of severance agreements for executives that provides for cash severance benefits exceeding 2.99 times the sum of the executive's
base salary plus target annual non-equity incentive plan bonus opportunity.

Putnam will vote on a **<u>case-by-case</u>** basis on approving such compensation arrangements.

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals requiring companies to make cash payments under management severance agreements only if both of the following conditions are met: the company undergoes a change in control, and the change in control results in the termination of employment for the person receiving the severance payment. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on shareholder proposals to limit a company's ability to make excise tax gross-up payments under management severance agreements as well as proposals to limit income or other tax gross-up payments. |

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| ⮚ | Putnam will vote **<u>in accordance with the recommendation of the company's board of directors</u>** on shareholder proposals regarding corporate political spending, unless Putnam is voting against the directors, in which case the proposal would be reviewed on a **<u>case-by-case</u>** basis. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on shareholder proposals that conflict with board-approved proposals. |

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**Environmental and Social**

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| ⮚ | Putnam believes that sustainable environmental practices and sustainable social policies are important components of long-term value creation. Companies should evaluate the potential risks to their business operations that are directly related to environmental and social factors (among others). In evaluating shareholder proposals relating to environmental and social initiatives, Putnam takes into account (1) the relevance and materiality of the proposal to the company's business, (2) whether the proposal is well crafted (e.g., whether it references science-based targets, or standard global protocols), and (3) the practicality or reasonableness of implementing the proposal. |

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Putnam may support well-crafted and well-targeted proposals that request additional reporting or disclosure on a company's plans to mitigate risk to the company related to the following issues and/or their strategies related to these issues: Environmental issues, including but not limited to, climate change, greenhouse gas emissions, renewable energy, and broader sustainability issues; and Social issues, including but not limited to, fair pay, employee diversity and development, safety, labor rights, supply chain management*,* privacy and data security.

In addition, Putnam will consider proposals related to Artificial Intelligence ("AI") on a case-by-case basis.

Putnam will consider factors such as (i) the industry in which the company operates, (ii) the company's current level of disclosure, (iii) the company's level of oversight, (iv) the company's management of risk arising out of these matters, (v) whether the company has suffered a material financial impact. Other factors may also be considered.

Putnam will consider the recommendation of its third-party proxy service provider and may consider other factors such as third-party evaluations of ESG performance.

Additionally, Putnam may vote on a **<u>case-by-case</u>** basis on proposals which ask a company to take action beyond reporting where our third-party proxy service provider has identified one or more reasons to warrant a vote FOR.

**III. Voting Shares of Non-US Issuers**

Many non-US jurisdictions impose material burdens on voting proxies. There are three primary types of limits as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Share blocking. Shares must be frozen for certain periods of time to vote via proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Share re-registration. Shares must be re-registered out of the name of the local custodian or nominee into the name of the client for
 the meeting and, in many cases, then re-registered back. Shares are normally blocked in this period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Powers of Attorney. Detailed documentation from a client must be given to the local sub-custodian. In many cases Putnam is not authorized
 to deliver this information or sign the relevant documents.

Putnam's policy is to weigh the benefits to clients from voting in these jurisdictions against the detriments of not doing so. For example, in a share blocking jurisdiction, it will normally not be in a client's interest to freeze shares simply to participate in a non- contested routine meeting. More specifically, Putnam will normally not vote shares in non-US jurisdictions imposing burdensome proxy voting requirements except in significant votes (such as contested elections and major corporate transactions) where directed by portfolio managers.

Putnam recognizes that the laws governing non**-**US issuers will vary significantly from US law and from jurisdiction to jurisdiction. Accordingly, it may not be possible or even advisable to apply these guidelines mechanically to non-US issuers. However, Putnam believes that shareholders of all companies are protected by the existence of a sound corporate governance and disclosure framework. Accordingly, Putnam will vote proxies of non**-**US issuers **<u>in accordance with the foregoing guidelines where applicable</u>**, except as follows:

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals calling for a majority of the directors to be independent of management. |

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| ⮚ | Putnam will vote **<u>for</u>** shareholder proposals that implement corporate governance standards similar to those established under U.S. federal law and the listing requirements of U.S. stock exchanges, and that do not otherwise violate the laws of the jurisdiction under which the company is incorporated. |

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| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals relating to (1) the issuance of common stock in excess of 20% of a company's outstanding common stock where shareholders do not have preemptive rights, or (2) the issuance of common stock in excess of 100% of a company's outstanding common stock where shareholders have preemptive rights. |

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| ⮚ | Putnam will vote **<u>for</u>** proposals to authorize share repurchase programs that are recommended for approval by Putnam's proxy voting service provider, otherwise Putnam will vote **<u>against</u>** such proposals; except that Putnam will vote on a **<u>case-by-case basis</u>** if there are concerns that there may be abusive practices related to the share repurchase programs. |

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| ⮚ | Putnam will vote **<u>against</u>** authorizations to repurchase shares or issue shares or convertible debt instruments with or without preemptive rights when such authorization can be used as a takeover defense without shareholder approval. Putnam will not apply this policy to a company with a shareholder who controls more than 50% of its voting rights. |

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| ⮚ | Putnam will generally vote **<u>for</u>** proposals that include debt issuances, however substantive/non-routine proposals, and proposals that fall outside of normal market practice or reasonable standards, will be reviewed on a **<u>case-by-case</u>** basis. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** board-approved routine, market-practice proposals. These proposals are limited to (1) those issues that will have little or no economic impact, such as technical, editorial, or mandatory regulatory compliance items, (2) those issues that will not adversely affect and/or which clearly improve shareholder rights/values, and which do not violate Putnam's proxy voting guidelines, or (3) those issues that do not seek to deviate from existing laws or regulations. Examples include but are not limited to, related party transactions (non-strategic), profit-and-loss transfer agreements (Germany), authority to increase paid-in capital (Taiwan). Should any unusual circumstances be identified concerning a normally routine issue, such proposals will be referred back to Putnam for internal review. |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals regarding amendments seeking to expand business lines or to amend the corporate purpose, provided the proposal would not include a significant or material departure from the company's current business, and/or will provide the company with greater flexibility in the performance of its activities. |

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| ⮚ | Putnam will normally vote **<u>for</u>** management proposals concerning allocation of income and the distribution of dividends. However, Putnam portfolio teams will override this guideline when they conclude that the proposals are outside the market norms (i.e., those seen as consistently and unusually small or large compared to market practices). |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals seeking to adjust the par value of common stock. However, non-routine, substantive proposals will be reviewed on a **<u>case-by-case</u>** basis. |

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|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals that would authorize the company to reduce the notice period for calling special or extraordinary general meetings to less than 21-Days. |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals relating to transfer of reserves/increase of reserves (i.e., France, Japan). However, Putnam will vote on a **<u>case-by-case</u>** basis if the proposal falls outside of normal market practice. |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals to increase the maximum variable pay ratio. However, Putnam will vote on a **<u>case-by-case</u>** basis if we are voting against a company's remuneration report or if the proposal seeks an increase in excess of 200%. |

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|:---|:---|
| ⮚ | Putnam will review stock option plans on a **<u>case-by-case</u>** basis which allow for the options exercise price to be reduced by dividend payments (if the plan would normally pass Putnam's Guidelines). |

