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

Bank of America Corporation and its subsidiaries report transactions involving 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 with the SEC.
• The filing reports changes in beneficial ownership of AllianceBernstein National Municipal Income Fund (AFB).
• BAPFC redeemed 5,754 Variable Rate Muni Term Preferred Shares (VMTP Shares) at a price of $25,014.5833003128259 per share on June 6, 2024.
• BofA Securities Inc. disposed of 1,600 shares of common stock on June 6, 2024, at $10.89 per share and acquired 1,600 shares of common stock on June 7, 2024, at $10.87 per share.
• The filing indicates that the reporting persons are still analyzing additional trading activity and expect to file another Form 4.
• The filing includes a joint filing agreement among Bank of America Corporation, BAPFC, and BofA Securities Inc.

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 soon as reasonably practicable.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership by a major financial institution in a publicly traded fund, which is common in the investment management industry.

Comparison to Industry Standards

• Form 4 filings are standard practice for entities holding more than 10% 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 ownership positions in publicly traded companies change.

Stakeholder Impact

• Shareholders of AllianceBernstein National Municipal Income Fund are informed of changes in ownership by major stakeholders.
• The redemption of VMTP Shares impacts the capital structure of the fund.

Next Steps

• Bank of America Corporation, BAPFC, and BofA Securities Inc. will continue to analyze trading activity.
• Another Form 4 is expected to be filed.

Key Dates