Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 153

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 153
---
to

be

compensated

in

proportion

to

the

risk

they

are

assuming.

Thus,

debt

of

issuers

with

poor

credit

prospects

usually

offers

higher

yields

than

debt

of

issuers

with

more

secure

credit.

Higher-rated

investments

generally

have

lower

credit

risk.

Investments

rated

below

BBB

or

its

equivalent

are

below

investment-grade

in

quality

(sometimes

referred

to

as

“junk

bonds”),

which

can

be

more

sensitive

to

changes

in

markets,

credit

conditions,

and

interest

rate,

and

may

be

considered

speculative.

This

rating

reflects

a

greater

possibility

that

the

issuers

may

be

unable

to

make

timely

payments

of

interest

and

principal

and

thus

default.

If

a

default

occurs,

or

is

perceived

as

likely

to

occur,

the

value

of

the

investment

will

usually

be

more

volatile

and

could

decrease.

The

value

of

a

debt

instrument

may

also

be

affected

by

changes

in,

or

perceptions

of,

the

### financial
condition

of

the

issuer,

borrower,

counterparty,

or

other

entity,

or

underlying

collateral

or

assets,

or

changes

in,

or

perceptions

of,

specific

or

general

market,

economic,

industry,

political,

regulatory,

geopolitical,

environmental,

public

health,

and

other

conditions.

A

default

or

expected

default

could

also

make

it

difficult

for

us

to

sell

the

investment

at

a

price

approximating

the

value

we

had

previously

placed

on

it.

Lower-rated

debt

usually

has

a

more

limited

market

than

higher-rated

debt,

which

may

at

times

make

it

difficult

for

us

to

buy

or

sell

certain