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|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** requests to provide loan guarantees however, Putnam will vote on a **<u>case-by-case</u>** basis if the total amount of guarantees is in excess of 100% of the company's audited net assets. |

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|:---|:---|
| ⮚ | Putnam will generally support remuneration report/policy proposals (i.e., advisory/binding) where a company's executive compensation is linked directly with the performance of the business and executive. Putnam will generally support compensation proposals which incorporate a mix of reasonable salary and performance based short- and long-term incentives. Companies should demonstrate that their remuneration policies are designed and managed to incentivize and retain executives while growing the company's long-term shareholder value. |

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Generally, Putnam will vote **<u>against</u>** remuneration report/policy proposals (i.e., advisory/binding) in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disconnect between pay and performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No performance metrics disclosed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No relative performance metrics utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single performance metric was used and it was an absolute measure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance goals were lowered when management failed or was unlikely to meet original goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long Term Incentive Plan is subject to retesting (e.g., Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service contracts longer than 12 months (e.g., United Kingdom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allows vesting below median for relative performance metrics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ex-gratia / non-contractual payments have been made (e.g., United Kingdom and Australia);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contains provisions to automatically vest upon change-of-control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other poor compensation practices or structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pension provisions for new executives is not at the same level as the majority of the wider workforce; pension provisions for incumbent
 executives are not set to decrease over time (United Kingdom)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proposed CEO salary increases are not justifiably appropriate in comparison to wider workforce or rationale for exception increases is
 not fully disclosed (United Kingdom)

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|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case basis</u>** on bonus payments to executive directors or senior management; however, Putnam will vote **<u>against</u>** payments that include outsiders or independent statutory auditors. |

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**<u>Matters Relating to Board of Directors</u>**

**<u>Uncontested Board Elections</u>**

***Asia: China, Hong Kong, India, Indonesia, Philippines, Taiwan and Thailand***

 ****

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|:---|:---|
| ⮚ | Putnam will **vote <u>against</u>** the entire board of directors if |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than one-third of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established <u>audit</u>, <u>compensation</u> and <u>nominating</u> committees each composed of a majority of independent
 directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the chair of the audit, compensation or nominating committee is not an independent director.

Commentary: Companies listed in China (or dual-listed in China and Hong Kong) often have a separate supervisory committee in addition to a standard board of directors containing audit, compensation, and nominating committees. The supervisory committee provides oversight of the financial affairs of the company and supervises members of the board and management, while the board of directors makes decisions related to the company's business and investment strategies. The supervisory committee normally comprises employee representatives and shareholder representatives. Shareholder representatives are elected by shareholders of the company while employee representatives are elected by the company's staff. Shareholder representatives may be independent or may be affiliated with the company or its substantial shareholders. Current laws and regulations neither provide a basis for evaluation of supervisor independence nor do they require a supervisor to be independent.

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote in favor of nominees to the Supervisory Committee |

---

***Australia***

 ****

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the entire board of directors if |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed solely of non-executive directors, a majority of whom, including the chair of
 the committee (who should not be the board chair), should be independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established nominating and compensation committees each composed of a majority of independent, non-executive directors,
 with an independent chair.

***Brazil***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals requesting cumulative voting unless there are more candidates than number of seats available, in which case vote for. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals for the proportional allocation of cumulative votes if Putnam is supporting the entire slate of nominees. Putnam will vote **<u>against</u>** such proposals if Putnam is not supporting the entire slate. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will **<u>abstain</u>** on individual director allocation proposals if Putnam is voting for the proportional allocation of cumulative votes. Putnam will vote on a **<u>case-by-case</u>** basis on individual director allocation proposals if Putnam is voting against the proportional allocation of votes. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to cumulate votes of common and preferred shareholders if the nominees are known and Putnam is supporting the applicable nominees; Putnam will vote **<u>against</u>** such proposals if Putnam is not supporting the known nominees, or if the nominees are unknown. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>against</u>** proposals seeking the recasting of votes for amended slate (as new candidates could be included in the amended slate without prior disclosure to shareholders). |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals regarding instructions if meeting is held on second call if election of directors is part of the recasting as the slate can be amended without (prior) disclosure to shareholders. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals regarding the casting of minority votes to the candidate with largest number of votes. |

---

***Canada***

Canadian corporate governance requirements mirror corporate governance reforms that have been adopted by the NYSE and other U.S. national securities exchanges and stock markets. As a result, Putnam will vote on matters relating to the board of directors of Canadian issuers **<u>in accordance with the guidelines applicable to U.S. issuers.</u>**

<u>Commentary</u>: Like the UK's Combined Code on Corporate Governance, the policies on corporate governance issued by Canadian securities regulators embody the "comply and explain" approach to corporate governance. Because Putnam believes that the board independence standards contained in the proxy voting guidelines are integral to the protection of investors in Canadian companies, these standards will be applied in a prescriptive manner.

***Continental Europe (ex-Germany)***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **against** the entire board of directors if |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

**<u>Commentary</u>**: An "independent director" under the European Commission's guidelines is one who is free of any business, family or other relationship, with the company, its controlling shareholder or the management of either, that creates a conflict of interest such as to impair his judgment. A "non-executive director" is one who is not engaged in the daily management of the company.

In France, Employee Representatives are employed by the company and represent rank and file employees. These representatives are elected by company employees. The law also provides for the appointment of employee shareholder representatives, if the employee shareholdings exceed 3% of the share capital. Employee shareholder representatives are elected by the company's shareholders (via general meeting).

***Germany***

---

| | |
|:---|:---|
| ⮚ | For companies subject to "co-determination," Putnam will vote **<u>for</u>** the election of nominees to the supervisory board, except: |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the Supervisory Board if |

---

⮚ the board has not established an audit committee comprising an Independent chair.

⮚ the audit committee chair serves as board chair.

⮚ the board contains more than two former management board members.

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the election of a former member of the company's managerial board to chair of the supervisory board. |

---

<u>Commentary</u>: German corporate governance is characterized by a two-tier board system - a managerial board composed of the company's executive officers, and a supervisory board. The supervisory board appoints the members of the managerial board. Shareholders elect members of the supervisory board, except that in the case of companies with a large number of employees, company employees are allowed to elect some of the supervisory board members (one-half of supervisory board members are elected by company employees at companies with more than 2,000 employees; one-third of the supervisory board members are elected by company employees at companies with more than 500 employees but fewer than 2,000). This practice is known as co-determination.

***Israel***

 ****

***<u>Non-Controlled Banks:</u>*** Director elections at Non-Controlled banks are overseen by the Supervisor of the Banks and nominees for election as "other" (non-external) directors and external directors (under Companies Law and Directive 301) are put forward by an external and independent committee. As such,

⮚ Putnam's guidelines regarding board Nominating Committees will not apply

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** on nominees when there are more nominees than seats available. |

---

***Italy***

Election of directors and statutory auditors:

---

| | |
|:---|:---|
| ⮚ | Putnam will apply the director guidelines to the majority shareholder supported list and vote accordingly (**<u>for</u>** or **<u>against</u>**) if multiple lists of director candidates are presented. If there is no majority shareholder supported slate of nominees, Putnam will support the shareholder slate of nominees that is recommended for approval by Putnam's service provider. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the entire list of director nominees if the list is bundled as one proposal and if Putnam would otherwise be voting against any one director nominee. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** the majority shareholder supported list of statutory auditor nominees. |

---

Note: Pursuant to Italian law, directors and statutory auditors are elected through a slate voting system whereby candidates are presented in lists submitted by shareholders representing a minimum percentage of share capital.

