Putnam Premier Income Trust Semiannual report 1 | 31 | 21 Income funds invest in bonds and other securities with the goal of providing a steady stream of income over time. FUND SYMBOL PPT Putnam Premier Income Trust Semiannual report 1 | 31 | 21 Message from the Trustees 1 About the fund 2 Interview with your fund’s portfolio manager 5 Your fund’s performance 11 Consider these risks before investing 13 Terms and definitions 14 Other information for shareholders 16 Summary of dividend reinvestment plans 17 Financial statements 19 Message from the Trustees March 17, 2021 Dear Fellow Shareholder: The continuing hardships of the global Covid-19 pandemic remain a concern for the economy, but we have optimism for the year ahead. Infection rates have declined in early 2021. In the United States, fiscal stimulus enacted in December is reaching people and President Biden is urging Congress to provide even more support. Worldwide, more than 140 million vaccinations are just the beginning of a massive effort to counter the pandemic. While many challenges remain, the economy is rebounding, the stock market has reached new highs, and interest rates remain low. Conditions appear to be in place for rising employment rates and increasing business activity later in the year. Businesses and policy makers need to steer a careful course, but we believe it is reasonable to anticipate improvement. Putnam continues to employ active strategies that seek superior investment performance for you and your fellow shareholders. Putnam’s portfolio managers and analysts take a research-intensive approach that includes risk management strategies designed to serve you through changing conditions. As always, thank you for investing with Putnam. Respectfully yours, Robert L. Reynolds Kenneth R. Leibler President and Chief Executive Officer Chair, Board of Trustees Putnam Investments About the fund A multisector approach to fixed income When Putnam Premier Income Trust was launched in 1988, its three-pronged focus on U.S. investment-grade bonds, high-yield corporate bonds, and non-U.S. bonds was considered innovative. In the more than 30 years since then, the fixed-income landscape has undergone a dramatic transformation, but the spirit of ingenuity that helped launch the fund is still with it today. A veteran portfolio management team The fund’s managers strive to build a well-diversified portfolio that carefully balances risk and return, targeting opportunities in interest rates, credit, mortgages, and currencies from across the full spectrum of the global bond markets. D. William Kohli Michael V. Salm Paul D. Scanlon, CFA Co-Chief Investment Co-Chief Investment Co-Head of Corporate Officer, Fixed Income Officer, Fixed Income and Tax-exempt Credit Industry since 1988 Industry since 1989 Industry since 1986 At Putnam since 1994 At Putnam since 1997 At Putnam since 1999 Robert L. Davis, CFA Brett S. Kozlowski, CFA Albert Chan, CFA Michael J. Atkin Portfolio Manager Co-Head of Head of Portfolio Head of Macro Industry since 1999 Structured Credit Construction and Sovereign Credit At Putnam since 1999 Industry since 1997 Industry since 2002 Industry since 1988 At Putnam since 2008 At Putnam since 2002 At Putnam since 1997 (Photo not available.) 2 Premier Income Trust Diversified holdings across a wide range of security types and market sectors INVESTMENT ALLOCATIONS BY SECURITY TYPE Securitized 112.1% Credit 33.9% Government 13.8% Equity 0.2% Cash and net other assets 6.3% 0% INVESTMENT ALLOCATIONS BY SECTOR 0% Agency pass-through 49.6% 0% Commercial MBS 25.2% 0% Agency collateralized mortgage obligations 22.7% 0% High-yield corporate bonds 16.7% 0% Emerging-market bonds 16.1% Non-agency residential MBS 13.7% Convertible securities 8.0% Investment-grade corporate bonds 3.7% Bank loans 3.1% Asset-backed securities 1.0% Equity investments 0.2% Cash and net other assets 6.3% Allocations are shown as a percentage of the fund’s net assets as of 1/31/21. Cash and net other assets, if any, represent the market value weights of cash, derivatives, short-term securities, and other unclassified assets in the portfolio. Summary information may differ from the portfolio schedule included in the financial statements due to the inclusion of derivative securities, any interest accruals, the use of different classifications of securities for presentation purposes, and rounding. Allocations may not total 100% because the table includes the notional value of certain derivatives (the economic value for purposes of calculating periodic payment obligations), in addition to the market value of securities. Holdings and allocations may vary over time. Premier Income Trust 3 Performance history as of 1/31/21 Annualized total return (%) comparison The fund — at NAV Fund’s primary Fund’s secondary Fund’s Lipper peer Putnam Premier Income benchmark benchmark* group average** Trust (NYSE ticker: PPT) ICE BofA U.S. Bloomberg Barclays General Bond Funds Treasury Bill Index Government Bond Index (closed-end) 11.05 9.11 7.89 7.31 7.50 6.45 5.83 6.06 5.76 5.32 5.26 4.06 4.42 3.17 3.14 3.03 1.22 1.62 0.66 0.61 0.06 LIFE OF FUND† 10 YEARS 5 YEARS 3 YEARS 1 YEAR 6 MONTHS‡ (since 2/29/88) –0.69 –2.62 Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart are at NAV. See below and pages 11–13 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. * Source: Bloomberg Index Services Limited. ** Source: Lipper, a Refinitiv company. † The fund’s primary benchmark (ICE BofA U.S. Treasury Bill Index) was introduced on 6/30/92, which post-dates the inception of the fund’s class A shares. ‡ Returns for the six-month period are not annualized, but cumulative. Recent broad market index and fund performance U.S. stocks 14.47% (S&P 500 Index) Putnam Premier Income Trust 7.50% (at NAV) Fund’s primary benchmark 0.06% (ICE BofA U.S. Treasury Bill Index) U.S. bonds –0.91% (Bloomberg Barclays U.S. Aggregate Bond Index)* Fund’s secondary benchmark –2.62% (Bloomberg Barclays Government Bond Index)* This comparison shows your fund’s performance in the context of broad market indexes for the six months ended 1/31/21. See above and pages 11–13 for additional fund performance information. Index descriptions can be found on pages 14–15. * Source: Bloomberg Index Services Limited. 4 Premier Income Trust Interview with your fund’s portfolio manager Interview with your fund’s portfolio manager Performance history as of 1/31/21 Bill Kohli discusses fund results and the key Annualized total return (%) comparison factors driving the bond markets for the The fund — at NAV Fund’s primary Fund’s secondary Fund’s Lipper peer Putnam Premier Income benchmark benchmark* group average** Trust (NYSE ticker: PPT) ICE BofA U.S. Bloomberg Barclays General Bond Funds six months ended January 31, 2021, as well Treasury Bill Index Government Bond Index (closed-end) 11.05 9.11 as his outlook for the fund. 7.89 7.31 7.50 6.45 5.83 6.06 5.76 5.32 5.26 4.06 4.42 3.17 3.14 3.03 1.22 1.62 0.66 0.61 0.06 LIFE OF FUND† 10 YEARS 5 YEARS 3 YEARS 1 YEAR 6 MONTHS‡ (since 2/29/88) –0.69 –2.62 Bill, how would you summarize the fund’s Data are historical. Past performance does not guarantee future results. More recent returns may be less or more than those shown. Investment return and net asset value will fluctuate, and you may have a gain or a loss when you sell your investment environment during the shares. Performance assumes reinvestment of distributions and does not account for taxes. Fund returns in the bar chart reporting period? are at NAV. See below and pages 11–13 for additional performance information, including fund returns at market price. Index and Lipper results should be compared with fund performance at NAV. The period began on a strong note, with risk * Source: Bloomberg Index Services Limited. assets broadly gaining in August. Positive ** Source: Lipper, a Refinitiv company. earnings reports from several sectors, progress D. William Kohli † The fund’s primary benchmark (ICE BofA U.S. Treasury Bill Index) was introduced on 6/30/92, which post-dates the on Covid-19 vaccines, and supportive policy — inception of the fund’s class A shares. Portfolio Manager including a historic stimulus package passed by ‡ Returns for the six-month period are not annualized, but cumulative. Bill is Co-Chief Investment Officer, Fixed the European Union — generally bolstered risk Income. He has an M.B.A. from the Haas appetites. A shift in the U.S. Federal Reserve’s School of Business, University of California, Recent broad market index and fund performance Berkeley, and a B.A. from the University of [Fed] inflation framework, under which the Fed California, San Diego. Bill joined Putnam will allow inflation to exceed its 2% target while U.S. stocks in 1994 and has been in the investment continuing to support the economy, helped 14.47% (S&P 500 Index) industry since 1988. boost investor optimism. Putnam Premier Income Trust Michael J. Atkin; Albert Chan, CFA; 7.50% Robert L. Davis, CFA; Brett S. Kozlowski, CFA; Risk assets pulled back moderately in (at NAV) Michael V.