Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 149

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 149
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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