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

Bank of America Corporation, through its subsidiary Banc of America Preferred Funding Corporation, disposed of 1,854 Variable Rate Demand Preferred Shares of BlackRock Municipal Income Fund due to a redemption by the issuer.

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 disposition of 1,854 Variable Rate Demand Preferred Shares (VRDP Shares) of BlackRock Municipal Income Fund, Inc. (MUI).
• The shares were redeemed by the issuer on September 27, 2024.
• The redemption price included the liquidation preference and accumulated but unpaid dividends.
• PFC, a wholly-owned subsidiary of Bank of America Corporation, held the beneficially owned shares.
• Both Bank of America Corporation and PFC are jointly filing the statement.
• They are analyzing additional trading activity and expect to file another Form 4 soon.
• The filing includes a joint filing agreement as an exhibit.

Sentiment

Score: 6

Explanation: The document is a standard regulatory filing related to a previously announced redemption. It doesn't contain overtly positive or negative information, hence a neutral sentiment score.

Future Outlook

Bank of America Corporation and Banc of America Preferred Funding Corporation are analyzing additional trading activity and expect to file another Form 4 as promptly as reasonably practicable once that analysis is complete.

Industry Context

This filing reflects a change in holdings of BlackRock Municipal Income Fund shares by a major financial institution. It could be indicative of broader portfolio adjustments or strategic decisions regarding municipal bond investments.

Stakeholder Impact

• Shareholders of BlackRock Municipal Income Fund may be affected by the redemption of the VRDP shares.
• The redemption impacts Banc of America Preferred Funding Corporation's investment portfolio.

Next Steps

• Bank of America Corporation and Banc of America Preferred Funding Corporation will file another Form 4 to report additional trading activity.

Key Dates