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Form 11-K BANK OF AMERICA CORP For: Dec 31

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June 23, 2021 2:38 PM EDT






UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
FOR ANNUAL REPORTS OF EMPLOYEE STOCK
PURCHASE SAVINGS AND SIMILAR PLANS
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020
OR
☐TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-6523

_________________________________
                                        
A.
Full title of the plan and the address of the plan, if different from that of the issuer named below:
The Bank of America 401(k) Plan
B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
Bank of America Corporation
Bank of America Corporate Center
Charlotte, NC 28255











Financial Statements and Report of
Independent Registered Public Accounting Firm
The Bank of America 401(k) Plan
December 31, 2020 and 2019
TABLE OF CONTENTS


All other schedules required by Section 2520.103-10 of the U.S. Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.





















Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of The Bank of America 401(k) Plan

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of The Bank of America 401(k) Plan (the “Plan”) as of December 31, 2020 and December 31, 2019 and the related statement of changes in net assets available for benefits for the year ended December 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and December 31, 2019, and the changes in net assets available for benefits for the year ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.





























Supplemental Information

The supplemental schedule of assets (held at end of year) as of December 31, 2020 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.


/s/ PricewaterhouseCoopers LLP
Charlotte, North Carolina
June 23, 2021

We have served as the Plan’s auditor since 2021.


2

The Bank of America 401(k) Plan
Statements of Net Assets Available for Benefits
December 31, 2020 and 2019
2020
2019
Assets
Investments, at fair value (Notes 2 and 5)$41,870,055,288 $37,847,283,125 
Plan interest in the Stable Value Master Trust, at contract value (Note 4)5,985,858,175 5,353,230,482 
Total investments47,855,913,463 43,200,513,607 
Accrued dividends and interest receivable815,164 1,082,984 
Employer contribution receivable490,631,577 459,516,126 
Participant contribution receivable23,754,766 22,840,291 
Participant notes receivable (Notes 1 and 2)637,183,541 678,893,982 
Other receivable5,047,836 5,115,893 
Total assets49,013,346,347 44,367,962,883 
Liabilities
Other payables713,098 1,000,820 
Total liabilities713,098 1,000,820 
Net assets available for benefits$49,012,633,249 $44,366,962,063 







The accompanying notes are an integral part of these financial statements.

3

The Bank of America 401(k) Plan
Statement of Changes in Net Assets Available for Benefits
Year Ended December 31, 2020
Additions to net assets available for benefits attributed to:
Investment income
Net appreciation in fair value of investments$4,557,967,077 
Interest and dividends213,385,031 
Other income4,033,189 
Total non-Master Trust investment income4,775,385,297
Plan interest in the Stable Value Master Trust investment income126,688,099 
Total investment income4,902,073,396
Contributions (Note 1)
Participant1,400,816,351 
Employer1,169,225,319 
Rollover97,978,530 
Total contributions2,668,020,200
Interest income on participant notes receivable35,186,348 
Total additions7,605,279,944 
Deductions to net assets available for benefits attributed to:
Benefits paid to Plan participants2,959,608,758 
Total deductions2,959,608,758 
Net increase4,645,671,186 
Net assets available for benefits
Beginning of year44,366,962,063 
End of year$49,012,633,249 




The accompanying notes are an integral part of these financial statements.

4
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
1. Description of the Plan

The following description of The Bank of America 401(k) Plan (the Plan) is provided for general information purposes only. Participants should refer to the Summary Plan Description and any supplements thereto for a more complete description of applicable Plan provisions. Other Plan provisions may also apply to participants from predecessor plans assumed by Bank of America Corporation (the Corporation) and merged into the Plan.

Plan Sponsor and Participating Employers
The Corporation is the Plan Sponsor. Participating employers in the Plan include the Corporation and certain of the Corporation’s principal subsidiaries.

Plan Administrator
The Plan is administered by the Bank of America Corporation Corporate Benefits Committee (the Committee). The Compensation and Human Capital Committee of the Board of Directors of the Corporation delegated to the Global Human Resources Executive of the Corporation the authority to select members of the Committee. Members of the Committee serve without compensation and act by majority vote. The Committee has overall responsibility for the operation and administration of the Plan including the power to construe and interpret the Plan, decide all questions that arise thereunder and to delegate responsibilities.

Plan Trustee
Bank of America, N.A. (BANA) is the Plan Trustee.

