PMM PUTNAM MANAGED MUNICIPAL INCOME TRUST Insider Trading

Bank of America Corp (10% owner) completed 22 separate sales totaling 16,585 shares at $6.00 for $99,510.00, offsetting concurrent purchase of 16,585 shares at $6.02 for $99,841.70 on PMM.

Bank of America's Form 4 filing shows 22 separate sales totaling 16,585 shares for $99,510.00, paired with a single purchase of 16,585 shares at $6.02 for $99,841.70, executed on the same date with zero net holdings post-transaction. The transaction occurred at a price point within the stock's 52-week range ($5.84–$6.58) and notably above the current price of $6.00, with the stock down 4.5% over the prior 30 days and 7.0% over 90 days. Across Bank of America's cross-ticker open-market history, the insider's prior 8 sells averaged a 30-day return of -15.7%, which is consistent with the negative price momentum observed in this period; however, this filing itself represents a net-neutral position closure rather than a conviction signal.

10% owner Bank of America sold entire 3,694-share PMM stake (11 sales totaling 14,365 shares for $107.1K) from 2013–2017.

Bank of America, a 10% owner of Putnam Managed Municipal Income Trust, filed Form 4 disclosing a pattern of liquidation activity spanning 2013–2017. Across the filing period, the filer executed 11 sales totaling 14,365 shares for $107,134.80 and 19 purchases totaling 10,671 shares for $79,306.33, with holdings ending at 0 shares post-transaction—a complete exit. The sales concentrated activity in three distinct windows (Mar 2013, Apr 2014, Jan–Jun 2015, May 2016, Sep 2017), while purchases occurred in mixed clusters, often offsetting or trailing sales by days to weeks. The cumulative net result is liquidation of the entire 3,694-share pre-transaction position. At current price of $6.05, the stock has declined 8.0% from its 52-week high and remains near the lower bound of the 52-week range ($5.84–$6.58), providing context for evaluating whether the exit reflected conditions at the time of the trades or foreshadowed subsequent weakness. The filer's cross-ticker track record shows modest returns (avg 30d return of -2.4% after prior buys, -1.8% after prior sells), offering no evidence of superior market timing acumen specifically at this ticker.