Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 243

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 243
---
596,300,000 |                                                  10 |  2,659,600,000 |                                                                                                                    15** | 6,639,000,000 |
| Michael          
 Salm             |                                           25 | 32,164,800,000 |                                               26*** | 23,030,700,000 |                                                                                                                  22**** | 8,507,500,000 |
| Matthew          
 Walkup           |                                            6 |  2,809,900,000 |                                                   1 |    200,500,000 |                                                                                                                       0 |             $ 
             - |

* 1 account, with total assets of $442,800,000
pay an advisory fee based on account performance

** 2 accounts, with total assets of $1,727,200,000
pay an advisory fee based on account performance

*** 1 account, with total assets of $12,500,000
pay an advisory fee based on account performance

**** 3 accounts, with total assets of $4,040,100,000
pay an advisory fee based on account performance

Like
other investment professionals with multiple clients, the fund’s Portfolio Managers may face certain potential conflicts of interest
in connection with managing both the fund and the other accounts listed under “Other Accounts Managed by the Fund’s Portfolio
Managers” at the same time. The paragraphs below describe some of these potential conflicts, which the investment manager believes
are faced by investment professionals at most major financial firms. As described below, the investment manager and the Trustees of the
Putnam funds have adopted compliance policies and procedures that attempt to address certain of these potential conflicts.

The management of accounts with different advisory fee rates and/or fee
structures, including accounts that pay advisory fees based on account performance (“performance fee accounts”), may raise
potential conflicts of interest by creating an incentive to favor higher-fee accounts. These potential conflicts may include, among others:

| • | The most attractive investments could be allocated to higher-fee accounts or performance fee accounts. |

| • | The trading of higher-fee accounts could be favored as to timing and/or execution price. For example, higher-fee accounts could be permitted 
 to sell securities earlier than other accounts when a prompt sale is desirable or to buy securities at an earlier and more opportune time.   |

| • | The trading of other accounts could be used to benefit higher-fee accounts (front- running). |

| • | The investment management team