Form 4: Bank of America Corp Reports Disposition of BNY Mellon Municipal Income Fund Shares

Bank of America Corp reports the disposition of 1,209 Variable Rate MuniFund Term Preferred Shares, Series 2023-1, held by its subsidiary Banc of America Preferred Funding Corporation, due to redemption by BNY Mellon Municipal Income, Inc.

Summary

• Bank of America Corp, through its subsidiary Banc of America Preferred Funding Corporation (PFC), disposed of 1,209 Variable Rate MuniFund Term Preferred Shares, Series 2023-1 of BNY Mellon Municipal Income, Inc.
• The shares were redeemed by the issuer on April 2, 2025.
• The redemption price included the liquidation preference and accumulated but unpaid dividends.
• The filing indicates that Bank of America Corporation held an indirect interest in the securities through its ownership of PFC.
• The report includes a joint filing agreement between Bank of America Corporation and Banc of America Preferred Funding Corporation.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing regarding a routine transaction (share redemption). It doesn't contain information that would significantly sway investor sentiment positively or negatively.

Industry Context

This filing reflects a routine transaction related to the redemption of preferred shares in a closed-end fund, which is a common occurrence in the investment management industry. Similar transactions are regularly reported by other financial institutions holding positions in such funds.

Comparison to Industry Standards

• Similar filings are common among financial institutions like JP Morgan Chase, Citigroup, and Wells Fargo, which often hold positions in various investment funds and are required to report changes in beneficial ownership.
• Redemption of preferred shares is a standard practice in the management of closed-end funds, comparable to actions taken by other fund managers like BlackRock or Franklin Templeton.

Stakeholder Impact

• The redemption of shares may have a minor impact on the fund's net asset value and dividend payouts to remaining shareholders.
• The transaction has no significant impact on Bank of America's overall financial position.

Key Dates

Keywords

BNY Mellon Municipal Income, Bank of America, Variable Rate MuniFund Term Preferred Shares, Share Redemption, Form 4, Disposition, Banc of America Preferred Funding Corporation