SCHEDULE 13D/A: Bank of America Entities Cease Beneficial Ownership in BNY Mellon Municipal Income Preferred Shares Following Redemption

Bank of America Corporation and Banc of America Preferred Funding Corporation have reported ceasing beneficial ownership of Variable Rate MuniFund Term Preferred Shares of BNY Mellon Municipal Income, Inc. following a redemption.

Summary

• This Amendment No. 2 to Schedule 13D reports a change in ownership percentage for Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively the "Reporting Persons."
• The change resulted from the redemption of 1,209 Variable Rate MuniFund Term Preferred Shares, Series 2023-1 (VMTP Shares) of BNY Mellon Municipal Income, Inc. (the "Issuer").
• The redemption occurred on April 2, 2025, at a price equal to the liquidation preference and accumulated but unpaid dividends.
• As a result of this redemption, the Reporting Persons now own 0 VMTP Shares.
• Consequently, the Reporting Persons ceased to be the beneficial owner of more than five percent of the class of securities as of April 2, 2025.
• The Issuer had previously filed a Notice of Intention to Redeem Securities (N-23C-2) with the SEC on March 7, 2025.

Sentiment

Score: 5

Explanation: The filing is neutral, reporting a planned and completed transaction (redemption of shares) that results in the reporting entities ceasing beneficial ownership. There are no explicit positive or negative financial implications disclosed for the reporting entities in this specific document, nor any unexpected events.

Risks

• Bank of America Corporation and certain affiliates have been involved in civil proceedings and regulatory actions, some resulting in findings of violations of federal or state securities laws, as reported in BofA Securities Form BD.

Future Outlook

The document does not contain forward-looking statements or guidance beyond the completion of the reported transaction.

Industry Context

This filing reflects a specific investment decision by Bank of America entities to exit a position in a municipal income fund's preferred shares. It does not provide broad industry trends or competitive analysis, serving primarily as a routine disclosure of a change in beneficial ownership.

Legal Proceedings

• Bank of America Corporation and certain affiliates have been involved in civil proceedings and regulatory actions, some resulting in findings of violations of federal or state securities laws, as reported in BofA Securities Form BD.

Stakeholder Impact

• Shareholders (of BNY Mellon Municipal Income, Inc.): The redemption of preferred shares impacts the capital structure and potentially the dividend obligations of the Issuer.
• Shareholders (of Bank of America Corporation): The exit from this investment position is a minor portfolio adjustment and is unlikely to have a material impact on BAC's overall financial performance or shareholder value.

Key Dates

Keywords

Schedule 13D/A, SEC filing, Bank of America Corporation, Banc of America Preferred Funding Corporation, BNY Mellon Municipal Income Inc., Variable Rate MuniFund Term Preferred Shares, VMTP Shares, Beneficial Ownership, Redemption, Investment Exit, Fixed Income, Preferred Stock