BANK OF AMERICA CORP /DE/ 4

What Happened
Bank of America Corporation (reported as a 10% owner, filing jointly with Merrill Lynch) executed a small round-trip trade in Putnam Managed Municipal Income Trust (PMM) stock. On 2026-07-16 it sold 437 shares at $6.54 each (proceeds ~$2,856). On 2026-07-17 it purchased 437 shares at $6.54 each (cost ~$2,858). Both transactions were reported on a Form 4 filed 2026-07-20.

Key Details

• Transactions: 2026-07-16 — Sale (S) 437 shares @ $6.54 (≈ $2,856); 2026-07-17 — Purchase (P) 437 shares @ $6.54 (≈ $2,858).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Filing date: Form 4 filed 2026-07-20 reporting the 7/16–7/17 transactions.
• Footnotes: Joint filing by Bank of America and Merrill Lynch; Bank of America holds the interest indirectly via Merrill Lynch and disclaims beneficial ownership except to the extent of any pecuniary interest. The filing also states, without conceding >10% status, that any short-swing profits potentially recoverable under Section 16(b) would be remitted to the issuer.
• Transaction codes: S = Sale, P = Purchase. No options, gifts, or tax-withholding noted.

Context
This is an institutional, small-dollar round-trip (about $2.9k each way) rather than an officer/director trade. Purchases generally attract more attention as potential bullish signals, but here the near-identical sale and repurchase on consecutive days suggest a routine or technical trade rather than a clear change in insider sentiment. The filing includes standard disclaimers about beneficial ownership and Section 16 implications.