General
The Plan is a defined contribution retirement plan providing retirement benefits for the employees of the Corporation and participating subsidiaries. It is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Full-time, part-time and temporary employees paid by US payroll are eligible to participate in the Plan after hire.

The Plan has an automatic enrollment feature for newly-hired employees with a default elective deferral rate of 3% of covered compensation, subject to a 45-day opt-out election, with automatic annual increases of 1% up to a ceiling of 5%.

Participant Contributions
All employees covered by the Plan are eligible to make pre-tax and Roth (after-tax) contributions as soon as administratively practical after employment commences. Each participant may elect to make pre-tax and Roth (after-tax) contributions to the Plan through payroll deductions up to 75% of such participant’s Plan-eligible compensation (as defined in the Plan document) for each pay period.

In accordance with federal law, 2020 annual pre-tax and/or Roth (after tax) contributions were limited to $19,500 for participants. Additional 2020 contributions of $6,500 were permitted for participants age 50 and older.

Employer Contributions
All active participants in the Plan are eligible to receive company matching contributions and an annual company contribution after completing 12 months of service. Any pre-tax and/or Roth (after-tax) contributions made prior to completing 12 months of service are not eligible for the company matching contribution. The company matching contribution is calculated and allocated to the participant’s account on a pay period basis beginning the first of the month after the participant earns 12 months of vesting service and equals up to 5% of Plan-eligible compensation (subject to the Plan’s applicable match-eligible compensation limit) contributed by the participant for the pay period. The company matching contribution is made in cash and directed to the same investment choices as the pre-tax and/or Roth (after-tax) contributions. An end of year “true-up” matching contribution is also provided.

The Corporation also provides an annual company contribution equal to 2% (3% if the participant has at least 10 years of vesting service) of the participant’s Plan-eligible compensation, subject to the Plan’s applicable compensation limit, that is paid after the participant earns 12 months of vesting service.

Employer contributions are made in the form of cash. After consideration of forfeitures, the actual cash remitted by the Corporation was $1,169,225,319 for 2020.
5
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
Payment of Benefits
While still in service, participants may generally withdraw employee and employer vested contributions as follows:

(1) Employee contributions may be withdrawn in the case of financial hardship within the meaning of Section 401(k) of the Internal Revenue Code (IRC), disability or after age 59½;

(2) Company matching contributions for 2005 and later Plan years may be withdrawn in the case of disability or after age 59½; and

(3) Company matching contributions for pre-2005 Plan years may be withdrawn in the case of financial hardship (as referenced above), disability, after 5 years of Plan participation, or after age 59½.

Prior to January 1, 2020, participants who took a financial hardship distribution were not permitted to make contributions during the 6-month period beginning on the date of such distribution. Effective January 1, 2020, the 6-month suspension provision was eliminated. Additionally, any such suspension that was in effect on January 1, 2020 was ended and the participant’s most recent contribution election was reinstated automatically.

Following a participant’s death, disability, retirement or other separation from service, all vested amounts held in the Plan for a participant’s benefit are payable in a single lump sum. The form of payment is cash, except to the extent that the participant elects to have the portion of his/her account invested in the Bank of America Corporation Common Stock Fund distributed in shares of Bank of America Corporation common stock. A participant or a beneficiary may receive distributions under one of several options. The options are as follows: a lump-sum distribution of cash and/or shares of Bank of America Corporation common stock, transfer to an individual retirement account or other brokerage account, or, in the event of a disability or for a participant who meets the Rule of 60, or an eligible beneficiary, a withdrawal in the form of a single lump sum or in quarterly or annual installments for up to 15 years. The Plan provides other payment methods for certain participants in predecessor plans merged with the Plan.

Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act)
As part of the CARES Act, the Plan permitted “qualified individuals” with the opportunity to take coronavirus-related distributions (CRDs) during the 2020 calendar year. CRD provisions generally included the following:

•Eligible individuals were able to take a distribution of part or all of their account balance up to an aggregate maximum amount of $100,000;
•The 10% early withdrawal tax penalty for distributions prior to age 59 ½ was waived;
•Eligible individuals who took a CRD in 2020 can (but are not required to) repay all or a portion of the distribution to the Plan; and
•For individuals who choose to repay their distribution, the amount repaid generally will be treated as a rollover contribution into the Plan and that amount will not be considered taxable income.