---

| | |
|:---|:---|
| ⮚ | Putnam will withhold votes from any director not identified in the proxy materials. (Example: Co-opted director nominees.) |

---

***Japan***

---

| | |
|:---|:---|
| ⮚ | For companies that have established a U.S.-style corporate governance structure, Putnam will **<u>withhold votes</u>** from the entire board of directors if: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established nominating and compensation committees composed of a majority of outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of a majority of independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder.

⮚ For companies that have established a statutory auditor board structure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will  **<u>withhold votes</u>** from the appointment of members of a company's board of statutory auditors if a majority
 of the members of the board of statutory auditors is not independent.

---

| | |
|:---|:---|
| ⮚ | For companies that have established a statutory auditor board structure, Putnam will **<u>withhold votes</u>** from the entire board of directors if: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two outside directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Putnam will vote  **<u>against</u>** any statutory auditor nominee who attends fewer than 75% of board and committee meeting without
 valid reasons for the absences (i.e., illness, personal emergency, etc.) (Note that Corporate Law requires disclosure of outsiders'
 attendance but not that of insiders, who are presumed to have no more important time commitments.)

---

| | |
|:---|:---|
| ⮚ | For companies that have established an audit committee board structure (one-tier / one committee), Putnam will **<u>withhold votes</u>** from the entire board of directors if: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two outside directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board does not have at least two independent directors for companies with a controlling shareholder, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of a majority of independent directors

**Election of Executive Director and Election of Supervisory Director – REIT**

REITs have a unique two-tier board structure with generally one or more executive directors and two or more supervisory directors. The number of supervisory directors must be greater than, not equal to, the

number of executive directors. Shareholders are asked to vote on both types of directors. Putnam will vote as follows, provided each board of executive / supervisory directors meets legal requirements.

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** the election of Executive Director |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** the election of Supervisory Directors |

---

<u>Commentary:</u>

**Definition of outside director and independent director:**

The Japanese Companies Act focuses on two director classifications: Insider or Outsider. An outside director is a director who is not a director, executive, executive director, or employee of the company or its parent company, subsidiaries or affiliates. Further, a director, executive, executive director or employee, who have executive responsibilities, of the company or subsidiaries can regain eligibility ten years after his or her resignation, provided certain other requirements are met. An outside director is designated as an "independent" director based on the Tokyo Stock Exchange listing rules. An outside director is "independent" if that person can make decisions completely independent from the managers of the company, its parent, subsidiaries, or affiliates and does not have a material relationship with the company (i.e., major client, trading partner, or other business relationship; familial relationship with current director or executive; etc.).

The guidelines have incorporated these definitions in applying the board independence standards above.

***Korea***

Putnam will **<u>withhold votes</u>** from the entire board of directors if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For large companies (i.e., those with assets of at least KRW 2 trillion); the board does not have at least three independent directors
 or less than a majority of directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For small companies (i.e., those with assets of less than KRW 2 trillion), fewer than one-fourth of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has not established a nominating committee with at least half of the members being outside directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an audit committee composed of at least three members and in which at least two-thirds of its members are
 independent directors.

<u>Commentary:</u> For purposes of these guidelines, an "outside director" is a director who is independent from the management or controlling shareholders of the company and holds no interests that might impair performing his or her duties impartially from the company, management or controlling shareholder. In determining whether a director is an outside director, Putnam will also apply the standards included in Article 382 of the Korean Commercial Act*,* i.e., no employment relationship with the company for a period of two years before serving on the committee, no director or employment relationship with the company's largest shareholder, etc.) and may consider other business relationships that would affect the independence of an outside director.

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals to amend the Executive Officer Retirement Allowance Policy unless the recipients of the grants include non-executives; the proposal would have a negative impact on shareholders, or the proposal appear to be outside of normal market practice, in which case Putnam will vote **<u>against</u>**. |

---

***Malaysia***

 ****

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the entire board of directors if: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less than 50% of the directors are independent directors, or less than a majority of the directors are independent directors for large
 companies,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established an <u>audit</u> committee with all members being independent directors, including the committee chair,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a nominating committee with all members being non-executive directors, a majority of whom are independent,
 including the committee chair; the board chair should not serve as a member of the nomination committee, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a <u>compensation</u> committee with all members being non-executive directors, a majority of whom are independent;
 the board chair should not serve as a member of the remuneration committee.

***Nordic Markets – Finland, Norway, Sweden***

 ****

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the entire board of directors if: |

---

**<u>Board Independence:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have a majority of directors independent from the company and management. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board does not have at least two directors independent from the company and its major shareholders holding > 10% of the Company's share capital. (Sweden, Finland, Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive director is a member of the board. (Norway)

**<u>Audit Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee does not consist of a majority of directors independent from the company and management. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee does not have at least one director independent from the company and its major shareholders holding > 10% of the Company's share capital. (Sweden, Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The audit committee is not majority independent. (Norway)

**<u>Remuneration Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not fully independent of the company, excluding the chair. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not majority independent of the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee does not consist fully of non-executive directors. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not fully independent of management (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The remuneration committee is not majority independent from the company and its major shareholders holding > 50% of the Company's share capital. (Sweden, Finland, Norway)

**<u>Board Nomination Committee:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The nomination committee does not consist of a majority of directors independent from the company. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive is a member of the nomination committee. (Finland)

**<u>External Nomination Committee:</u>** Vote against the establishment of the nomination committee and its guidelines when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee is not majority independent of the company and management. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee does not have at least one director not affiliated to largest shareholder on the committee. (Sweden)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee does not meet best practice based on ISS analysis. (Finland)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee is not majority independent of the board and management. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The external committee has more than one member of the board of the directors sitting on the committee. (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is insufficient disclosure provided for new nominees (Norway)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An executive is a member of the committee. (Norway)

***Russia***

 ****

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case basis</u>** for the election of nominees to the board of directors. |

---

<u>Commentary:</u> In Russia, director elections are handled through a cumulative voting process. Cumulative voting allows shareholders to cast all of their votes for a single nominee for the board of directors, or to allocate their votes among nominees in any other way. In contrast, in "regular" voting, shareholders may not give more than one vote per share to any single nominee. Cumulative voting can help to strengthen the ability of minority shareholders to elect a director.

***Singapore***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** from the entire board of directors if |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a board with an independent director serving as chair, fewer than one-third of the directors are independent directors;
 or, in the case of a board not chaired by an independent director, fewer than half of the directors are independent directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit and compensation committees, each with an independent director serving as chair, with at least a majority
 of the members being independent directors, and with all of the directors being non-executive directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a nominating committee, with an independent director serving as chair, and with at least a majority of the
 members being independent directors.

