BANK OF AMERICA CORP /DE/ 4
4 · Eaton Vance Senior Floating-Rate Trust · Filed Jun 2, 2026
Research Summary
AI-generated summary of this filing
Eaton Vance (EFR) 10% Owner Bank of America Sells 614 Preferred Shares
What Happened
- Bank of America Corporation (jointly filing with Bank of America, N.A. (BANA), a wholly owned subsidiary) reported the disposition of 614 Auction Preferred Shares (APS) of Eaton Vance Senior Floating‑Rate Trust (EFR).
- The 614 APS (Series A, B, C, D; CUSIPs 27828Q204 / 27828Q303 / 27828Q402 / 27828Q501) were redeemed by the issuer on May 29, 2026 under a previously announced tender offer. Redemption price was 98% of the $25,000 liquidation preference ($24,500 per share) plus any unpaid APS dividends — resulting in aggregate proceeds of approximately $15,043,000 (plus accrued dividends).
Key Details
- Transaction date: 2026-05-29; Form 4 filed: 2026-06-02 (period of report: 2026-05-29). The filing does not indicate timeliness status.
- Transaction type/code: "Other acquisition or disposition (J)" in the filing; footnote clarifies these were issuer redemptions under the tender offer.
- Shares disposed: 614 APS (broken out on the filing as 101, 194, 127, and 192 shares). Price per share: $24,500 (98% of $25,000) plus accrued dividends. Approximate total proceeds: $15.04M (before/plus any accrued dividends).
- Ownership after transaction: the filing lists the dispositions; it does not specify remaining APS holdings for Bank of America/BANA in the Form 4.
- Filing parties: joint statement by Bank of America Corporation and BANA; BANA beneficially owned the APS and is a wholly owned subsidiary of Bank of America.
Context
- These were institutional redemptions of high‑denomination auction preferred shares (each with a $25,000 liquidation preference), executed via the issuer’s tender offer — not open‑market sales by an executive.
- As a 10% owner and not an individual officer/director, this transaction reflects institutional redemption activity rather than a personal trade signal.
- The tender offer that enabled the redemption was disclosed by Eaton Vance Senior Floating‑Rate Trust (tender offer filed April 4, 2026 and amended June 1, 2026).
Insider Transaction Report
Form 4Exit
BANK OF AMERICA CORP /DE/
10% Owner
Transactions
- Other
Auction Preferred Shares
[F1][F2][F3]2026-05-29−101→ 513 total(indirect: See Footnotes) - Other
Auction Preferred Shares
[F1][F2][F3]2026-05-29−194→ 319 total(indirect: See Footnotes) - Other
Auction Preferred Shares
[F1][F2][F3]2026-05-29−127→ 192 total(indirect: See Footnotes) - Other
Auction Preferred Shares
[F1][F2][F3]2026-05-29−192→ 0 total(indirect: See Footnotes)
Footnotes (3)
- [F1]The 614 Auction Preferred Shares, Series A, B, C, and D "APS" (CUSIP number: 27828Q204, 27828Q303, 27828Q402, 27828Q501) reported as disposed of in Table I represent shares that were beneficially owned by BANK OF AMERICA NA (BANA). The 614 ARS Shares held by BANA were redeemed by the Issuer on May 29, 2026, as described in the Tender Offer Statement Under Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934, filed by Eaton Vance Senior Floating-Rate Trust with the SEC on April 04, 2026, and amended on Junes 01, 2026, at a price per share equal to 98% of the APS liquidation preference of $25,000 per share (or $24,500 per share), plus any unpaid APS dividends accrued through the expiration date of the Tender Offer. BANA is a wholly owned subsidiary of Bank of America Corporation.
- [F2]This statement is jointly filed by Bank of America Corporation and BANA. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of BANA.
- [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.