Form 4: Bank of America Corp Disposes of Invesco Pennsylvania Value Municipal Income Trust Shares

Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corporation, jointly report the disposal of 450 Series 2015/6 VPV Variable Rate Muni Term Preferred Shares due to a redemption by the issuer.

Summary

• Bank of America Corporation, along with its subsidiary Banc of America Preferred Funding Corporation, filed a Form 4 detailing changes in beneficial ownership.
• The filing reports the disposal of 450 Series 2015/6 VPV Variable Rate Muni Term Preferred Shares.
• These shares were held by Banc of America Preferred Funding Corporation and were redeemed by Invesco Pennsylvania Value Municipal Income Trust on December 2, 2024.
• The redemption was for the liquidation preference and accumulated but unpaid dividends.
• Bank of America Corporation indirectly held these shares through its subsidiary.
• Both entities are analyzing additional trading activity and expect to file another Form 4 soon.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a planned redemption of shares, with no indication of positive or negative sentiment.

Risks

• The document indicates that further analysis of trading activity is ongoing, which could lead to additional filings and potential changes in ownership.

Future Outlook

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

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership, which is common in the financial industry. It reflects the ongoing management of investment portfolios by large financial institutions.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders and major shareholders in publicly traded companies.
• The redemption of preferred shares is a common corporate action, and the disclosure of such transactions is consistent with regulatory requirements.
• The joint filing by Bank of America Corporation and its subsidiary is also a standard practice when multiple entities within a corporate group have reporting obligations.

Stakeholder Impact

• The redemption of shares impacts the ownership structure of Invesco Pennsylvania Value Municipal Income Trust.
• Shareholders may see a slight change in the number of outstanding shares.

Next Steps

• Bank of America Corporation and Banc of America Preferred Funding Corporation will continue to analyze trading activity.
• They expect to file another Form 4 as soon as reasonably practicable.

Key Dates

Keywords

Form 4, Beneficial Ownership, Redemption, Variable Rate Muni Term Preferred Shares, Invesco Pennsylvania Value Municipal Income Trust, Bank of America Corporation, Banc of America Preferred Funding Corporation