Vesting of Benefits
Each participant is 100% vested in the participant’s pre-tax, Roth (after-tax) and rollover contributions to the Plan and company matching and welcome contributions as well as earnings thereon.

The annual company contribution, including earnings thereon, is fully vested after completion of 36 months of vesting service (with accelerated vesting upon the attainment of normal retirement age or in the event of retirement, qualifying severance, divestiture or death) and is forfeited if a participant terminates employment prior to completing such vesting service requirement.

Participant Accounts
Each participant’s account is credited with the allocation of the participant’s pre-tax, Roth (after-tax) rollover, company matching, annual company and welcome contributions. Earnings for all funds are allocated to a participant’s account on a daily basis based on the participant’s account balance in relation to the total fund balance. Participants may elect to have the dividends earned on the Corporation’s stock allocated to their accounts paid directly to them in cash or reinvested in the Plan. Interest on participant notes receivable is credited to the accounts of the participant.


6
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
Participant Notes Receivable
Generally, active participants in the Plan are eligible for loans from the Plan. A maximum of two outstanding loans is permitted at any time. Interest rates on loans are generally calculated based on the prime rate as published by Reuters on the last business day of the month prior to the month the loan was obtained. Interest rates on the loans are fixed. General purpose loans have a term of 1 to 5 years and principal residence loans have a term of 1 to 15 years. The maximum loan amount that may be obtained is the lesser of (a) 50% of the participant’s vested account balance reduced by any outstanding loan balance or (b) $50,000 reduced by the highest outstanding balance of loans under the Plan and under any tax-qualified plans maintained by affiliates during the 12-month period ending on the day before the loan was made.

Each loan bears an interest rate equal to the prime rate plus 1% and is fixed for the life of the loan. Interest rates ranged from 3.25 to 11.50% for loans held by the Plan as of December 31, 2020 and 2019.

Investment Alternatives
The Plan provides participants with a total of 31 investment alternatives as of December 31, 2020. Investment alternatives include 5 mutual funds, 24 collective investment funds (including 10 LifePath Index funds), a Stable Value Fund and the Bank of America Corporation Common Stock Fund (invests primarily in the Corporation’s common stock).

Participants may elect to modify existing investment allocations on a periodic basis subject to the provisions of the Plan.

The Plan also includes a Segregated Account that is not available for additional participant investments. The Segregated Fund consists of the segregated investments and accounts of certain participants of the former NationsBank Texas Plan.

2. Summary of Significant Accounting Policies

Significant accounting policies of the Plan are summarized below:

Basis of Accounting
The financial statements are prepared on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Revenues are recognized as earned. Benefits paid to Plan participants are recorded when paid. Expenses are recorded as incurred.

Management Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of Plan assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of Plan additions and deductions during the reporting period. Actual results could differ from those estimates.

Investment Valuation and Income Recognition
Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (see Note 5: Fair Value Measurements).

Benefit responsive investment contracts held in the Stable Value Master Trust (Master Trust) are stated at contract value (which represents contributions made under the contract, plus interest less withdrawals and administration expenses) on the Statements of Net Assets Available for Benefits (see Note 4: Interest in the Stable Value Master Trust). Contract value is the relevant measurement attribute for the portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan.

Realized gains (losses) on investment transactions are recorded as the difference between proceeds received and cost. Cost is determined on the average cost basis. Net appreciation (depreciation) in fair value of investments includes the reversal of previously recognized appreciation (depreciation) related to investments sold during the period. Investment securities purchased and sold are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.
7
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
Participant Notes Receivable
Participant notes receivable are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant notes receivable are reclassified as distributions based upon the terms of the Plan document.

Plan Expenses
Plan expenses are paid by the Corporation. Certain expenses are borne by participants based on their investment selections.

Reclassification
Certain amounts in the notes to the financial statements were reclassified to conform to current year’s presentation.

3. Risks and Uncertainties

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the statements of net assets available for benefits.

4. Interest in the Stable Value Master Trust

A portion of the Plan’s investments is in the Master Trust. The Master Trust provides a single collective investment vehicle for the Stable Value Fund investment option of the Plan and The Bank of America Transferred Savings Account Plan (collectively known as Participating Plans).

The assets of the Master Trust are held by BANA, as Trustee, and the portfolio is managed by an unaffiliated investment advisor, Mellon Investments Corporation (Mellon). Each Participating Plan owns an undivided interest in the Master Trust.

