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BAC Files Form 3: 350 Preferred Shares in BlackRock Municipal Credit Alpha

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Bank of America Corporation and its subsidiary Banc of America Preferred Funding Corp filed a Form 3 reporting initial ownership of preferred shares in BlackRock Municipal Credit Alpha Portfolio, Inc. (Ticker: MUNEX). The filing shows Banc of America Preferred Funding Corp purchased 350 variable rate demand preferred shares from the issuer at a stated purchase price of $100,000 per share, and Banc of America is reported as an indirect holder through its wholly owned subsidiary. The statement is jointly filed by Bank of America and the subsidiary and is signed by an authorized signatory on 09/24/2025. The filing notes that the reporting parties do not admit to forming a group for purposes of Section 13(d).

Positive

  • Clear disclosure of reporting persons and addresses for Bank of America and its subsidiary
  • Specific transaction details provided: 350 shares acquired at $100,000 per share
  • Joint filing clarifies relationship between Bank of America and its wholly owned subsidiary

Negative

  • No indication of any control intent but also no further context about purpose of the holding
  • Limited detail on whether the shares carry voting rights or specific economic terms beyond price

Insights

TL;DR: A major bank and its funding affiliate disclose a sizeable initial preferred position in a BlackRock closed-end fund, recorded as indirect ownership.

The filing documents an initial acquisition of 350 variable rate demand preferred shares of BlackRock Municipal Credit Alpha Portfolio, Inc. by Banc of America Preferred Funding Corp at $100,000 per share, indicating a sizeable notional exposure of $35,000,000. Bank of America reports indirect beneficial ownership via its wholly owned subsidiary and files jointly. This is a routine Section 16 disclosure of beneficial ownership rather than an operational or governance change. The explicit declaration that the parties do not constitute a group under Section 13(d) clarifies they are not taking a coordinated control position.

TL;DR: The Form 3 is a standard initial ownership disclosure with clear attribution to subsidiary holdings and a clause disclaiming group formation.

The report properly identifies the reporting persons, the issuer (MUNEX), the class of securities (variable rate demand preferred shares), the amount (350 shares), and the transaction terms (purchase price of $100,000 per share). Joint filing by the parent and subsidiary is noted, and the filing includes the typical non-admission clause relating to Section 13(d). From a governance perspective, there are no indicated officer or director control actions within this filing; it records a financing/investment position held indirectly.

Insider BANK OF AMERICA CORP /DE/, Banc of America Preferred Funding Corp
Role 10% Owner | 10% Owner
Type Security Shares Price Value
holding VARIABLE RATE DEMAND PREFERRED SHARES -- -- --
Holdings After Transaction: VARIABLE RATE DEMAND PREFERRED SHARES — 350 shares (Indirect, By Subsidiary)
Footnotes (3)
  1. F1. The 350 variable rate demand preferred shares ("Shares") reported as acquired in Table I represent Shares of BlackRock Municipal Credit Alpha Portfolio, Inc. (the "Issuer") beneficially owned by Banc of America Preferred Funding Corporation ("PFC"). The Shares were purchased by PFC from the Issuer. The Shares were acquired for a purchase price of $100,000 per share. PFC is a wholly owned subsidiary of Bank of America Corporation ("Bank of America").
  2. F2. This statement is jointly filed by Bank of America and PFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary PFC.
  3. 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 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.

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FAQ

What did Bank of America report on Form 3 for BAC?
The filing reports that Banc of America Preferred Funding Corp, a wholly owned subsidiary of Bank of America, acquired 350 variable rate demand preferred shares of BlackRock Municipal Credit Alpha Portfolio, Inc. (Ticker: MUNEX) at $100,000 per share.

When was the event requiring the Form 3 recorded?
The Date of Event Requiring Statement is listed as 09/17/2025, and the Form 3 is signed on 09/24/2025.

Does Bank of America claim to be acting as a group under Section 13(d)?
No. The filing explicitly states the reporting persons do not admit that the filing constitutes acting together as a group for purposes of Section 13(d).

How much notional exposure does the filing imply?
Based on the disclosed price and quantity, the acquisition represents a notional amount of $35,000,000 (350 shares × $100,000 per share).

Who signed the Form 3?
The Form 3 is signed by Andres Ortiz, Authorized Signatory for the reporting persons on 09/24/2025.
SEC Form 3
FORM 3 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0104
Estimated average burden
hours per response: 0.5
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
2. Date of Event Requiring Statement (Month/Day/Year)
09/17/2025 		3. Issuer Name and Ticker or Trading Symbol
BlackRock Municipal Credit Alpha Portfolio, Inc. [ MUNEX ]
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
5. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
VARIABLE RATE DEMAND PREFERRED SHARES 350(1) I(2) By Subsidiary(2)(3)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year) 3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
BANK OF AMERICA CORP /DE/
(Last) (First) (Middle)
BANK OF AMERICA CORPORATE CENTER
100 N TRYON ST
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Banc of America Preferred Funding Corp
(Last) (First) (Middle)
214 NORTH TRYON STREET
(Street)
CHARLOTTE NC 28255
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The 350 variable rate demand preferred shares ("Shares") reported as acquired in Table I represent Shares of BlackRock Municipal Credit Alpha Portfolio, Inc. (the "Issuer") beneficially owned by Banc of America Preferred Funding Corporation ("PFC"). The Shares were purchased by PFC from the Issuer. The Shares were acquired for a purchase price of $100,000 per share. PFC is a wholly owned subsidiary of Bank of America Corporation ("Bank of America").
2. This statement is jointly filed by Bank of America and PFC. Bank of America holds an indirect interest in the securities listed in Table I (the "Securities") by virtue of its indirect ownership of its subsidiary PFC.
3. 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.
/s/ Andres Ortiz, Authorized Signatory 09/24/2025
/s/ Andres Ortiz, Authorized Signatory 09/24/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR