BANK OF AMERICA CORP /DE/ 4
4 · Federated Hermes Premier Municipal Income Fund · Filed Apr 6, 2026
Research Summary
AI-generated summary of this filing
Federated Hermes (FMN) 10% Owner Bank of America Redeems 200 Pref Shares
What Happened
Bank of America Corporation (reporting as a 10% owner) reported the disposition of 200 Variable Rate Municipal Preferred Shares (VMTPS) of Federated Hermes Premier Municipal Income Fund (FMN). The 200 shares were redeemed by the issuer on April 2, 2026; the Form 4 lists the transaction price as N/A because the redemption was for the liquidation preference plus accumulated but unpaid dividends per the issuer’s March 30, 2026 Notice of Intention to Redeem (N-23C-2). This is a redemption (issuer-initiated disposition), not an open-market sale or a purchase.
Key Details
- Transaction date: April 2, 2026 (reported on Form 4 filed April 6, 2026).
- Security: 200 Variable Rate Municipal Preferred Shares (VMTPS). Transaction code: J (other acquisition or disposition). Price shown as N/A on Form 4; redemption price described in issuer notice as liquidation preference plus accumulated unpaid dividends.
- Shares owned after transaction: not specified in the filing.
- Reporting parties: Banc of America Preferred Funding Corporation (BAPFC) held the shares and was the direct holder; BAPFC is a wholly owned subsidiary of Bank of America Corporation. The statement is jointly filed by Bank of America Corporation and PFC.
- Additional note: Filing includes a customary declaration that the filers are not admitting to being part of a group under Section 13(d).
Context
This is an institutional redemption of preferred shares by the issuer, not a trading decision by an individual executive. Redemptions return capital to the holder at the stated liquidation preference and accrued dividends; because the funds announced the redemption in advance (March 30, 2026), this transaction is routine and driven by the issuer’s action rather than Bank of America’s market timing.
Insider Transaction Report
- Other
Variable Municipal Term Preferred Shares
[F1][F2][F3]2026-04-02−200→ 1,147 total(indirect: See Footnotes)
Footnotes (3)
- [F1]The 200 Variable Rate Municipal Preferred Shares (VMTPS Shares) reported as disposed of in Table I represent shares that were beneficially owned by Banc of America Preferred Funding Corporation (BAPFC). The 200 VMTPS Shares held by BAPFC were redeemed by the Issuer on April 2, 2026, 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 March 30, 2026, for a redemption price of the liquidation preference and accumulated but unpaid dividends. BAPFC is a wholly owned subsidiary of Bank of America Corporation.
- [F2]This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC.
- [F3]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 Section13(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.