The terms of the underlying investment contracts in the Master Trust are benefit responsive, providing a guarantee by the issuer to pay principal plus accrued interest in response to benefit-related requests for payment.

The value of the Plan’s interest in the Master Trust is based on the beginning value of the Plan’s interest in the Master Trust plus actual contributions and allocated investment income less actual distributions and allocated administrative expenses.

The following tables present the Master Trust net assets and the Plan interest in the Master Trust net assets at contract value as of December 31, 2020 and 2019:

Net Assets as of December 31, 2020
Master TrustPlan Interest in
Master Trust
Short-term investment fund$134,580,098 $129,783,313 
Investment contracts:
Fixed maturity synthetic guaranteed investment contracts648,924,046 625,794,706 
Constant duration synthetic guaranteed investment contracts4,554,971,633 4,392,620,601 
Insurance company separate account guaranteed investment contracts868,972,780 838,000,331 
6,207,448,557 5,986,198,951 
Accrued expenses(353,371)(340,776)
Net assets$6,207,095,186 $5,985,858,175 


8
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
Net Assets as of December 31, 2019
Master TrustPlan Interest in
Master Trust
Short-term investment fund$246,311,719 $236,919,201 
Investment contracts:
Fixed maturity synthetic guaranteed investment contracts687,943,887 661,710,765 
Constant duration synthetic guaranteed investment contracts4,029,493,881 3,875,838,609 
Insurance company separate account guaranteed investment contracts602,042,297 579,084,830 
5,565,791,784 5,353,553,405 
Accrued expenses(335,725)(322,923)
Net assets$5,565,456,059 $5,353,230,482 

The following table presents net investment income for the Master Trust for the year ended December 31, 2020:

Interest$132,958,008 
Other income398 
Net investment income132,958,406 
Net transfers510,186,524 
Investment management and other expenses(1,505,803)
Increase in net assets641,639,127 
Net assets:
Beginning of year5,565,456,059 
End of year$6,207,095,186 
Plan interest in the Stable Value Master Trust investment income$126,688,099 

The Master Trust generally consists of short-term investment funds and guaranteed investment contracts (GICs). The corresponding valuation methodologies are as follows:

Short-Term Investment Funds
Short-term investment funds represent the Master Trust’s cash balance which is valued at amortized cost.

Fixed Maturity Synthetic Guaranteed Investment Contracts
Fixed maturity synthetic GICs consist of an asset or collection of assets that are owned by the Participating Plans and a benefit responsive, book value wrap contract purchased for the portfolio. The wrap contract provides book value accounting for the assets and assures that benefit responsive payments will be made at book value for participant directed withdrawals. Generally, fixed maturity synthetic GICs are held to maturity. The initial crediting rate is established based on the market interest rates at the time the initial asset is purchased.

Constant Duration Synthetic Guaranteed Investment Contracts
Constant duration synthetic GICs consist of a portfolio of securities owned by the Participating Plans and a benefit responsive, book value wrap contract purchased for the portfolio. The wrap contract amortizes gains and losses of the underlying securities over the portfolio duration and assures that benefit responsive payments will be made at book value for participant directed withdrawals. The initial crediting rate is established based on the market interest rates at the time the underlying portfolio is funded.

Insurance Company Separate Account Guaranteed Investment Contracts
Insurance company separate account GICs are investments in a segregated account of assets maintained by an insurance company for the benefit of the investors. The total return of the segregated account assets supports the separate account GIC’s return. The crediting rate on this product will reset periodically and it will have an interest rate of not less than 0%.
9
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
It is probable that withdrawals and transfers resulting from the following events will limit the ability of the Master Trust to transact at book or contract value. Instead, market value will likely be used in determining the payouts to the participants:

•Employer-initiated events – events within the control of the plan or the plan sponsor which would have a material and adverse impact on the Stable Value Fund;
•Employer communications designed to induce participants to transfer from the Stable Value Fund;
•Competing fund transfer or violation of equity wash or equivalent rules in place; and
•Changes of qualification status of the plan.

In general, issuers may terminate the contract and settle at other than contract value if the qualification status of employer or plan changes, if there is a breach of material obligations under the contract and misrepresentation by the contract holder, or failure of the underlying portfolio to conform to the pre-established investment guidelines. Issuers may also make payment at a value other than book when withdrawals are caused by certain employer-initiated events.

