Form 4: Bank of America Corp Discloses Changes in Ownership of AllianceBernstein National Municipal Income Fund

Bank of America Corporation and its subsidiaries report the disposal of Variable Rate Muni Term Preferred Shares and Common Stock of AllianceBernstein National Municipal Income Fund.

Summary

• Bank of America Corporation, along with its subsidiaries Banc of America Preferred Funding Corporation (BAPFC) and BofA Securities Inc., filed a Form 4 detailing changes in beneficial ownership of AllianceBernstein National Municipal Income Fund (AFB).
• BAPFC disposed of 5,754 Variable Rate Muni Term Preferred Shares (VMTP Shares) which were redeemed by the Issuer on June 06, 2024.
• The redemption price was $25,014.5833003128259 per share, including a liquidation preference of $25,000.00 and unpaid dividends of $14.5833003128259.
• Additionally, BofA Securities Inc. disposed of 1,600 shares of Common Stock on June 06, 2024, at a price of $10.89 per share.
• BofA Securities Inc. disposed of another 1,600 shares of Common Stock on June 07, 2024, at a price of $10.87 per share.
• The filing indicates that the reporting persons are analyzing additional trading activity and expect to file another Form 4 soon.
• The entities have a joint filing agreement in place, effective as of June 10, 2024.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing transactions, with no inherent positive or negative sentiment.

Future Outlook

The reporting persons are analyzing additional trading activity and expect to file another Form 4 as promptly as reasonably practicable once that analysis is complete.

Industry Context

Form 4 filings are standard disclosures required by the SEC to provide transparency regarding the transactions of company insiders and major shareholders, ensuring fair market practices.

Stakeholder Impact

• The disposal of shares by Bank of America and its subsidiaries may influence the market perception and trading activity of AllianceBernstein National Municipal Income Fund.

Next Steps

• Bank of America Corporation, BAPFC, and BofA Securities Inc. will file another Form 4 to reflect additional trading activity.

Key Dates