Sit Investment Discloses 26.8M Shares, 28% of PPT Outstanding

Rhea-AI Filing Summary

Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC report beneficial ownership of 26,818,489 shares of Putnam Premier Income Trust common stock, representing 28.0% of 95,567,537 shares outstanding as stated in the filing. The shares are held in client accounts and the Sit entities report shared voting and shared dispositive power over those shares; neither SIA's nor SFI's directors or executive officers directly own shares. The filing is an amendment to a prior Schedule 13D and notes that a schedule of transactions in the last 60 days is provided as an exhibit.

Positive

• Holds 26,818,489 shares, representing 28.0% of outstanding common stock (explicit in filing)
• Shared voting power over a material block, which could provide influence in shareholder matters

Negative

• No sole voting or dispositive power reported, indicating no unilateral control
• Shares held in client accounts, suggesting managed exposure rather than direct insider commitment

Insights

Financial Analyst

TL;DR: A substantial 28% position is disclosed, held in client accounts with shared control, signaling material influence but not sole control.

The Sit entities' 28.0% stake is a material holding relative to outstanding shares and could affect governance outcomes if votes are coordinated with other holders. Because the shares are held in client accounts and voting/dispositive power is shared, the position likely reflects managed client exposure rather than a direct corporate-control intent by insiders. The filing references recent transactions in an exhibit, which investors should review for changes in position size or trading patterns.

Corporate Governance Expert

TL;DR: Reporting of shared voting power over 28% is governance-relevant but stops short of indicating unilateral control.

The disclosure that Sit entities have shared voting and dispositive power over 28% of the shares is governance-significant because it creates potential influence over shareholder votes and board matters. However, absence of sole voting power and the fact shares are in client accounts indicate a fiduciary/manager relationship rather than direct insider ownership. The exhibit of recent transactions will clarify whether the stake is stable or being adjusted, which has governance implications.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

Putnam Premier Income Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

746853100

(CUSIP Number)

Paul E. Rasmussen
80 South Eighth Street, Suite 3300
Minneapolis, MN, 55402-4130
612-332-3223

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/28/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 746853100

1

Name of reporting person

Sit Investment Associates, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 26,818,489.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,818,489.00

11

Aggregate amount beneficially owned by each reporting person

26,818,489.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 746853100

1

Name of reporting person

Sit Fixed Income Advisors II, LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 26,818,489.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 26,818,489.00

11

Aggregate amount beneficially owned by each reporting person

26,818,489.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

28 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Putnam Premier Income Trust
(c)	Address of Issuer's Principal Executive Offices: 100 FEDERAL STREET, BOSTON, MASSACHUSETTS , 02110.
Item 1 Comment: This Amendment No. 11 ("Amendment") amends and supplements the statement on Schedule 13D filed on October 2, 2023, and amended by Amendment No. 1 filed on January 4, 2024, Amendment No. 2 filed on April 3, 2024, Amendment 3 filed on May 7, 2024, Amendment No. 4 filed on September 9, 2024, Amendment No. 5 filed on December 12, 2024, Amendment No. 6 filed January 8, 2025, Amendment No. 7 filed on March 19, 2025, Amendment No. 8 filed on April 8, 2025, Amendment No. 9 filed on May 9, 2025, and Amendment No. 10 filed on July 17, 2025 (as amended, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares)" of Putnam Premier Income Trust (the "Issuer"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D.
Item 5.	Interest in Securities of the Issuer
(a)	The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 95,567,537 Shares outstanding as of January 31, 2025, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSRS filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 26,818,489 Shares held in client accounts which represent 28.0% of the Issuer's outstanding Shares.
(b)	Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's directors or executive officers own Shares directly.
(c)	Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A.
(d)	The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.
(e)	Not applicable
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Schedule of Transactions in Shares by Sit Entities in the last 60 days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Sit Investment Associates, Inc.

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	08/29/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	08/29/2025

FAQ

How many shares of Putnam Premier Income Trust (PPT) do the Sit entities report owning?

The Sit entities report beneficial ownership of 26,818,489 shares.

What percentage of PPT does the Sit group own according to the filing?

They report owning 28.0% of the outstanding shares based on 95,567,537 shares outstanding.

Do the Sit entities have sole voting power over the shares?

No; the filing states they have shared voting power and shared dispositive power, with 0 shares of sole voting or dispositive power.

Are the reported shares owned directly by Sit executives or held in client accounts?

The shares are held in client accounts, and the filing states none of SIA's or SFI's directors or executive officers own shares directly.

Does the filing include recent transactions for these shares?

Yes; the filing states that transactions in the last 60 days are provided in Exhibit A.