All contracts are benefit responsive unless otherwise noted.

5. Fair Value Measurements

Accounting Standards Codification (ASC) 820, Fair Value Measurement, establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.

Level 2 Inputs to the valuation methodology include:

•Quoted prices for similar assets or liabilities in active markets;
•Quoted prices for identical or similar assets or liabilities in inactive markets;
•Inputs other than quoted prices that are observable for the asset or liability; and
•Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

If the asset or liability has a specified (contractual) term, the level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

The following is a description of the valuation methodologies used for assets measured at fair value:

•Money market funds are valued at the net asset value of shares held by the Plan at year end;
•Interest bearing cash is valued at cost, which approximates fair value;
•U.S. government and government agency obligations and common and preferred stocks are valued at the closing price reported on the active market on which the securities are traded;
•Asset-backed securities are valued using the external broker bids, where applicable;
•Mutual funds are valued at the net asset value of shares held by the Plan at year end; and
10
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
•Collective investment funds are stated at fair value as determined by the issuers based on the unit values of the funds. Unit values are determined by dividing the funds’ net assets, which represent the unadjusted prices in active markets of the underlying investments, by the number of units outstanding at the valuation date.

There have been no changes in the methodologies used as of December 31, 2020 and 2019.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while management believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following tables set forth by level, within the fair value hierarchy, the Plan’s non-Master Trust investments at fair value as of December 31, 2020 and 2019:

Investments at Fair Value as of December 31, 2020
Level 1Level 2Level 3Total
Money market funds and interest
bearing cash$105,877,638 $90,000 $— $105,967,638 
U.S. government and government
agency obligations372,032 — — 372,032 
Mutual funds4,605,171,587 — 4,605,171,587 
Collective investment funds— 31,557,442,976 — 31,557,442,976 
Common and preferred stocks5,601,101,055 — — 5,601,101,055 
Total non-Master Trust investments$10,312,522,312 $31,557,532,976 $— $41,870,055,288 
Investments at Fair Value as of December 31, 2019
Level 1Level 2Level 3Total
Money market funds and interest
bearing cash$132,622,835 $310,000 $— $132,932,835 
U.S. government and government
agency obligations408,505 — — 408,505 
Asset-backed securities— 1,768 — 1,768 
Mutual funds4,519,643,759 — — 4,519,643,759 
Collective investment funds— 26,678,937,490 — 26,678,937,490 
Common and preferred stocks6,515,358,768 — — 6,515,358,768 
Total non-Master Trust investments$11,168,033,867 $26,679,249,258 $— $37,847,283,125 

Transfers Between Levels
The Plan recognizes any transfers between levels in the fair value hierarchy as of the end of the reporting period. There were no transfers between levels for the years ended December 31, 2020 and 2019, respectively.

6. Plan Termination

Although it has not expressed any intention to do so, the Corporation has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event the Plan terminates, the total amounts credited to the accounts of each participant become fully vested and no further allocations shall be made.




11
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019
7. Related Party Transactions

As of December 31, 2020 and 2019, the Plan held investments in Bank of America Corporation common stock totaling $5,600,878,603 and $6,515,106,296, respectively. The Plan earned dividends thereon of $135,204,755 for the year ended December 31, 2020.

8. Reconciliation to Form 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500:
December 31
2020
2019
Net assets available for benefits per the financial statements$49,012,633,249 $44,366,962,063 
Adjustment from contract value to fair value for fully
benefit-responsive investment contracts241,783,082 78,593,588 
Benefit obligations payable(9,102,124)(7,612,299)
Net assets available for benefits per Form 5500$49,245,314,207 $44,437,943,352 

The following is a reconciliation of total income per the financial statements to the Form 5500 for the year ended December 31, 2020:

Total Plan interest in the Stable Value Master Trust investment income per the
financial statements$126,688,099 
Adjustment from contract value to fair value for fully benefit-responsive
investment contracts
End of year241,783,082 
Beginning of year(78,593,588)
Total Plan interest in the Stable Value Master Trust investment income per Form 5500$289,877,593 

The following is a reconciliation of benefits paid to Plan participants per the financial statements to the Form 5500 for the year ended December 31, 2020:

Benefits paid to Plan participants per the financial statements$2,959,608,758 
Add: Benefit obligations payable at end of year9,102,124 
Less: Benefit obligations payable at beginning of year(7,612,299)
Benefits paid to Plan participants per Form 5500$2,961,098,583 

Benefit obligations payable and related benefits paid are recorded on Form 5500 for those claims that have been processed and approved for payment prior to December 31 but not yet paid as of that date. For financial statement purposes, such amounts are not recorded until paid.

