Form 4: Bank of America Corp. Disposes of Invesco Trust Muni Preferred Shares

Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corporation, jointly report the disposal of 440 Series 2015/6 Variable Rate Muni Term Preferred Shares of Invesco Trust for Investment Grade New York Municipals.

Summary

• Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corporation, have jointly filed a Form 4.
• The filing reports the disposal of 440 Series 2015/6 Variable Rate Muni Term Preferred Shares (VMTP Shares) of Invesco Trust for Investment Grade New York Municipals.
• These shares were held by Banc of America Preferred Funding Corporation (PFC), a wholly-owned subsidiary of Bank of America Corporation.
• The 440 VMTP Shares were redeemed by the Issuer on December 2, 2024.
• The redemption price was the liquidation preference and accumulated but unpaid dividends.
• Bank of America Corporation held an indirect interest in these securities through its ownership of PFC.
• Both entities are analyzing additional trading activity and expect to file another Form 4 soon.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing, indicating a neutral event. There are no indications of positive or negative sentiment, it is simply a report of a transaction.

Risks

• The document indicates that further analysis of trading activity is ongoing, which could lead to additional filings and potential market reactions.

Future Outlook

The reporting persons are analyzing additional trading activity and expect to file another Form 4 as promptly as reasonably practicable.

Management Comments

• Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.

Industry Context

This filing is a routine disclosure of changes in beneficial ownership, which is common in the financial industry. It reflects the ongoing management of investment portfolios by large financial institutions like Bank of America.

Comparison to Industry Standards

• Form 4 filings are a standard requirement for reporting changes in beneficial ownership by insiders and large shareholders, as mandated by the SEC.
• The redemption of preferred shares is a common practice in the management of closed-end funds like Invesco Trust for Investment Grade New York Municipals.
• Other large financial institutions such as JP Morgan Chase and Goldman Sachs also regularly file similar forms when they adjust their holdings in various securities.

Stakeholder Impact

• The redemption of preferred shares may impact the yield and returns for other holders of the same class of shares.
• The filing provides transparency to shareholders regarding the ownership changes of the company's securities.

Next Steps

• Bank of America Corporation and Banc of America Preferred Funding Corporation will continue to analyze trading activity.
• They expect to file another Form 4 as soon as reasonably practicable.

Key Dates

Keywords

Form 4, Beneficial Ownership, Invesco Trust, Municipal Bonds, Preferred Shares, Bank of America, Redemption, Securities Exchange Act