***United Kingdom, Ireland***

 ****

<u>Commentary:</u>

**Application of guidelines**: Although the Combined Code has adopted the "comply and explain" approach to corporate governance, Putnam believes that the guidelines discussed above with respect to board independence standards are integral to the protection of investors in UK companies. As a result, these guidelines will be applied in a prescriptive manner.

**Definition of independence**: For the purposes of these guidelines, a non-executive director shall be considered independent if the director meets the independence standards in section A.3.1 of the Combined Code (i.e., no material business or employment relationships with the company, no remuneration from the company for non-board services, no close family ties with senior employees or directors of the company, etc.), except that Putnam does not view service on the board for more than nine years as affecting a director's independence.

**Smaller companies**: A smaller company is one that is below the FTSE 350 throughout the year immediately prior to the reporting year.

---

| | |
|:---|:---|
| ⮚ | Putnam will **<u>withhold votes</u>** from the entire board of directors if: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board, excluding the Non-Executive Chair, is not comprised of at least half independent non-executive directors,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a Nomination committee composed of a majority of independent non-executive directors, excluding the Non-Executive
 Chair, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established a Compensation committee composed of (1) at least three directors (in the case of smaller companies, as
 defined by the Combined Code, two directors) and (2) solely of independent non-executive directors. The company chair may be a member
 of, but not chair, the Committee provided he or she was considered independent on appointment as chair, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The board has not established an Audit Committee composed of, (1) at least three directors (in the case of smaller companies as defined
 by the Combined Code, two directors) and (2) solely of independent non-executive directors. The board chair may not serve on the audit
 committee of large or small companies.

***All other jurisdictions***

---

| | |
|:---|:---|
| ⮚ | In the absence of jurisdiction specific guidelines, Putnam will vote as follows for boards/supervisory boards: |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the entire board of directors if |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fewer than a majority of the directors are independent directors, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the board has not established audit, nominating and compensation committees each composed of a majority of independent directors.

**Additional Commentary regarding all Non-US jurisdictions:**

Whether a director is considered "independent" or not will be determined by reference to local corporate law or listing standards.

Some jurisdictions may legally require or allow companies to have a certain number of employee representatives, employee shareholder representatives (e.g., France) and/or shareholder representatives on their board. Putnam generally does not consider these representatives independent. The presence of employee representatives or employee shareholder representatives on the board and key committees is generally legally mandated. In most markets, shareholders do not have the ability to vote on the election of employee representatives or employee shareholder representatives. In some markets, significant shareholders have a legal right to nominate shareholder representatives. Shareholders are required to approve the election of shareholder representatives to the board. Unlike employee representatives, there are no legal requirements regarding the presence of shareholder representatives on the board or its committees.

---

| | |
|:---|:---|
| ⮚ | Putnam will **<u>not include</u>** employee or employee shareholder representatives in the independence calculation of the board or key committees, nor in the calculation of the size of the board. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will **<u>include</u>** shareholder representatives in the independence calculation of the board and key committees, and in the calculation of the size of the board. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally support shareholder or employee representatives if included in the agenda Putnam will vote on a **<u>case-by-case</u>** basis when there are more candidates than seats. Additionally, Putnam will vote **<u>against</u>** such nominees when there is insufficient information disclosed. |

---

⮚ Putnam Investments' policies regarding the provision of professional services and transactional relationship with regard to directors will apply.

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** independent nominees for alternate director, unless such nominees do not meet Putnam's individual director standards. |

---

**Shareholder nominated directors/self-nominated directors**

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** shareholder nominees if Putnam supports the board of directors. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by case</u>** basis if Putnam will be voting against the current board. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a case-by-case basis if the proposal regarding a self-nominated/shareholder nominated director nominee would add an additional seat to the board if the nominee is approved. |

---

**<u>Other Business Matters</u>**

***Japan***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Article Amendments</u>** 

---

| | |
|:---|:---|
| ⮚ | The Japanese Companies Act gives companies the option to adopt a U.S.-Style corporate structure (i.e., a board of directors and audit, nominating, and compensation committees). Putnam will vote **<u>for</u>** proposals to amend a company's articles of incorporation to adopt the U.S.-Style "Board with Committees" structure. However, the independence of the outside directors is critical to effective corporate governance under this new system. Putnam will, therefore, scrutinize the backgrounds of the outside director nominees at such companies, and will vote **<u>against</u>** the amendment where Putnam believes the board lacks the necessary level of independence from the company or a substantial shareholder. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on granting the board the authority to repurchase shares at its discretion. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** amendments to delete a requirement directing the company to reduce authorized capital by the number of treasury shares cancelled. If issued share capital decreases while authorized capital remains unchanged, then the company will have greater leeway to issue new shares (for example as a private placement or a takeover defense). |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals to authorize appointment of special directors. Under the new Corporate Law, companies are allowed to appoint, from among their directors, "special directors" who will be authorized to make decisions regarding the purchase or sale of important assets and major borrowing or lending, on condition that the board has at least six directors, including at least one non-executive director. At least three special directors must participate in the decision-making process and decisions shall be made by a majority vote of the special directors. However, the law does not require any of the special directors to be non-executives, so in effect companies may use this mechanism to bypass outsiders. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** proposals to create new class of shares or to conduct a share consolidation of outstanding shares to squeeze out minority shareholders. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals seeking to enable companies to establish specific rules governing the exercise of shareholder rights. (Note: Such as, shareholders' right to submit shareholder proposals or call special meetings.) |

---

**B. Compensation Related Matters**

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** option plans which allow the grant of options to suppliers, customers, and other outsiders. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** stock option grants to independent internal statutory auditors. The granting of stock options to internal auditors, at the discretion of the directors, can compromise the independence of the auditors and provide incentives to ignore accounting problems, which could affect the stock price over the long term. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** the payment of retirement bonuses to directors and statutory auditors when one or more of the individuals to whom the grants are being proposed has not served in an executive capacity for the company. Putnam will also vote **<u>against</u>** payment of retirement bonuses to any directors or statutory auditors who have been designated by the company as independent. Retirement bonus proposals are all-or-nothing, meaning that split votes against individual payments cannot be made. If any one individual does not meet Putnam's criteria, Putnam will vote **<u>against</u>** the entire bundled item. |

---

**C. <u>Other Business Matters</u>**

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| | |
|:---|:---|
| ⮚ | Putnam votes **<u>for</u>** mergers by absorptions of wholly-owned subsidiaries by their parent companies. These deals do not require the issuance of shares, and do not result in any dilution or new obligations for shareholders of the parent company. These transactions are routine. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** the acquisition if it is between parent and wholly-owned subsidiary. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** the formation of a holding company, if routine. Holding companies are once again legal in Japan and a number of companies, large and small, have sought approval to adopt a holding company structure. Most of the proposals are intended to help clarify operational authority for the different business areas in which the company is engaged and promote effective allocation of corporate resources. As most of the reorganization proposals do not entail any share issuances or any change in shareholders' ultimate ownership interest in the operating units, Putnam will treat most such proposals as routine. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals that authorize the board to vary the AGM record date. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to abolish the retirement bonus system |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** board-approved director/officer indemnification proposals |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on private placements (Third-party share issuances). Where Putnam views the share issuance necessary to avoid bankruptcy or to put the company back on solid financial footing, Putnam will generally vote **<u>for</u>**. When a private placement allows a particular shareholder to obtain a controlling stake in the company at a discount to market prices, or where the private placement otherwise disadvantages ordinary shareholders, Putnam will vote **<u>against</u>**. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>against</u>** shareholder rights plans (poison pills). However, if all of the following criteria are met, Putnam will evaluate such poison pills on a **<u>case-by-case</u>** basis: |

---

1) The poison pill must have a duration of no more than three years.

2) The trigger threshold must be no less than 20 percent of issued capital.

3) The company must have no other types of takeover defenses in place.

4) The company must establish a committee to evaluate any takeover offers, and the members of that committee must all meet Putnam's' definition of independence.

5) At least 20 percent, and no fewer than two, of the directors must meet Putnam's definition of independence. These independent directors must also meet Putnam's guidelines on board meeting attendance.

6) The directors must stand for reelection on an annual basis.

7) The company must release its proxy materials no less than three weeks before the meeting date.

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals to allow the board to decide on income allocation without shareholder vote. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals to limit the liability of External Audit Firms ("Accounting Auditors") |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals seeking a reduction in board size that eliminates all vacant seats. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam may generally vote **<u>against</u>** proposals seeking an increase in authorized capital that leaves the company with as little as 25 percent of the authorized capital outstanding (general request). However, such proposals will be evaluated on a company specific basis, taking into consideration such factors as current authorization outstanding, existence (or lack thereof) of preemptive rights and rationale for the increase. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** corporate split agreement and transfer of sales operations to newly created wholly-owned subsidiaries where the transaction is a purely internal one which does not affect shareholders' ownership interests in the various operations. All other proposals will be referred back to Putnam for **<u>case-by-case</u>** review. These reorganizations usually accompany the switch to a holding company structure, but may be used in other contexts. |

---

***United Kingdom***

 ****

---

| | |
|:---|:---|
| ⮚ | Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at U.K. companies. As such, Putnam will generally vote **<u>for</u>** 'Save-As-You-Earn' schemes in the U.K which allow for no more than a 20% purchase discount, and which otherwise comply with U.K. law and Putnam standards. |

---

***France***

---

| | |
|:---|:---|
| ⮚ | Putnam will not apply the U.S. standard 15% discount cap for employee share purchase schemes at French companies. As such, Putnam will generally vote **<u>for</u>** employee share purchase schemes in France that allow for no greater than a 30% purchase discount, or 40% purchase discount if the vesting period is equal to or greater than ten years, and which otherwise comply with French law and Putnam standards. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** the Remuneration Report (established based on SRD II), however Putnam will vote on a **<u>case-by-case</u>** basis when Putnam is voting against both the ex-Post Remuneration Report (CEO) and ex-Ante Remuneration Policy (CEO, or proposal including CEO remuneration package) in the current year, and Putnam's third party service provider(s) is recommending a vote against. |

---

***Canada***

---

| | |
|:---|:---|
| ⮚ | Putnam will generally vote **<u>for</u>** Advance Notice provisions for submitting director nominations not less than 30 days prior to the date of the annual meeting. For Advance Notice provisions where the minimum number of days to submit a shareholder nominee is less than 30 days prior to the meeting date, Putnam will vote on a **<u>case-by-case</u>** basis. Putnam will also vote on a **<u>case-by-case</u>** basis if the company's policy expressly prohibits the commencement of a new notice period in the event the originally scheduled meeting is adjourned or postponed**.** |

---

***Hong Kong***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to approve a general mandate permitting the company to engage in non-pro rata share issuances of up to 20% of total equity in a year if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote against these proposals. |

---

Additionally, Putnam will vote **<u>for</u>** proposals to approve the reissuance of shares acquired by the company under a share repurchase program, provided that: (1) Putnam supported (or would have supported, in accordance with these guidelines) the share repurchase program, (2) the reissued shares represent no more than 10% of the company's outstanding shares (measured immediately before the reissuance), and (3) the reissued shares are sold for no less than 85% of current market value.

This policy supplements policies regarding share issuances as stated above under section III. Voting Shares of Non-US Issuers.

***Taiwan***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>against</u>** proposals to release the board of directors from the non-compete restrictions specified in Taiwanese Company Law. However, Putnam will vote **<u>for</u>** such proposals if the directors are engaged in activities with a wholly- owned subsidiary of the company. |

---

***Australia***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **<u>for</u>** proposals to carve out, from the general cap on non-pro rata share issues of 15% of total equity in a rolling 12-month period, a particular proposed issue of shares or a particular issue of shares made previously within the 12-month period, if the company's board meets Putnam's independence standards; if the company's board does not meet Putnam's independence standards, then Putnam will vote **<u>against</u>** these proposals. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote **for** proposals renewing partial takeover provisions. |

---

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on Board-Spill proposals. |

---

***Turkey***

---

| | |
|:---|:---|
| ⮚ | Putnam will vote on a **<u>case-by-case</u>** basis on proposals involving related party transactions. However, Putnam will vote **<u>against</u>** when such proposals do not provide information on the specific transaction(s) to be entered into with the board members or executives. |

---

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

(a)(1) **Portfolio Managers.** The officers of the investment manager identified below are primarily responsible for the day-to-day management of the fund's portfolio as of the filing date of this report.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio managers** | **Joined Fund** | **Employer** | **Positions Over Past Five Years** |
| Albert Chan, CFA | 2020 | **Franklin Advisers**<br> 2024 - Present<br> **Putnam Management**<br> 2002-2024 | Portfolio Manager<br>|
| Benjamin Cryer, CFA | 2024 | **Franklin Advisers**<br> 2006 - Present | Portfolio Manager |
| Patrick Klein, PhD | 2024 | **Franklin Advisers**<br> 2005 - Present | Portfolio Manager |
| Michael Salm | 2011 | **Franklin Advisers**<br> 2024 - Present<br> **Putnam Management**<br> 1997-2024 | Portfolio Manager |
| Matthew Walkup | 2024 | **Franklin Advisers**<br> 2024 - Present<br> **Putnam Management**<br> 2014-2024 | Portfolio Manager |

---

(a)(2) **Other Accounts Managed by the Fund's Portfolio Managers.**

The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) that the fund's Portfolio Managers managed as of the fund's most recent fiscal year-end. Unless noted, none of the other accounts pays a fee based on the account's performance.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Leader or Member** | **Other SEC-registered open-end and closed-end funds** | **Other SEC-registered open-end and closed-end funds** | **Other accounts that pool assets from more than one client** | **Other accounts that pool assets from more than one client** | **Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)** | **Other accounts (including separate accounts, managed account programs and single-sponsor defined contribution plan offerings)** |
| | **Number of<br> accounts** | **Assets ($)** | **Number of<br> accounts** | **Assets ($)** | **Number of<br> accounts** | **Assets ($)** |
| Albert Chan | 12 | 10525400000 | 9 | 1833000000 | 43\* | 3143300000 |
| Benjamin Cryer | 6 | 4402200000 | 3 | 1093600000 | 0 | $- |
| Patrick Klein | 23 | 22596300000 | 10 | 2659600000 | 15\*\* | 6639000000 |
| Michael Salm | 25 | 32164800000 | 26\*\*\* | 23030700000 | 22\*\*\*\* | 8507500000 |
| Matthew Walkup | 6 | 2809900000 | 1 | 200500000 | 0 | $- |

