Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 245

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 245
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 treat pilot accounts in the same manner as client accounts for purposes of trading allocation – neither favoring nor disfavoring
them except as is legally required. For example, pilot accounts are normally included in the investment managers daily block trades to
the same extent as client accounts (except that pilot accounts do not participate in initial public offerings).

A potential conflict of interest may arise when the fund and other accounts
purchase or sell the same securities. On occasions when the Portfolio Manager(s) consider the purchase or sale of a security to be in
the best interests of the fund as well as other accounts, the investment managers trading desk may, to the extent permitted by applicable
laws and regulations, aggregate the securities to be sold or purchased in order to obtain the best execution and lower brokerage commissions,
if any. Aggregation of trades may create the potential for unfairness to the fund or another account if one account is favored over another
in allocating the securities purchased or sold – for example, by allocating a disproportionate amount of a security that is likely
to increase in value to a favored account. The investment manager trade allocation policies generally provide that each day’s transactions
in securities that are purchased or sold by multiple accounts are, insofar as possible, averaged as to price and allocated between such
accounts (including the fund) in a manner which in Franklin Advisers opinion is equitable to each account and in accordance with the amount
being purchased or sold by each account. Certain exceptions exist for specialty, regional or sector accounts. Trade allocations are reviewed
on a periodic basis as part of the investment managers trade oversight procedures in an attempt to ensure fairness over time across accounts.

“Cross trades,” in which one Putnam account sells a particular
security to another account (potentially saving transaction costs for both accounts), may also pose a potential conflict of interest.
Cross trades may be seen to involve a potential conflict of interest if, for example, one account is permitted to sell a security to another
account at a higher price than an independent third party would pay, or if such trades result in more attractive investments being allocated
to higher-fee accounts. The investment manager and the fund’s Trustees have adopted compliance procedures that provide that any
transactions between the fund and another Putnam-advised account are to be made at an independent current market price, as required by
law.

Another potential conflict of interest may arise based on the different
investment objectives and strategies of the fund and other accounts. For example, another account may have a shorter-term investment horizon
or different