Form 4: Bank of America Corp Reports Disposal of Invesco Advantage Municipal Income Trust II Shares

Bank of America Corp reports the disposal of 324 Variable Rate Muni Term Preferred Shares of Invesco Advantage Municipal Income Trust II by its subsidiary, Banc of America Preferred Funding Corporation, due to redemption by the issuer.

Summary

• Bank of America Corporation, through its subsidiary Banc of America Preferred Funding Corporation (PFC), disposed of 324 Variable Rate Muni Term Preferred Shares (VMTP Shares) of Invesco Advantage Municipal Income Trust II on May 31, 2024.
• The shares were redeemed by Invesco Advantage Municipal Income Trust II at a price of $100,373.72 per share, which includes a liquidation preference of $100,000.00 and final accumulated but unpaid dividends of $373.72.
• Following the transaction, Bank of America Corporation, through its subsidiary PFC, holds 1,836 shares indirectly.
• Bank of America Corporation and PFC have jointly filed a statement and are analyzing additional trading activity, with plans to file another Form 4.
• The filing includes a joint filing agreement, ensuring compliance with the Securities Exchange Act of 1934.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the document primarily reports a routine transaction (redemption of shares) and doesn't indicate any significant positive or negative implications for the company or its stakeholders.

Future Outlook

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

Industry Context

This announcement reflects routine transactions related to closed-end fund shares and is typical for institutions holding significant positions in such securities. Redemptions are a common mechanism for managing the capital structure of these funds.

Stakeholder Impact

• Shareholders of Invesco Advantage Municipal Income Trust II may experience minor changes in the fund's capital structure due to the redemption.
• The redemption provides liquidity to Banc of America Preferred Funding Corporation.

Next Steps

• Bank of America Corporation and PFC will continue to analyze additional trading activity.
• They expect to file another Form 4 as promptly as reasonably practicable.

Key Dates