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

Bank of America Corp, through its subsidiary Banc of America Preferred Funding Corporation, disposed of 3,763 shares of BlackRock Municipal Income Fund's Variable Rate Demand Preferred Shares on August 7, 2024.

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 disposal of 3,763 Variable Rate Demand Preferred Shares (VRDP Shares) of BlackRock Municipal Income Fund, Inc. (MUI) by PFC on August 7, 2024.
• The shares were redeemed by the issuer at a price of $100,071.4754105766675 per share, which includes a liquidation preference and unpaid dividends.
• PFC is a wholly-owned subsidiary of Bank of America Corporation, giving Bank of America an indirect interest in the disposed securities.
• Both Bank of America Corporation and PFC have signed a joint filing agreement.
• 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.

Sentiment

Score: 5

Explanation: Neutral sentiment as this is a standard disclosure of a transaction. The transaction itself is a planned redemption, not necessarily indicative of a negative outlook.

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 when insiders or major shareholders of a publicly traded company buy or sell the company's securities; this filing indicates a change in Bank of America's holdings in BlackRock Municipal Income Fund.

Stakeholder Impact

• Shareholders of BlackRock Municipal Income Fund may be affected by the redemption of preferred shares.
• The redemption impacts Bank of America's investment portfolio.

Next Steps

• Bank of America and Banc of America Preferred Funding Corporation will file another Form 4 once their analysis of additional trading activity is complete.

Key Dates