---

\* 1 account, with total assets of $442,800,000 pay an advisory fee based on account performance

\*\* 2 accounts, with total assets of $1,727,200,000 pay an advisory fee based on account performance

\*\*\* 1 account, with total assets of $12,500,000 pay an advisory fee based on account performance

\*\*\*\* 3 accounts, with total assets of $4,040,100,000 pay an advisory fee based on account performance

<u>Potential conflicts of interest in managing multiple accounts.</u> Like other investment professionals with multiple clients, the fund's Portfolio Managers may face certain potential conflicts of interest in connection with managing both the fund and the other accounts listed under "Other Accounts Managed by the Fund's Portfolio Managers" at the same time. The paragraphs below describe some of these potential conflicts, which the investment manager believes are faced by investment professionals at most major financial firms. As described below, the investment manager and the Trustees of the Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee structures, including accounts that pay advisory fees based on account performance ("performance fee accounts"), may raise potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The most attractive investments could be allocated to higher-fee accounts or performance fee accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted
 to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading of other accounts could be used to benefit higher-fee accounts (front- running).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The investment management team could focus their time and efforts primarily on higher-fee accounts due to a personal stake in compensation.

The investment manager attempts to address these potential conflicts of interest relating to higher-fee accounts through various compliance policies that are generally intended to place all accounts, regardless of fee structure, on the same footing for investment management purposes. For example, under the investment manager's policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performance fee accounts must be included in all standard trading and allocation procedures with all other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All accounts must be allocated to a specific category of account and trade in parallel with allocations of similar accounts based on the
 procedures generally applicable to all accounts in those groups (e.g., based on relative risk budgets of accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All trading must be effected through Putnam's trading desks and normal queues and procedures must be followed (i.e., no special
 treatment is permitted for performance fee accounts or higher-fee accounts based on account fee structure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front running is strictly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fund's Portfolio Manager(s) may not be guaranteed or specifically allocated any portion of a performance fee.

As part of these policies, the investment manager has also implemented trade oversight and review procedures in order to monitor whether particular accounts (including higher-fee accounts or performance fee accounts) are being favored over time.

Potential conflicts of interest may also arise when the Portfolio Manager(s) have personal investments in other accounts that may create an incentive to favor those accounts. As a general matter and subject to limited exceptions, the investment managers investment professionals do not have the opportunity to invest in client accounts, other than the Putnam funds. However, in the ordinary course of business, the investment manager or related persons may from time to time establish "pilot" or "incubator" funds for the purpose of testing proposed investment strategies and products prior to offering them to clients. These pilot accounts may be in the form of

registered investment companies, private funds such as partnerships or separate accounts established by Putnam Management or an affiliate. The investment manager or an affiliate supplies the funding for these accounts. Putnam employees, including the fund's Portfolio Manager(s), may also invest in certain pilot accounts. The investment manager, and to the extent applicable, the Portfolio Manager(s) will benefit from the favorable investment performance of those funds and accounts. Pilot funds and accounts may, and frequently do, invest in the same securities as the client accounts. t\The investment manager policy is to treat pilot accounts in the same manner as client accounts for purposes of trading allocation – neither favoring nor disfavoring them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another in allocating the securities purchased or sold – for example, by allocating a disproportionate amount of a security that is likely to increase in value to a favored account. The investment manager trade allocation policies generally provide that each day's transactions in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such accounts (including the fund) in a manner which in Franklin Advisers opinion is equitable to each account and in accordance with the amount being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed on a periodic basis as part of the investment managers trade oversight procedures in an attempt to ensure fairness over time across accounts.

"Cross trades," in which one Putnam account sells a particular security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest. Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated to higher-fee accounts. The investment manager and the fund's Trustees have adopted compliance procedures that provide that any transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by law.

Another potential conflict of interest may arise based on the different investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon or different investment objectives, policies or restrictions than the fund. Depending on another account's objectives or other factors, the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made, with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases or sales of portfolio securities for one or more accounts may have an adverse

effect on other accounts. As noted above, the investment manager has implemented trade oversight and review procedures to monitor whether any account is systematically favored over time.

The fund's Portfolio Manager(s) may also face other potential conflicts of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist in managing both the fund and other accounts.

(a)(3) **Compensation of portfolio managers.** Portfolio managers are evaluated and compensated across the group of specified products they manage, in part, based on their performance relative to peers or performance ahead of the applicable benchmark, depending on the product, based on a blend of 3-year and 5-year performance. In addition, evaluations take into account individual contributions and a subjective component.

Each portfolio manager is assigned an industry-competitive incentive compensation target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based on group, individual, and subjective performance, and may also reflect the performance of Putnam as a firm.

Incentive compensation includes a cash bonus and may also include grants of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically based on level of responsibility and experience.

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities Trust, Franklin evaluates performance based on the fund's peer ranking in the fund's Lipper category. This peer ranking is based on pre-tax performance.

For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust, Putnam evaluates performance based on the peer ranking of related products managed by the investment manager with similar strategies in those products' Lipper categories. This peer ranking is based on pre-tax performance.

One or more of the portfolio managers of Putnam Master Intermediate Income Trust and Putnam Premier Income Trust receive a portion of the performance fee payable by a private fund managed by Putnam (the "Private Fund") in connection with their service as members of the Private Fund portfolio management team. See "Other Accounts Managed by the Fund's Portfolio Managers—Potential conflicts of interest in managing multiple accounts" in (a)(2) above for information on how the investment manager addresses potential conflicts of interest resulting from an individual's management of more than one account.

(a)(4) **Fund ownership.** The following table shows the dollar ranges of shares of the fund owned by the professionals listed above at the end of the fund's last two fiscal years, including investments by their immediate family members and amounts invested through retirement and deferred compensation plans.

