Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 162

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 162
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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

res