Form 4: Bank of America SEC Form 4 Filing for VKI

Bank of America Corporation and Merrill Lynch reported a routine purchase and sale of Invesco Advantage Municipal Income Trust II shares.

Summary

• Bank of America Corporation and its subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated, filed a Form 4 regarding transactions in Invesco Advantage Municipal Income Trust II (VKI).
• The reporting persons acquired 3,359 shares of common stock at a price of $8.68 per share on April 2, 2026.
• On the same date, the reporting persons disposed of the same 3,359 shares at the same price of $8.68 per share.
• The transactions resulted in a net change of zero in the beneficial ownership of the issuer's securities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing with no impact on the company's fundamental outlook.

Positives

• The transaction was executed at a neutral price point with no net change in position, indicating standard market-making or hedging activity rather than a directional bet.

Negatives

• The filing reflects administrative activity that does not signal a change in investment sentiment toward the issuer.

Risks

• The reporting persons note that they do not concede their status as greater than 10% beneficial owners, leaving potential for future regulatory scrutiny regarding Section 16 compliance.

Future Outlook

No specific forward-looking guidance or strategic outlook was provided in this regulatory disclosure.

Management Comments

• The reporting persons disclaim beneficial ownership except to the extent of their pecuniary interest.
• The reporting persons state that the filing is not an admission of acting as a group for the purpose of acquiring or disposing of securities.

Industry Context

StockSavvy.ai notes that this is a standard regulatory disclosure for large financial institutions acting as market makers or custodians, which frequently results in offsetting trades that do not reflect fundamental investment shifts.

Comparison to Industry Standards

• The filing follows standard SEC Section 16 reporting requirements for institutional investors holding significant positions in closed-end funds.
• The use of a Joint Filing Agreement is consistent with industry practice for parent-subsidiary reporting entities.

Corporate Governance

Related Party Transactions

• The filing discloses the relationship between Bank of America Corporation and its subsidiary, Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Stakeholder Impact

• Minimal impact on shareholders as the transactions resulted in no net change in beneficial ownership.

Next Steps

• Continued monitoring of institutional ownership filings for VKI.

Key Dates

Keywords

VKI, Invesco, Bank of America, Merrill Lynch, Form 4, Municipal Income Trust, Beneficial Ownership