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  4. [Form 4] PUTNAM MANAGED MUNICIPAL INCOME TRUST Insider Trading Activity

Putnam Managed Municipal Income Trust (NYSE: PMM) insider trades

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Bank of America Corporation and its 100%-owned subsidiary Merrill Lynch, Pierce, Fenner & Smith jointly reported indirect trades in Putnam Managed Municipal Income Trust common stock. They sold 437 shares at $6.5359 per share on July 16, 2026 and purchased 437 shares at $6.5400 per share on July 17, 2026.

Bank of America holds an indirect interest through its ownership of Merrill Lynch, and both reporting persons disclaim beneficial ownership except for any pecuniary interest. They state that, if they were greater than 10% beneficial owners and the trades were subject to Section 16(b) short-swing profit rules, any profit potentially recoverable by the issuer from these transactions will be remitted to the trust.

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Insider BANK OF AMERICA CORP /DE/, MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
Role 10% Owner | 10% Owner
Bought 437 shs ($3K)
Sold 437 shs ($3K)
Type Security Shares Price Value
Purchase COMMON STOCK F1, F2, F3 437 $6.54 $3K
Sale COMMON STOCK F1, F2, F3 437 $6.5359 $3K
Holdings After Transaction: COMMON STOCK — 437 shares (Indirect, See Footnotes)
Footnotes (3)
  1. F1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary Merrill Lynch. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.
  2. F2. 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 Exchange Act 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.
  3. F3. Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.
Shares sold 437 shares Indirect sale of common stock on July 16, 2026
Sale price per share $6.5359 Price for 437 PMM common shares sold on July 16, 2026
Shares purchased 437 shares Indirect purchase of common stock on July 17, 2026
Purchase price per share $6.5400 Price for 437 PMM common shares purchased on July 17, 2026
Net buy/sell shares 0 shares Equal buy and sell volume reported in transaction summary
beneficial ownership regulatory
"Each reporting person disclaims beneficial ownership of the securities reported herein."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest regulatory
"Disclaims beneficial ownership except to the extent of its pecuniary interest therein, if any."
Section 16(b) of the Exchange Act regulatory
"Short-swing profit recovery under Section 16(b) of the Exchange Act may apply."
short-swing profit recovery regulatory
"The amount of profit potentially recoverable as short-swing profit recovery will be remitted."
greater than 10% beneficial owner regulatory
"Without conceding its status as a greater than 10% beneficial owner of the issuer."

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider trades in PMM stock were reported by Bank of America and Merrill Lynch?
The report shows a sale of 437 shares of PMM common stock at $6.5359 per share on July 16, 2026, followed by a purchase of 437 shares at $6.5400 per share on July 17, 2026, both reported as indirect holdings.

Who are the reporting persons in the PMM Form 4 filing?
The reporting persons are Bank of America Corporation and its 100%-owned subsidiary Merrill Lynch, Pierce, Fenner & Smith Incorporated. Each is identified as a greater than 10% owner but disclaims beneficial ownership except to the extent of any pecuniary interest in the PMM shares.

How is ownership of the PMM shares characterized for the reporting persons?
The PMM shares are reported as held indirectly, with Bank of America’s interest arising through its 100% ownership of Merrill Lynch. Both entities expressly disclaim beneficial ownership of the reported securities except for any pecuniary interest they may have in those shares.

What does the PMM filing say about potential short-swing profit recovery?
The filing states that, if the reporting persons were greater than 10% beneficial owners and the trades were subject to Section 16(b) short-swing profit rules, any profit potentially recoverable by the issuer from the reported transactions will be remitted to Putnam Managed Municipal Income Trust.

Do the reporting persons claim to be part of a group regarding PMM securities?
The reporting persons declare that nothing in the statement should be construed as an admission that they are acting as a group for purposes of acquiring, holding, or disposing of PMM securities, or that they are members of any group under Section 13(d) of the Exchange Act.
SEC Form 4
FORM 4UNITED 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
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
PUTNAM MANAGED MUNICIPAL INCOME TRUST [ PMM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
07/16/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
XForm 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)
CodeVAmount(A) or (D)Price
COMMON STOCK07/17/2026P437A$6.54437ISee Footnotes(1)(2)(3)
COMMON STOCK07/16/2026S437D$6.53590ISee 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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
DirectorX10% Owner
Officer (give title below)Other (specify below)
1. Name and Address of Reporting Person*
MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
(Last)(First)(Middle)
ONE BRYANT PARK
(Street)
NEW YORK NEW YORK 10036
(City)(State)(Zip)
UNITED STATES
(Country)
Relationship of Reporting Person(s) to Issuer
DirectorX10% Owner
Officer (give title below)Other (specify below)
Explanation of Responses:
1. This statement is jointly filed by Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") (collectively, the "Reporting Persons"). Bank of America Corporation holds an indirect interest in the securities listed in this Report by virtue of its 100% ownership of its subsidiary Merrill Lynch. Each Reporting Person disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein, if any, and this report shall not be deemed an admission that any such Reporting Person is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Securities Exchange Act of 1934 (the "Exchange Act"), or for any other purpose.
2. 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 Exchange Act 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.
3. Without conceding its status as a greater than 10% beneficial owner or that the reported transactions are subject to disclosure under Section 16(a) of the Exchange Act or short-swing profit recovery under Section 16(b) of the Exchange Act, the amount of profit potentially recoverable by the Issuer from the reported transactions in the event that the Reporting Persons were greater than 10% beneficial owners and the transactions were subject to Section 16(b) will be remitted to the Issuer.
BANK OF AMERICA CORP /DE/ By: Its: Authorized Signatory Monica Yako07/20/2026
MERRILL LYNCH, PIERCE, FENNER & SMITH INC. By: Its: Authorized Signatory Monica Yako07/20/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR