Company: PPT
Filing Date: 2025-09-26
Form Type: N-CSR
Source: 0001133228-25-010195
Chunk: 246

Company: PUTNAM PREMIER INCOME TRUST
Filing Date: 2025-09-26
Form: N-CSR
Chunk 246
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 investment objectives, policies or restrictions than the fund. Depending on another account’s objectives or other factors,
the Portfolio Manager(s) may give advice and make decisions that may differ from advice given, or the timing or nature of decisions made,
with respect to the fund. In addition, investment decisions are the product of many factors in addition to basic suitability for the particular
account involved. Thus, a particular security may be bought or sold for certain accounts even though it could have been bought or sold
for other accounts at the same time. More rarely, a particular security may be bought for one or more accounts managed by the Portfolio
Manager(s) when one or more other accounts are selling the security (including short sales). There may be circumstances when purchases
or sales of portfolio securities for one or more accounts may have an adverse

effect on other accounts. As noted above, the investment manager has implemented
trade oversight and review procedures to monitor whether any account is systematically favored over time.

The fund’s Portfolio Manager(s) may also face other potential conflicts
of interest in managing the fund, and the description above is not a complete description of every conflict that could be deemed to exist
in managing both the fund and other accounts.

(a)(3) Compensation of portfolio managers.Portfolio managers are
evaluated and compensated across the group of specified products they manage, in part, based on their performance relative to peers or
performance ahead of the applicable benchmark, depending on the product, based on a blend of 3-year and 5-year performance. In addition,
evaluations take into account individual contributions and a subjective component.

Each portfolio manager is assigned an industry-competitive incentive compensation
target consistent with this goal and evaluation framework. Actual incentive compensation may be higher or lower than the target, based
on group, individual, and subjective performance, and may also reflect the performance of Putnam as a firm.

Incentive compensation includes a cash bonus and may also include grants
of deferred cash, stock or options. In addition to incentive compensation, portfolio managers receive fixed annual salaries typically
based on level of responsibility and experience.

For Putnam Managed Municipal Income Trust and Putnam Municipal Opportunities
Trust, Franklin evaluates performance based on the fund’s peer ranking in the fund’s Lipper category. This peer ranking is
based on pre-tax performance.

For Putnam Master Intermediate Income Trust and Putnam Premier Income Trust,
Putnam evaluates performance based on the peer ranking of related products managed by the investment manager with similar strategies in
those products’ Lipper categories