\*: Assets in the fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name | Year | $0 | $0-$10000 | $10001-<br> $50000 | $50001-<br> $100000 | $100001-<br> $500000 | $500001-<br> $1000000 | $1,000,001 and over |
| Albert Chan | 2025 | x |  |  |  |  |  |  |
|  | 2024 | x |  |  |  |  |  |  |
| Brett S Kozlowski | 2025 | x |  |  |  |  |  |  |
|  | 2024 | x |  |  |  |  |  |  |
| Michael Salm | 2025 | x |  |  |  |  |  |  |
|  | 2024 | x |  |  |  |  |  |  |
| Robert Davis | 2025 | x |  |  |  |  |  |  |
|  | 2024 | x |  |  |  |  |  |  |
| Robert L Salvin | 2025 | x |  |  |  |  |  |  |
|  | 2024 | x |  |  |  |  |  |  |

---

(b) Not applicable

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (a) | (b) | (c) | (d) |
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs\* | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs\*\* |
| August 1 – August 31, 2024 |  |  |  | 8835850 |
| September 1 – September 28, 2024 |  |  |  | 8835850 |
| October 1 – October 31, 2024 |  |  |  | 9559802 |
| November 1 – November 30, 2024 | 30484 | $3.54 | 30484 | 9529318 |
| December 1 – December 31, 2024 |  |  |  | 9529318 |
| January 1 – January 31, 2025 |  |  |  | 9529318 |
| February 1 – February 28, 2025 |  |  |  | 9529318 |
| March 1 – March 31, 2025 |  |  |  | 9529318 |
| April 1 – April 30, 2025 |  |  |  | 9529318 |
| May 1 – May 31, 2025 |  |  |  | 9529318 |
| June 1 – June 30, 2025 |  |  |  | 9529318 |
| July 1 – July 31, 2025 |  |  |  | 9529318 |
| Total | 30484 |  | 30484 |  |

---

\* 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 2023, which was in effect between October 1, 2023 and September 30, 2024, allowed the fund to repurchase up to 9,643,172 of its shares. The program renewed by the Board in September 2024, which is in effect between October 1, 2024 and September 30, 2025, allows the fund to repurchase up to 9,559,802 of its shares.

\*\*Information prior to October 1, 2024, is based on the total number of shares eligible for repurchase under the program, as amended through September 2023. Information from October 1, 2024 forward is based on the total number of shares eligible for repurchase under the program, as amended through September 2024.

---

| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |

---

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.

ITEM 16. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's chief executive officer and principal financial officer have concluded that the Registrant's disclosure controls
 and procedures (as defined in Rule 30a- 3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective
 as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
 evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange
 Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, the Registrant transitioned to a new third-party service provider who performs certain accounting
 and administrative services for the Registrant that are subject to Franklin Templeton's oversight.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANY.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

ITEM 19. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics attached hereto.](ptfit-efp17575_ex99code.htm)

Exhibit 99.CODE ETH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (3) Certifications pursuant to section 302 of the Sarbanes-Oxley Act of 2002 attached hereto.](ppit-efp17575_ex99cert.htm)

Exhibit 99.CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto.](ppit-efp17575_ex99906cert.htm)

Exhibit 99.906CERT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to the Securities and Exchange Commission's Order granting relief from Section 19(b) of the Investment Company Act of 1940, the 19(a) Notices to Beneficial Owners are attached hereto as Exhibit.

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, there unto duly authorized.

**Putnam Premier Income Trust**

---

| | |
|:---|:---|
| By: | /s/ Jane Trust |
|  | Jane Trust |
|  | Principal Executive Officer |
| Date: | September 26, 2025 |

---

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: | /s/ Jane Trust |
|  | Jane Trust |
|  | Principal Executive Officer |
| Date: | September 26, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Christopher Berarducci |
|  | Christopher Berarducci |
|  | Principal Financial Officer |
| Date: | September 26, 2025 |

---

## Ex-99.Codeeth

**Code of Ethics for Principal Executives & Senior Financial Officers**

---

| | |
|:---|:---|
| **Procedures** | &nbsp;&nbsp;&nbsp;Revised [September 27, 2024] |

---

**FRANKLIN TEMPLETON AFFILIATED FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVES AND**

**SENIOR FINANCIAL OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Covered Officers
 and Purpose of the Code

This code of ethics (the "Code") applies to the Principal Executive Officers, Principal Financial Officer and Principal Accounting Officer (the "Covered Officers") of each investment company advised by a Franklin Resources subsidiary and that is registered with the United States Securities & Exchange Commission ("SEC") (collectively, "FT Funds") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Honest
 and ethical conduct, including the ethical resolution of actual or apparent conflicts of
 interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Full,
 fair, accurate, timely and understandable disclosure in reports and documents that a registrant
 files with, or submits to, the SEC and in other public communications made by or on behalf
 of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 prompt internal reporting of violations of the Code to an appropriate person or persons identified
 in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accountability
 for adherence to the Code.

Each Covered Officer will be expected to adhere to a high standard of business ethics and must be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

*\** Rule 38a-1 under the Investment Company Act of 1940 ("1940 Act") and Rule 206(4)-7 under the Investment Advisers Act of 1940 ("Advisers Act") (together the "Compliance Rule") require registered investment companies and registered investment advisers to, among other things, adopt and implement written policies and procedures reasonably designed to prevent violations of the federal securities laws ("Compliance Rule Policies and Procedures").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Other Policies
 and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.

Franklin Resources, Inc. has separately adopted the <u>Code of Ethics and Business Conduct</u> ("Business Conduct"), which is applicable to all officers, directors and employees of Franklin Resources, Inc., including Covered Officers. It summarizes the values, principles and business practices that guide the employee's business conduct and also provides a set of basic principles to guide officers, directors and employees regarding the minimum ethical requirements expected of them. It supplements the values, principles and business conduct identified in the Code and other existing employee policies.

Additionally, the Franklin Templeton Funds have separately adopted the <u>FTI Personal Investments and Insider Trading Policy</u> governing personal securities trading and other related matters. The Code for Insider Trading provides for separate requirements that apply to the Covered Officers and others, and therefore is not part of this Code.

Insofar as other policies or procedures of Franklin Resources, Inc., the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Please review these other documents or consult with the Legal Department if have questions regarding the applicability of these policies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Covered
 Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the FT Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of a position with the FT Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the FT Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the FT Funds because of their status as "affiliated persons" of the FT Funds. The FT Funds' and the investment advisers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the FT Funds, the investment advisers and the fund administrator of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the FT Funds, for the adviser, the administrator, or for all three), be involved in establishing policies and implementing decisions that will have different effects on the

adviser, administrator and the FT Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the FT Funds, the adviser, and the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the FT Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the FT Funds' Boards of Directors ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the FT Funds.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 use his or her personal influence or personal relationships improperly to influence investment
 decisions or financial reporting by the FT Funds whereby the Covered Officer would benefit
 personally to the detriment of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 cause the FT Funds to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Not
 retaliate against any other Covered Officer or any employee of the FT Funds or their affiliated
 persons for reports of potential violations that are made in good faith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report
 at least annually the following affiliations or other relationships:<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 directorships for public companies and all companies that are required to file reports with
 the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent directors of the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect business relationship with any independent public accounting firm (which
 are not related to the routine issues related to the firm's service as the Covered
 Persons accountant); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 direct or indirect interest in any transaction with any FT Fund that will benefit the officer
 (not including benefits derived from the advisory, sub-advisory, distribution or service
 agreements with affiliates of Franklin Resources).

These reports will be reviewed by the Legal Department for compliance with the Code.

There are some conflict of interest situations that should always be approved in writing by Franklin Resources General Counsel or Deputy General Counsel, if material. Examples of these include<sup>2</sup>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Service
 as a director on the board of any public or private Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any gifts in excess of $100 from any person, from any corporation or association.

<sup>1</sup> Reporting of these affiliations or other relationships shall be made by completing the annual Directors and Officers Questionnaire and returning the questionnaire to Franklin Resources Inc, General Counsel or Deputy General Counsel.

