Form 4: Bank of America Corp and Merrill Lynch Report Changes in Beneficial Ownership of Putnam Managed Municipal Income Trust

Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly report changes in their beneficial ownership of Putnam Managed Municipal Income Trust shares, involving both acquisitions and disposals.

Summary

• Bank of America Corporation and Merrill Lynch, Pierce, Fenner & Smith Incorporated jointly filed a report detailing changes in their beneficial ownership of Putnam Managed Municipal Income Trust common stock.
• On January 10, 2025, they acquired 16,585 shares at a price of $6.02 per share.
• They also disposed of a total of 11,235 shares through multiple transactions at a price of $6.00 per share.
• The transactions resulted in a net decrease in their holdings, with the final reported indirect beneficial ownership at 0 shares.
• The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 5

Explanation: The document is a neutral report of transactions, with no indication of positive or negative sentiment. It is a routine filing.

Management Comments

• The Reporting Persons disclaim beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.
• The Reporting Persons declare that neither the filing of this statement nor anything herein shall be construed as an admission that such person is acting as a group for the purpose of acquiring, holding or disposing of securities of the Issuer.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership, which is common for large financial institutions holding significant positions in publicly traded companies. It reflects normal trading activity and portfolio management.

Comparison to Industry Standards

• The reporting of changes in beneficial ownership is a standard practice for entities holding more than 5% of a company's shares, as mandated by the SEC.
• Similar filings are regularly made by other large financial institutions such as BlackRock, Vanguard, and State Street when their holdings in various companies change.
• The transactions reported are typical of portfolio adjustments made by large investment firms.

Stakeholder Impact

• The transactions may have a minor impact on the share price of Putnam Managed Municipal Income Trust, but the overall impact is likely to be minimal given the size of the transactions relative to the total market capitalization.

Key Dates

Keywords

beneficial ownership, securities, common stock, transactions, Putnam Managed Municipal Income Trust, Bank of America Corporation, Merrill Lynch