Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 217

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 217
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 Putnam’s            
 investment personnel have determined are grossly unreasonable at the next election at which such director is up for re-election. |

| Ø | Putnam will vote for 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.                                                                                                                             |

| Ø | Putnam will vote for Non-qualified Employee Stock Purchase Plans with all the following features: |

| 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 against 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 case-by-case
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. Capitalization

Putnam will vote on a case-by-case basis on board-approved
proposals involving changes to a company’s capitalization, except as follows:

| Ø | Putnam will vote for proposals relating to the authorization of additional common stock, except that Putnam will evaluate               
 such proposals on a case-by-case 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.                           |

| Ø | Putnam will vote for proposals to effect stock splits (excluding reverse stock splits.) |

| Ø | Putnam will vote for proposals authorizing share