9. Federal Income Tax Status

The Internal Revenue Service has determined and informed the Corporation by letter dated April 8, 2015 that the Plan and related trust are designed in accordance with applicable sections of the IRC. The Plan has been amended and restated since receiving this determination letter. The Plan Administrator believes the Plan as amended and restated is being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified and the related trust is tax exempt.

Currently, the Plan is under a periodic review by the U.S. Department of Labor. The Plan Administrator expects that no material issues will be identified as a result of the review.
12
The Bank of America 401(k) Plan
Notes to Financial Statements
December 31, 2020 and 2019

Under present federal income tax laws, a participating employee will not be subject to federal income taxes on the contributions by the employer, or on the interest, dividends or profits on the sale of investments received by the trustee, until the participating employee’s account is distributed.

10. Litigation

The Plan was the subject of litigation involving certain participants’ voluntary transfer of Plan assets to the Pension Plan and whether such transfers were in accordance with applicable law. This litigation concluded in February 2019 with plaintiffs exhausting all appeals. No remedy was received by plaintiffs.

11. Subsequent Events

In preparing the Plan’s financial statements, subsequent events and transactions have been evaluated for potential recognition. Plan management determined that there are no subsequent events or transactions that require disclosure to or adjustment in the financial statements.


13
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2020
( a )( b )( c )( e )
Identity of Issue, Borrower,Description of Investment Including Maturity Date, Number of
Lessor, or Similar PartyRate of Interest, Collateral, Par, or Maturity ValueShares / UnitsCurrent Value
Money market and interest bearing cash
*BOFAOVERNIGHT DEPOSIT - CUSTODY 6,336 $6,336 
FEDERATEDGOVERNMENT OBLIGATIONS FUND, PREMIER CLASS 6,396 6,396 
FIDELITYGOVERNMENT PORTFOLIO, INSTITUTIONAL CLASS105,864,906 105,864,906 
HILLCREST BANKCD #8310000360 INT SEMI ANN DTD 02/11/19 2.550% DUE 05/11/2190,000 90,000 
Total money market and interest bearing cash105,967,638 
U.S. government and government agency obligations
UNITED STATES TREAS NTDTD 02/15/12 2.000% DUE 02/15/22 100,000 102,098 
UNITED STATES TREAS NTDTD 02/18/14 2.750% DUE 02/15/24 100,000 108,020 
UNITED STATES TREAS NTDTD 08/15/13 2.500% DUE 08/15/23 50,000 53,074 
UNITED STATES TREAS NTDTD 11/15/16 2.000% DUE 11/15/26 100,000 108,840 
Total U.S. government and government agency obligations372,032 
Mutual funds
DODGE & COXSTOCK FUND16,199,410 3,119,358,444 
INVESCO VAN KAMPEN US MORTGAGE FUND CL A SHARES1,722 20,524 
NICHOLAS FUND INCNICHOLAS FUND6,395 492,996 
NORTHERNGLOBAL SUSTAINABILITY INDEX FUND 8,450,068 149,397,194 
PIMCO ALL ASSET FUND INSTITUTIONAL SHARES21,420,315 265,611,906 
PIMCO TOTAL RETURN FUND INSTITUTIONAL SHARES52,857,253 560,286,877 
VANGUARDGNMA FUND INVESTOR SHARES9,786 105,098 
VANGUARDINFLATION PROTECTED SECURITIES FUND INSTITUTIONAL SHARES44,150,176 509,493,027 
VANGUARDWELLESLEY INCOME FUND INVESTOR SHARES2,062 58,426 
VANGUARDWELLINGTON FUND INVESTOR SHARES 7,797 345,856 
VANGUARDWINDSOR II INVESTOR SHARES 32 1,239 
