AI Analyst Brief
conf: high
BofA holds 100% of FMN's Variable Municipal Term Preferred Shares (1,147 shares total), a structured preferred class in a closed-end muni fund — this is almost certainly a custodial/dealer position tied to the preferred share issuance mechanics, not an activist stake. The 13D form designation is likely triggered by the 100% ownership threshold of that specific share class, not any control intent.