SCHEDULE: SIT Investment Associates Transitions Back to Schedule 13G

SIT Investment Associates and its subsidiary SIT Fixed Income Advisors II, LLC are transitioning back to a Schedule 13G filing, indicating their holdings are no longer intended to influence or control the issuer.

Summary

• SIT Investment Associates, Inc. and SIT Fixed Income Advisors II, LLC (collectively, 'Reporting Persons') are filing an amendment to their Schedule 13G, marking their exit from a Schedule 13D filing.
• This transition signifies that the Reporting Persons no longer hold securities of Franklin Premier Income Trust with the purpose or effect of changing or influencing control of the issuer.
• The Reporting Persons initially filed a Schedule 13G on November 9, 2020, later filing a Schedule 13D on October 2, 2023, due to a change in investment intent.
• As of September 29, 2026, the Reporting Persons no longer possess the intent to influence control, leading to the return to a Schedule 13G filing.
• The total number of shares beneficially owned by the Reporting Persons is 29,575,920, representing 30.9% of the class of securities.
• These shares are held in client accounts managed by SIT Investment Associates, Inc. (an investment adviser) and its subsidiary SIT Fixed Income Advisors II, LLC.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive filing, primarily indicating a shift in reporting strategy rather than a change in fundamental holdings or company performance.

Positives

• The transition back to a Schedule 13G indicates a de-escalation of any potential activist or control-oriented investment strategy.
• The filing confirms that the Reporting Persons' holdings are now considered to be in the ordinary course of business.
• The clear explanation of the transition from Schedule 13D back to 13G provides transparency regarding the investment firm's strategy.

Negatives

• The filing does not provide specific financial performance data for Franklin Premier Income Trust, focusing solely on the reporting entity's filing status.

Risks

• The primary risk is that the market may misinterpret the shift from a 13D to a 13G filing, potentially leading to unwarranted price movements if the change is not fully understood.
• While not explicitly stated as a risk, any future change in investment intent by SIT Investment Associates could necessitate another shift in filing status.

Future Outlook

The filing does not contain forward-looking statements or guidance related to Franklin Premier Income Trust's performance. It solely addresses the reporting status of SIT Investment Associates and SIT Fixed Income Advisors II, LLC.

Management Comments

• "As of 9/29/2026 the Reporting Persons no longer hold securities of the Issuer with a purpose or effect of changing or influencing control of the Issuer, or in connection with or as a participant in any transaction having that purpose or effect."
• "Accordingly, the Reporting Persons are transitioning back to a Schedule 13G pursuant to Rule 13d-1(c) of the Exchange Act in accordance with Rule 13d-1(h) of the Exchange Act, and this Amendment No. 4 will serve as the Reporting Persons' exit Schedule 13D."
• "SIT Investment Associates, Inc. ('SIA') is an investment adviser registered under section 203 of the Investment Advisers Act of 1940. Sit Fixed Income Advisors II, LLC ('SFI') is an investment adviser registered under section 203 of the Investment Advisers Act of 1940 and a subsidiary of SIA."
• "In their roles as investment advisers SIA and SFI possess shared voting and investment power over securities of the Issuer described in this schedule 13G owned by the Accounts and may be deemed to be the beneficial owner of such shares of the Issuer owned by the Accounts."
• "All securities reported in this schedule 13G are owned by the Accounts."
• "Pursuant to Rule 13d-4 of the Securities Exchange Act of 1934, as amended (the 'Exchange Act'), SIA and SFI disclaim beneficial ownership of such securities."

Industry Context

StockSavvy.ai notes that the shift from a Schedule 13D to a Schedule 13G filing by an investment firm typically indicates a reduction in its active engagement or influence over the target company's management or strategic direction. This is a common regulatory maneuver when an investment firm's strategy evolves from potentially seeking control or significant influence to a more passive investment approach.

Stakeholder Impact

• Shareholders of Franklin Premier Income Trust may see this as a signal that a significant holder is no longer pursuing an activist strategy, which could influence market perception.
• Investment professionals and analysts will note the change in reporting status as an indicator of SIT Investment Associates' evolving investment strategy concerning this particular trust.

Next Steps

• SIT Investment Associates and SIT Fixed Income Advisors II, LLC will continue to manage client accounts holding shares of Franklin Premier Income Trust under the reporting framework of Schedule 13G.
• Franklin Premier Income Trust will continue its operations as disclosed in its other SEC filings.

Key Dates

Keywords

Schedule 13G, Schedule 13D, SIT Investment Associates, Franklin Premier Income Trust, Beneficial Ownership, Investment Adviser, Securities Exchange Act, Ownership Change