Total mutual funds4,605,171,587 
Collective investment funds
ACADIANALL WORLD EX-US COLLECTIVE INVESTMENT TRUST D CLASS31,189,918 355,876,966 
BLACKROCKEQUITY DIVIDEND FUND M CLASS140,008,657 1,568,138,958 
BLACKROCKGLOBAL ALLOCATION COLLECTIVE FUND J CLASS101,946,236 1,302,403,940 
BLACKROCKLIFEPATH INDEX 2025 FUND O CLASS 33,537,895 681,650,668 
BLACKROCKLIFEPATH INDEX 2030 FUND O CLASS 36,242,830 783,863,180 
BLACKROCKLIFEPATH INDEX 2035 FUND O CLASS 33,573,453 769,254,436 
14
The Bank of America 401(k) Plan
EIN 56-0906609 Plan No. 003
Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
December 31, 2020
( a )( b )( c )( e )
Identity of Issue, Borrower,Description of Investment Including Maturity Date, Number of
Lessor, or Similar PartyRate of Interest, Collateral, Par, or Maturity ValueShares / UnitsCurrent Value
BLACKROCKLIFEPATH INDEX 2040 FUND O CLASS 31,768,630 764,517,470 
BLACKROCKLIFEPATH INDEX 2045 FUND O CLASS 25,438,077 636,964,357 
BLACKROCKLIFEPATH INDEX 2050 FUND O CLASS 21,660,028 556,318,976 
BLACKROCKLIFEPATH INDEX 2055 FUND O CLASS 16,388,036 435,855,868 
BLACKROCKLIFEPATH INDEX 2060 FUND O CLASS 10,536,530 182,330,535 
BLACKROCKLIFEPATH INDEX 2065 FUND O CLASS 1,291,241 16,044,828 
BLACKROCKLIFEPATH INDEX RETIREMENT FUND O CLASS 38,331,200 678,824,468 
BLACKROCKRUSSELL 2000 ALPHA TILTS FUND G1 59,958,284 754,083,350 
BLACKROCKUS FUNDAMENTAL LARGE CAP GROWTH FUND49,692,848 1,986,054,196 
FIAMSMALL/MID CORE FUND II27,949,986 733,966,634 
MFSINTERNATIONAL GROWTH FUND85,552,461 1,871,032,324 
STATE STREETREAL ASSET NL FUND C CLASS18,206,788 237,088,799 
T ROWE PRICE INSTITUTIONAL LARGE CAP GROWTH TRUST I CLASS306,146,456 4,622,811,486 
VANGUARDINSTITUTIONAL 500 INDEX TRUST37,037,909 5,856,434,197 
VANGUARDINSTITUTIONAL EXTENDED MARKET INDEX TRUST22,998,024 3,669,334,793 
VANGUARDINSTITUTIONAL TOTAL BOND MARKET INDEX TRUST5,568,171 654,872,590 
VANGUARDINSTITUTIONAL TOTAL INTERNATIONAL STOCK MARKET 6,856,328 834,620,814 
WESTERN ASSETCORE BOND COLLECTIVE INVESTMENT TRUST R3 CLASS144,864,544 1,605,099,143 
Total collective investment funds31,557,442,976 
Common and preferred stocks
AT&T INCPREFERRED STOCK443 12,466 
*BANK OF AMERICA CORPORATIONCOMMON STOCK184,786,493 5,600,878,603 
*BANK OF AMERICA CORPORATIONPREFERRED STOCK1,028 27,715 
EXXON MOBIL CORPCOMMON STOCK200 8,244 
INTERNATIONAL BUSINESS MACHSCOMMON STOCK510 64,199 
JPMORGAN CHASE & COPREFERRED STOCK826 21,270 
OMNISKY CORPCOMMON STOCK3,500 35 
QWEST CORPPREFERRED STOCK800 20,344 
WELLS FARGO & COPREFERRED STOCK750 19,635 
WELLS FARGO & COPREFERRED STOCK1,850 48,544 
Total common and preferred stocks5,601,101,055 
Total non-Master Trust investments$41,870,055,288 
*Participant loansINTEREST RATES RANGING FROM 3.25% TO 11.50%$637,183,541 
15

SIGNATURE
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
The Bank of America 401(k) Plan
Date: June 23, 2021/s/ SUSAN CLARK
Senior Vice President
Retirement Service Delivery Manager
Bank of America Corporation



























16

17

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-212376) of Bank of America Corporation of our report dated June 23, 2021 relating to the financial statements and supplemental schedule of The Bank of America 401(k) Plan, which appears in this Form 11-K.

/s/ PricewaterhouseCoopers LLP
Charlotte, North Carolina
June 23, 2021

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