<sup>2</sup> Any activity or relationship that would present a conflict for a Covered Officer may also present a conflict for the Covered Officer if a member of the Covered Officer's immediate family engages in such an activity or has such a relationship. The Covered Person should also obtain written approval by FT's General Counsel in such situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 receipt of any entertainment from any Company with which the FT Funds has current or prospective
 business dealings unless such entertainment is business related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any question of impropriety. Notwithstanding
 the foregoing, the Covered Officers must obtain prior approval from the Franklin Resources
 General Counsel for any entertainment with a value in excess of $1000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 ownership interest in, or any consulting or employment relationship with, any of the FT Fund's
 service providers, other than an investment adviser, principal underwriter, administrator
 or any affiliated person thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the FT Funds for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel, or the Chief Compliance Officer, will
 provide a report to the FT Funds Audit Committee of any approvals granted at the next regularly
 scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Disclosure
 and Compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should familiarize himself with the disclosure requirements generally applicable
 to the FT Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts
 about the FT Funds to others, whether within or outside the FT Funds, including to the FT
 Funds' directors and auditors, and to governmental regulators and self- regulatory
 organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each
 Covered Officer should, to the extent appropriate within his or her area of responsibility,
 consult with other officers and employees of the FT Funds, the FT Fund's adviser and
 the administrator with the goal of promoting full, fair, accurate, timely and understandable
 disclosure in the reports and documents the FT Funds file with, or submit to, the SEC and
 in other public communications made by the FT Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• It
 is the responsibility of each Covered Officer to promote compliance with the standards and
 restrictions imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Reporting
 and Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon
 becoming a covered officer affirm in writing to the Board that he or she has received, read,
 and understands the Code (see Exhibit A);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually
 thereafter affirm to the Board that he has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify
 Franklin Resources' General Counsel or Deputy General Counsel promptly if he or she
 knows of any violation of this Code. Failure to do so is itself is a violation of this Code.

Franklin Resources' General Counsel and Deputy General Counsel are responsible for applying this Code to specific situations in which questions are presented under it and have the authority to interpret this Code in any particular situation.<sup>3</sup> However, the Independent Directors of the respective FT Funds will consider any approvals or waivers<sup>4</sup> sought by any Chief Executive Officers of the Funds.

The FT Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Franklin
 Resources General Counsel or Deputy General Counsel will take all appropriate action to investigate
 any potential violations reported to the Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If,
 after such investigation, the General Counsel or Deputy General Counsel believes that no
 violation has occurred, The General Counsel is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 matter that the General Counsel or Deputy General Counsel believes is a violation will be
 reported to the Independent Directors of the appropriate FT Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If
 the Independent Directors concur that a violation has occurred, it will inform and make a
 recommendation to the Board of the appropriate FT Fund or Funds, which will consider appropriate
 action, which may include review of, and appropriate modifications to, applicable policies
 and procedures; notification to appropriate personnel of the investment adviser or its board;
 or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 Independent Directors will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any
 changes to or waivers of this Code will, to the extent required, are disclosed as provided
 by SEC rules.<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Other
 Policies and Procedures

This Code shall be the sole code of ethics adopted by the FT Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the FT Funds, the FT Funds' advisers, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The FTI Personal Investments and Insider Trading Policy, adopted by the FT Funds, FT investment advisers and FT Fund's principal underwriter pursuant to Rule 17j-1 under the Investment Company Act, the Code of Ethics and Business Conduct and more detailed policies and procedures set forth in FT's Employee Handbook are separate requirements applying to the Covered Officers and others, and are not part of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Amendments

Any amendments to this Code must be approved or ratified by a majority vote of the FT Funds' Board including a majority of independent directors.

<sup>3</sup> Franklin Resources General Counsel and Deputy General Counsel are authorized to consult, as appropriate, with members of the Audit Committee, counsel to the FT Funds and counsel to the Independent Directors, and are encouraged to do so.

<sup>4</sup> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant. See Part X.

<sup>5</sup> See Part X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the FT Funds' Board and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. Internal
 Use

The Code is intended solely for the internal use by the FT Funds and does not constitute an admission, by or on behalf of any FT Funds, as to any fact, circumstance, or legal conclusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Disclosure
 on Form N-CSR

Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so.

The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

The Legal Department shall be responsible for ensuring that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 copy of the Code is filed with the SEC as an exhibit to each Fund's annual report;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any
 amendments to, or waivers (including implicit waivers) from, a provision of the Code is disclosed
 in the registrant's annual report on Form N-CSR.

In the event that the foregoing disclosure is omitted or is determined to be incorrect, the Legal Department shall promptly file such information with the SEC as an amendment to Form N- CSR.

In such an event, the Fund Chief Compliance Officer shall review the Code and propose such changes to the Code as are necessary or appropriate to prevent reoccurrences.

**Exhibit A**

**ACKNOWLEDGMENT FORM**

**Franklin Templeton Funds Code of Ethics**

**For Principal Executives and Senior Financial Officers**

**Instructions:**

&nbsp;&nbsp;&nbsp;&nbsp;1. Complete
 all sections of this form.

&nbsp;&nbsp;&nbsp;&nbsp;2. Print
 the completed form, sign, and date.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit
 completed form to FT's General Counsel c/o Code of Ethics Administration within 10
 days of becoming a Covered Officer and by February 15<sup>th</sup> of each subsequent year.

---

| | |
|:---|:---|
| **E-mail:** | Code of Ethics Inquiries & Requests (internal address);<br> lpreclear@franklintempleton.com (external address) |

---

---

| |
|:---|
| **Covered Officer's Name:** |
| **Title:** |
| **Department:** |
| **Location:** |
| **Certification for Year Ending:** |

---

***To: Franklin Resources General Counsel, Legal Department***

I acknowledge receiving, reading and understanding the Franklin Templeton Fund's Code of Ethics for Principal Executive Officers and Senior Financial Officers (the "Code"). I will comply fully with all provisions of the Code to the extent they apply to me during the period of my employment. I further understand and acknowledge that any violation of the Code may subject me to disciplinary action, including termination of employment.

---

| | |
|:---|:---|
| ***Signature*** | ***Date signed*** |

---

## Ex-99.Cert

CERTIFICATIONS PURSUANT TO SECTION 302

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Jane Trust, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Premier Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Jane Trust |
| Jane Trust |
| Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Christopher Berarducci, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of **Putnam Premier Income Trust**;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial information included in this report, and the financial statements
on which the financial information is based, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officers and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officers and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 26, 2025

---

| |
|:---|
| /s/ Christopher Berarducci |
| Christopher Berarducci |
| Principal Financial Officer |

---

## Exhibit 99.906

CERTIFICATIONS PURSUANT TO SECTION 906

EX-99.906CERT

**CERTIFICATION**

**Jane Trust,** Principal Executive Officer, and **Christopher Berarducci,** Principal Financial Officer of **Putnam Premier Income Trust** (the "Registrant"), each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended **July 31, 2025** (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| **Principal Executive Officer** | **Principal Financial Officer** |
| Putnam Premier Income Trust | Putnam Premier Income Trust |
| /s/ Jane Trust | /s/ Christopher Berarducci |
| Jane Trust | Christopher Berarducci |

---

Date: September 26, 2025 Date: September 26, 2025

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.