Form 4: Bank of America Corp Disposes of BlackRock Municipal Income Fund Shares

Bank of America Corporation, through its subsidiary Banc of America Preferred Funding Corporation, disposed of 1,854 Variable Rate Demand Preferred Shares of BlackRock Municipal Income Fund, Inc. due to a redemption by the issuer.

Summary

• Bank of America Corporation, along with its subsidiary Banc of America Preferred Funding Corporation (PFC), filed a Form 4 with the SEC.
• The filing reports the disposition of 1,854 Variable Rate Demand Preferred Shares (VRDP Shares) of BlackRock Municipal Income Fund, Inc. (MUI).
• The shares were redeemed by the issuer on September 27, 2024.
• The redemption price included the liquidation preference and accumulated but unpaid dividends.
• PFC is a wholly-owned subsidiary of Bank of America Corporation.
• Both Bank of America Corporation and PFC are jointly filing the statement.
• They are analyzing additional trading activity and expect to file another Form 4 soon.
• The filing includes a joint filing agreement as an exhibit.

Sentiment

Score: 6

Explanation: The document reports a standard transaction (redemption of shares). It's neutral from an investment perspective, as it reflects a planned event rather than an unexpected change in the company's financial health or strategy.

Future Outlook

Bank of America Corporation and Banc of America Preferred Funding Corporation are analyzing additional trading activity and expect to file another Form 4 as soon as reasonably practicable.

Industry Context

This filing reflects a routine transaction related to the redemption of preferred shares in a municipal income fund, which is a common occurrence in the investment management industry. It indicates portfolio adjustments by a major financial institution.

Stakeholder Impact

• Shareholders of BlackRock Municipal Income Fund may experience minor adjustments in the fund's composition due to the share redemption.
• The redemption has a limited impact on Bank of America Corporation, as it represents a routine portfolio adjustment.

Next Steps

• Bank of America Corporation and Banc of America Preferred Funding Corporation will file another Form 4 to report additional trading activity.

Key Dates