Form 4: Bank of America Corp Reports Redemption of Federated Hermes Premier Municipal Income Fund Shares

Bank of America Corp reports the redemption of Variable Rate Municipal Term Preferred Shares held by its subsidiary, Banc of America Preferred Funding Corp, in Federated Hermes Premier Municipal Income Fund.

Summary

• Bank of America Corp, along with its subsidiary Banc of America Preferred Funding Corporation (PFC), filed a Form 4 with the SEC.
• The filing reports the redemption of 425 Variable Rate Municipal Term Preferred Shares (VMTP Shares) of Federated Hermes Premier Municipal Income Fund (FMN) by PFC.
• The redemption occurred on October 17, 2024.
• The shares were redeemed by the Issuer on October 17, 2024, as described in the Notice of Intention to Redeem Securities, N-23C-2, filed by Federated Hermes Premier Municipal Income Fund with the SEC on October 16, 2024, for a redemption price of the liquidation preference and accumulated but unpaid dividends.
• Following the transaction, Bank of America Corporation indirectly holds 1,347 VMTP Shares.
• Both Bank of America Corporation and PFC have signed a joint filing agreement.

Sentiment

Score: 7

Explanation: The document reports a routine transaction (redemption of shares). The sentiment is neutral as it reflects standard financial activity.

Future Outlook

Each reporting person is currently 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 routine transactions related to holdings in municipal income funds, which are common investments for large financial institutions like Bank of America.

Stakeholder Impact

• The redemption may have a minor impact on the fund's asset base, but is unlikely to significantly affect shareholders.

Next Steps

• Bank of America Corporation and PFC are analyzing additional trading activity and expect to file another Form 4.

Key Dates