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Fixed Income

PPT Putnam Premier Income Trust

  • Broad diversification. The fund seeks multiple sources of return outside the constraints of its benchmark, investing across traditional and alternative bond markets.
  • Flexible risk allocations. The fund takes a unique approach to asset allocation, dynamically establishing diversified risk exposures rather than sector exposures.
  • Active duration management. As the fund's duration is independent of any index, the fund employs strategies that seek to reduce interest-rate risk.

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NAV 1 $-0.01(-0.27%)
$3.70
As of 07/07/2026
Market Price 2 $0.00(0.00%)
$3.46
As of 07/07/2026
Premium / Discount 3
-6.49%
Distribution Rate at Market Price 4
9.02%

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Overview

Fund Facts

Fund description

The fund seeks high current income consistent with the preservation of capital. It allocates investments among U.S. government, high yield, and international fixed income securities. Holdings include securitized debt, such as residential and commercial mortgage-backed securities (RMBS and CMBS).

Fund Inception Date
02/29/1988
Total Net AssetsAs of 05/31/2026 (Updated Monthly)
$355.09 Million
Dividend Frequency, if any
Monthly
Morningstar Category5
Nontraditional Bond
Asset Class
Fixed Income

Expenses & Fees

8
As of 07/31/2025
Gross Expense Ratio6
0.94%
Net Expense Ratio6,7
0.94%

Identifiers

Ticker
PPT
NAV Symbol
XPPTX
CUSIP Code
746853100

Average Annual Total Returns

View performance section for additional info As of 05/31/2026
  • 2.50%1 Year
  • 7.87%3 Years
  • 2.35%5 Years
  • 4.73%10 Years
  • 5.97%Since Inception
    02/29/1988

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

Geographic Focus

View portfolio section for additional info

As of 05/31/2026 - Market Value % of Total (Updated Monthly)

United States82.20%
France1.05%
Mexico1.01%
Canada0.89%
Brazil0.71%

Additional Fund Info

Listing Exchange
NYSE
Fiscal Year End
July 31
Benchmark
ICE BofA U.S. Treasury Bill Index
Lipper Classification
General Bond Funds
Investment Style
Multi-Sector

Trading Characteristics

Shares Outstanding
95,567,537
Initial Offering Price
$10.00

Manager

About the Team

Putnam Investments

Putnam Investments has been serving clients and shareholders for over 85 years. We manage a range of equity portfolios with a focus on stock-specific opportunities. Our approach — stock-driven rather than style-driven — is designed to offer consistent outperformance, regardless of the market environment. Our portfolios are fueled by a variety of independent views and perspectives, enhanced by fundamental research and ongoing dialogue and debate. We combine this with portfolio construction that aims to reduce broader macro exposures and manage downside risk.

Franklin Templeton Fixed Income
[Michael V Salms avatar]

Managed Fund Since 2011

[Albert W Chans avatar]

Managed Fund Since 2020

[Matthew J Walkups avatar]

Managed Fund Since 2024

[Patrick A. Kleins avatar]

Managed Fund Since 2024

Portfolio Manager Profile
Years of Experience
Manager Location

Latest Insights

May 12, 2026

Emerging markets: Cheap, growing and underowned

April 2, 2026

The opportunity in emerging markets today (Podcast)

February 19, 2026

Strong fundamentals and AI create exciting opportunities for US equities in 2026

January 8, 2026

Quick Thoughts: Venezuela—oil and gas optionality is large, but the rebuild is capital-intensive
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Performance

Calendar Year Returns

As of 05/31/2026

Created with Highcharts 12.6.0-10%0%10%20%30%2025202420232022202120202019201820172016
Putnam Premier Income Trust - Market Price (%)
Putnam Premier Income Trust - NAV (%)
ICE BofA U.S. Treasury Bill Index (%)

Performance data quoted represents past performance, which does not guarantee future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost. Returns based on Market Price or NAV, and assume the reinvestment of all distributions at the Dividend Reinvestment Plan Price or NAV, respectively. Returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Returns for periods of less than one year are not annualized.

