PPT - Franklin Premier Income Trust

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Oct 1, 2026

   Sit Investment raised its stake to 30.9% (from 30.1%), as a passive investor.

   Original document →

2. July 29, 2026

   Sit Investment raised its stake to 30.1% (from 29.1%). It has said it may push for changes.

   Original document →

3. Nov 21, 2025

   Sit Investment raised its stake to 29.1% (from 28%). It has said it may push for changes.

   Original document →

4. Aug 29, 2025

   Sit Investment raised its stake to 28% (from 27%). It has said it may push for changes.

   Original document →

5. July 17, 2025

   Sit Investment raised its stake to 27% (from 26%). It has said it may push for changes.

   Original document →

About this fund

• Run by Franklin Advisers, Inc. Part of the Franklin Templeton Group of Funds fund family. As of July 31, 2026, from the fund's yearly report. Original document →
• Size: about $349 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 25% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 1% a year in total, including interest on borrowed money. Fiscal year ended July 31, 2026. As of July 31, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 16 charge a lower management fee and 6 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended July 31, 2024) the fund paid $0.31 a share. $0.21 of that was income; $0.10 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of July 31, 2024, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (July 31, 2026): $3.65. The shares traded at $3.39, about 7.1% below that. As of July 31, 2026, from the fund's yearly report. Original document →
• How the holdings did: up 0.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1994.

How this has changed

• Payouts per share: $0.31 in the fiscal year ended July 31, 2024; $0.31 in the year ended July 31, 2023; $0.31 in the year ended July 31, 2022.As of July 31, 2024, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.10 in the year ended July 31, 2024; $0.05 in the year ended July 31, 2023; $0.05 in the year ended July 31, 2022.As of July 31, 2024, from the fund's annual report. Original document →
• Size of the holdings: about $368 million at July 31, 2024; $370 million at July 31, 2023. From the fund's quarterly holdings reports. Original documents: July 31, 2024 →, July 31, 2023 →.
• Borrowing: about 30% on top of its own money at July 31, 2024; 45% at July 31, 2023. From the fund's quarterly holdings reports. Original documents: July 31, 2024 →, July 31, 2023 →.

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended July 31, 2024: the shares returned +8.5%, counting payouts. As of July 31, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned +2.1%, counting payouts. As of July 31, 2023, from the fund's annual report. Original document →
• The year ended July 31, 2022: the shares returned -9.9%, counting payouts. As of July 31, 2022, from the fund's annual report. Original document →
• The year ended July 31, 2021: the shares returned +5.6%, counting payouts. As of July 31, 2021, from the fund's annual report. Original document →
• Those four years together: the shares returned +5.5%. $10,000 of shares bought at the start (Aug 1, 2020) would have become about $10,500 by July 31, 2024, with every payout counted, before tax. As of July 31, 2024, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +4.4%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (41%), the rest mortgage bonds, other holdings and loans. About 80% issued in the U.S.

1. FNMA or FHLMC, Uniform Mortgage-Backed Securities - 7.7%
2. GNMA - 4.4%
3. Franklin BSP Lending Fund, Class R6 - 4%
4. Putnam Short Term Investment Fund class P shares - 2.2%
5. Derivatives - 2%
6. FHLMC - 1.4%
7. Cash and short-term - 1.4%
8. FNMA - 0.9%
9. VCAT LLC, Series 2026-NPL2, Class A1 - 0.6%
10. Alternative Loan Trust, Series 2006-OA10, Class 4A1 - 0.5%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →