Franklin Managed Municipal accepts Bank of America tender

Bank of America Corporation’s reported interest was indirect, through its wholly owned subsidiary Bank of America, N.A.

Available on EDGAR 11/09/2026 - 04:08 PM EST Accepted by SEC EDGAR 11/09/2026 - 04:08 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

BANK OF AMERICA CORP /DE/ reported disposition transactions in this Form 4 filing. Franklin Managed Municipal Income Trust (PMM) accepted Bank of America, N.A.’s tender of 227 Series A and 1,380 Series C Auction Rate Preferred Shares on November 5, 2026. Bank of America, N.A., identified as a ten-percent owner, reported zero shares of each class afterward. Bank of America Corporation, also identified as a ten-percent owner, held an indirect interest through its wholly owned subsidiary, Bank of America, N.A. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Other: 1,607 shares

Other 2 txns

Insider BANK OF AMERICA CORP /DE/, BANK OF AMERICA NA

Role 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Other	Series A Auction Rate Preferred Shares F1, F2, F3	227	--	--
Other	Series C Auction Rate Preferred Shares F1, F2, F3	1,380	--	--

Holdings After Transaction: Series A Auction Rate Preferred Shares — 0 shares (Indirect, See Footnotes); Series C Auction Rate Preferred Shares — 0 shares (Indirect, See Footnotes)

Footnotes (3)

1. F1. The Auction Rate Preferred Shares (ARPS) reported as disposed of in Table I represent shares that were beneficially owned by Bank of America, N.A. (BANA). The shares were tendered to and accepted by the Issuer on November 5, 2026, pursuant to the Tender Offer Statement filed by the Issuer with the SEC on October 1, 2026. BANA is a wholly owned subsidiary of Bank of America Corporation.
2. F2. This statement is jointly filed by Bank of America Corporation and Bank of America, N.A. (BANA). Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its ownership of BANA.
3. F3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Key Figures

Series A Auction Rate Preferred Shares disposed: 227 shares Series A Auction Rate Preferred Shares following transaction: 0 shares Series C Auction Rate Preferred Shares disposed: 1,380 shares +1 more

4 metrics

Series A Auction Rate Preferred Shares disposed 227 shares November 5, 2026

Series A Auction Rate Preferred Shares following transaction 0 shares Bank of America, N.A.

Series C Auction Rate Preferred Shares disposed 1,380 shares November 5, 2026

Series C Auction Rate Preferred Shares following transaction 0 shares Bank of America, N.A.

Key Terms

Auction Rate Preferred Shares, Tender Offer Statement, indirect interest

3 terms

Auction Rate Preferred Shares financial

"The Auction Rate Preferred Shares (ARPS) reported as disposed of"

Tender Offer Statement financial

"pursuant to the Tender Offer Statement filed by the Issuer"

A tender offer statement is the formal document that explains the details of a public proposal to buy shareholders’ stock at a specific price and under set conditions. It lists who is making the offer, the price and timing, how the purchase will be funded, and any conditions or risks, so shareholders can decide whether to sell. Think of it as a clear flyer for a buyout that tells investors what’s being offered and why it matters to their holdings.

indirect interest financial

"held an indirect interest in the securities listed in Table I"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PMM preferred shares did Bank of America tender?

Bank of America, N.A. tendered 227 Series A and 1,380 Series C Auction Rate Preferred Shares, which the issuer accepted on November 5, 2026. Bank of America, N.A. reported zero shares of each class afterward.

Under what tender offer were the PMM preferred shares accepted?

The shares were tendered under Franklin Managed Municipal Income Trust’s Tender Offer Statement filed with the SEC on October 1, 2026. Bank of America, N.A. is a wholly owned subsidiary of Bank of America Corporation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FRANKLIN MANAGED MUNICIPAL INCOME TRUST [ PMM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
11/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Series A Auction Rate Preferred Shares	11/05/2026		J		227	D	(1)	0	I	See Footnotes(1)(2)(3)
Series C Auction Rate Preferred Shares	11/05/2026		J		1,380	D	(1)	0	I	See Footnotes(1)(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

BANK OF AMERICA CORP /DE/

(Last) (First) (Middle)

BANK OF AMERICA CORPORATE CENTER

100 N TRYON ST

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

BANK OF AMERICA NA

(Last) (First) (Middle)

100 NORTH TRYON STREET

(Street)

CHARLOTTE NORTH CAROLINA 28255

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The Auction Rate Preferred Shares (ARPS) reported as disposed of in Table I represent shares that were beneficially owned by Bank of America, N.A. (BANA). The shares were tendered to and accepted by the Issuer on November 5, 2026, pursuant to the Tender Offer Statement filed by the Issuer with the SEC on October 1, 2026. BANA is a wholly owned subsidiary of Bank of America Corporation.

2. This statement is jointly filed by Bank of America Corporation and Bank of America, N.A. (BANA). Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its ownership of BANA.

3. Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

	BANK OF AMERICA CORP /DE/ By Its: Authorized Signatory /s/ Monica Yako	11/09/2026
	BANK OF AMERICA, N.A. By Its: Authorized Signatory /s/ Monica Yako	11/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)