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Portfolio

Assets

As of05/31/2026 (Updated Monthly)

Total Net Assets
$355.09 Million

Positions

As of 05/31/2026 (Updated Monthly)

Number of Holdings
Fund
857

Portfolio Statistics

As of 05/31/2026 (Updated Monthly)

Effective Duration
Fund
4.02 Years
Average Weighted Maturity
Fund
5.84 Years

Sector Exposure

As of 05/31/2026 - Notional Exposure % of Total (Updated Monthly)

Sector Fund
Benchmark
U.S. Treasuries
—100.00%
Created with Highcharts 12.6.0U.S. Treasuries0%25%50%75%100%125%

Holdings

As of 05/31/2026 (Updated Monthly)

FNMA FN30 TBA UMBS 05.​5000 06/01/2056
FNMA FN30 TBA UMBS 04.​5000 06/01/2056
GNMA GII30 TBA 05.​5000 06/01/2056
FRANKLIN ULTRA SHORT BOND ETF
FNMA FN30 TBA UMBS 06.​0000 06/01/2056
GNMA GII30 TBA 05.​0000 06/01/2056
VCAT 2026-NPL2 A1 144A 05.​0620 02/25/2056
TREASURY BILL 00.​0000 07/16/2026
FNMA FN30 TBA UMBS 05.​0000 06/01/2056
STACR 2018-HQA2 B2 14.​7266 10/25/2048

Portfolio holdings are based on the total portfolio and are subject to change at any time. Holdings are provided for informational purposes only and should not be construed as a recommendation to purchase or sell any security.

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Distributions & Tax

Distribution Frequency
MonthlyThis fund is an ex-Dividend fund
Capital Gain Distributions
December

Rates and Yields Read important information about results and other investment disclosures

Distribution Rate 4

As of 07/07/2026 (Updated Daily)
At Net Asset Value (NAV) 8.43%
At Market Price 9.02%

Current Yield 9,10,11

As of 05/31/2026 (Updated Monthly)
w/ Waiver  3.81%
w/o Waiver 3.80%

Final composition of the current year’s distribution—income, capital gains and/or return of capital—are based on US tax rules and will be determined by February of the following year. For tax characterization of a distribution, such as return of capital and tax-exempt income, click on the “Tax Information” tab above.

Distributions Per Share
Distributions with future dates are estimates and those figures are not final

06/23/2026
05/21/2026
04/23/2026
03/24/2026
02/20/2026
01/23/2026

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report for specific information regarding distributions.

Annually, a fund must distribute all realized capital gains net of realized losses, so the fund will not be subject to an entity level income tax. A fund’s capital gain distribution in a particular year may be a result of the disposition of holdings that appreciated in value during prior years. Thus, while the fund may gain or lose value over the course of a year, a capital gain distribution paid by the fund may not be indicative of current performance of the fund.

The distributable amount of net capital gains are paid on a per-share basis to all investors who hold shares of the fund on the record date of the distribution and are recognized by the shareholder for tax purposes as of the ex-date of the distribution, regardless of when the gains or losses arose in the fund. Net gains on holdings held long term by the fund would be distributed to shareholders as a long-term capital gain distribution no matter how long the shareholder has owned shares in the fund.

Refer to the fund’s annual report for specific information regarding distributions.

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Pricing

Pricing History

As of 07/07/2026 (Updated Daily)

Created with Highcharts 12.6.0[products.performance-value]1990200020102020$2$4$6$8$10$12
NAV
Market Price

Daily Fund Prices

As of 07/07/2026

Share Prices

As of 07/07/2026

NAV  1(Net Asset Value)
$3.70
NAV Change  1
$-0.01
NAV Change (%)  1
-0.27%
Market Price  2
$3.46
Market Price Change  2
$0.00
Market Price Change (%)  2
0.00%

52-Week Range

Highest NAV As of 09/16/2025
$3.86
Lowest NAV As of 03/26/2026
$3.69
Highest Market Price As of 02/11/2026
$3.78
Lowest Market Price As of 07/14/2025
$0.00

Premium / Discount

As of 07/07/2026

Avg. of Market Price vs. NAV at Close
-6.49%
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Press Releases

06/30/2026
05/29/2026
05/15/2026
05/14/2026
04/30/2026
04/29/2026
03/31/2026
02/27/2026
02/23/2026
01/30/2026
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Documents

Fund Literature

Factsheet - Putnam Premier Income Trust
Brochure - Closed-end funds Product Guide

Regulatory Documents

Annual Report - Putnam Premier Income Trust
Semi-Annual Report - Putnam Premier Income Trust
Mailed hardcopies unavailable.
Policy and Procedures - Audit Committee Charter
Mailed hardcopies unavailable.
Policy and Procedures - Compensation Committee Charter
Mailed hardcopies unavailable.
Policy and Procedures - Nominating Committee Charter February 2024
Mailed hardcopies unavailable.
Fiscal Q1 Holdings - Putnam Premier Income Trust
Mailed hardcopies unavailable.
Fiscal Q3 Holdings - Putnam Premier Income Trust
Mailed hardcopies unavailable.

Risks

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. Derivative 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.

Important Information

The Closed-End Funds are not sold or distributed by Franklin Distributors, LLC. (FD, LLC) or any Franklin Templeton affiliated companies. Unlike open-end funds, shares are not continually offered. Like other public companies, closed-end funds have a one-time initial public offering, and once their shares are first issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Investment return, market price and net asset value will fluctuate with changes in market conditions. The Funds are subject to investment risks, including the possible loss of principal invested. 

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Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.

Important data provider notices and terms available at www.franklintempletondatasources.com.

Performance data quoted represents past performance, which does not guarantee future results. 

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

The ICE BofA U.S. Treasury Bill Index is an unmanaged index that tracks the performance of U.S. dollar-denominated U.S. Treasury bills publicly issued in the U.S. domestic market. Source: The index data referenced herein is the property of Intercontinental Exchange ("ICE") and/or its licensors and has been licensed for use by Franklin Templeton. ICE and its licensors accept no liability in connection with this use.

All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.

Footnotes

  1. Net Asset Value (NAV) represents the value of a closed-end fund's underlying holdings per share. NAV is determined by dividing the total net assets of the fund by the number of shares outstanding. The fund calculates the NAV per share each business day normally coinciding with the close of trading on the New York Stock Exchange (NYSE).

  2. Market Price, determined by supply and demand, is the price an investor purchases or sells the fund. The Market Price shown reflects the last trade on the listing exchange at the time that the fund's NAV is calculated.

  3. Premium / Discount reflects the difference between the NAV and the Market Price of the fund, and represents the amount that the fund is trading above or below its NAV, expressed as a percentage of the NAV. 

  4. Distribution Rate is calculated by annualizing the most recent distribution amount paid, divided by the closing market price or NAV as of the date indicated. The Distribution Rate calculation includes income, may include return of capital and excludes special distributions. The Distribution Rate is subject to change and is not guaranteed nor a quotation of fund performance.

  5. ©2026 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

  6. Gross Expense Ratio reflects the total annual operating expenses for the share class shown, prior to the deduction of any waiver or reimbursement. Actual expenses may be higher and may impact portfolio returns. Net Expense Ratio reflects total expenses after any fee waivers, implemented expense caps or reimbursements. If a fund has contractual fee waivers, expense caps and/or reimbursements, the expiration date can be found by clicking on the information button next to the net expense ratio. Additional amounts may be voluntarily waived and/or reimbursed and may be modified or discontinued at any time without notice. Expense ratios are as of the most recent prospectus or annual report.

  7. Net Expense Ratio represents the expense ratio applicable to investors. 

  8. Based on the Fund’s net assets of the common shares, as of the most recent Annual Report. See the fund’s Annual Report for information on the fund’s expenses.

  9. With Waiver means the performance quote reflects any applicable expense reductions and fee waivers.

  10. During periods of rising inflation, fund yields can vary significantly from month-to-month and may not be repeated.

  11. 30-Day SEC Yield is calculated using the net income (interest and dividends) per share earned over a trailing 30-day period (annualized), divided by the fund’s share price at the end of that period. It may not equal the fund’s actual income distribution rate, which reflects the fund’s past dividends paid to shareholders.

  12. Based on the fund’s Net Asset Value (NAV)

  13. Credit Quality is a measure of a bond issuer's ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security's rating as provided by S&P Global Ratings, Moody's Investors Service and/or Fitch Ratings, Inc. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, if two or more of the agencies have assigned differing ratings to a security, the highest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the portfolio does not apply to the stability or safety of the portfolio. The methodology used for the calculation of credit quality ratings displayed may differ from the methodology for monitoring investment limits, if applicable. Please note, the portfolio itself has not been rated by an independent rating agency.

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