0001193125-11-175658.txt : 20110628 0001193125-11-175658.hdr.sgml : 20110628 20110628153335 ACCESSION NUMBER: 0001193125-11-175658 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110628 DATE AS OF CHANGE: 20110628 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BANK OF AMERICA CORP /DE/ CENTRAL INDEX KEY: 0000070858 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 560906609 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06523 FILM NUMBER: 11935665 BUSINESS ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 N TRYON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 BUSINESS PHONE: 7043868486 MAIL ADDRESS: STREET 1: BANK OF AMERICA CORPORATE CENTER STREET 2: 100 N TRYON ST CITY: CHARLOTTE STATE: NC ZIP: 28255 FORMER COMPANY: FORMER CONFORMED NAME: BANKAMERICA CORP/DE/ DATE OF NAME CHANGE: 19981022 FORMER COMPANY: FORMER CONFORMED NAME: NATIONSBANK CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NCNB CORP DATE OF NAME CHANGE: 19920107 11-K 1 d11k.htm FORM 11-K Form 11-K
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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

 

x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2010

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 for Legacy Companies

 

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

 

 

 


Table of Contents

Financial Statements and Report of

Independent Registered Public Accounting Firm

The Bank of America 401(k) Plan for Legacy Companies

December 31, 2010 and 2009

TABLE OF CONTENTS

 

     Page  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     1   

FINANCIAL STATEMENTS:

  

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS—DECEMBER 31, 2010 and 2009

     2   

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS—YEAR ENDED DECEMBER 31, 2010

     3   

NOTES TO FINANCIAL STATEMENTS

     4-22   

SUPPLEMENTAL SCHEDULE:

  

SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)—DECEMBER 31, 2010

     23   

SIGNATURE

     24   

EXHIBIT INDEX

     25   

EXHIBIT 23.1

     26   


Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Participants and the Corporate Benefits Committee of

    The Bank of America 401(k) Plan for Legacy Companies

We have audited the accompanying statements of net assets available for benefits of The Bank of America 401(k) Plan for Legacy Companies (the Plan) as of December 31, 2010 and 2009, and the related statement of changes in net assets available for benefits for the year ended December 31, 2010. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2010 and 2009, and the changes in net assets available for benefits for the year ended December 31, 2010 in conformity with U.S. generally accepted accounting principles.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedule of assets as of December 31, 2010 is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

/s/ Morris, Davis & Chan LLP

Charlotte, North Carolina

June 23, 2011


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Statements of Net Assets Available for Benefits

December 31, 2010 and 2009

 

     2010     2009  

Assets

    

Investments, at fair value (Notes 2, 5 and 6)

    

Money market and interest bearing cash

   $ 9,986,639      $ 13,242,485   

Mutual funds

     3,132,343,507        2,779,065,515   

Collective investment funds

     391,063,646        273,617,944   

Common stocks

     516,632,648        558,132,402   

Other investments

     27,690        —     
                

Total non-Master Trust investments

     4,050,054,130        3,624,058,346   

Plan interest in the Stable Value Master Trust (Notes 5 and 6)

     1,175,440,571        1,197,597,647   
                

Total investments

     5,225,494,701        4,821,655,993   

Accrued dividends and interest receivable

     1,714,351        4,276,504   

Employer contribution receivable

     13,304,347        6,603,367   

Employee contribution receivable

     4,877,128        5,740,929   

Participant notes receivable (Notes 1 and 2)

     108,211,985        101,435,777   

Other receivable

     794,036        760,684   
                

Total assets

     5,354,396,548        4,940,473,254   
                

Liabilities

    

Due to broker for securities purchased

     1,586,273        4,130,060   

Other payable

     113,315        110,615   
                

Total liabilities

     1,699,588        4,240,675   
                

Net assets reflecting all investments at fair value

     5,352,696,960        4,936,232,579   

Adjustment from fair value to contract value for fully benefit-responsive investment contracts (Note 5)

     (29,701,604     (16,732,661
                

Net assets available for benefits

   $ 5,322,995,356      $ 4,919,499,918   
                

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

 

2


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Statement of Changes in Net Assets Available for Benefits

Year Ended December 31, 2010

 

Additions to net assets available for benefits attributable to:

  

Investment income

  

Net appreciation in fair value of investments (Note 7)

   $ 332,124,073   

Investment income from mutual funds

     56,107,092   

Interest

     17,503   

Dividends

     1,524,777   
        

Total non-Master Trust investment income

     389,773,445   

Plan interest in the Stable Value Master Trust investment income

     38,943,931   
        

Total investment income

     428,717,376   
        

Contributions

  

Employees

     261,891,805   

Employer (Note 1)

     157,779,668   
        

Total contributions

     419,671,473   
        

Interest income on participant notes receivable

     5,597,763   
        

Other income

     44,514,188   
        

Total additions

     898,500,800   
        

Deductions from net assets available for benefits attributable to:

  

Benefits paid to plan participants

     491,688,716   

Trustee and administrative fees (Note 2)

     3,295,208   

Other expense

     21,438   
        

Total deductions

     495,005,362   
        

Net increase

     403,495,438   

Net assets available for benefits

  

Beginning of year

     4,919,499,918   
        

End of year

   $ 5,322,995,356   
        

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

 

3


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

1. Description of the Plan

The following description of The Bank of America 401(k) Plan for Legacy Companies (the Plan) is provided for general information purposes only. Participants should refer to the Associate Handbook 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.

General

The Plan is a defined contribution plan for 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). All employees covered by the Plan are eligible to make pre-tax contributions as soon as administratively practical after employment commences. After-tax contributions are not permitted.

All employees covered by the Plan are eligible to receive company matching contributions after completing 12 months of service. Any pre-tax contributions made prior to completing 12 months of service are not eligible for the company matching contribution.

The Plan is administered by the Bank of America Corporation Corporate Benefits Committee (the Committee). The Board of Directors of the Corporation has the right at any time to remove any member 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.

Investment Alternatives

The Plan provides participants with a total of 27 investment alternatives as of December 31, 2010. Effective January 1, 2010, all assets of the LifePath Index 2010 Fund transferred to the LifePath Index Retirement Fund. Participants’ accounts invested in units of the LifePath Index 2010 Fund were automatically converted to holdings in the LifePath Index Retirement Fund. At that time, the LifePath Index 2010 Fund ceased to exist. Effective July 30, 2010, the LifePath Index 2055 Fund was added as a new investment alternative. Additional investment alternatives include 8 other LifePath Index Funds, 15 mutual funds, a Stable Value Fund and the Bank of America Corporation

 

4


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

1. Description of the Plan (Continued)

 

Investment Alternatives (Continued)

 

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.

Plan Trustee

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

Contributions

The Plan provides for participant pre-tax contributions through salary deductions ranging from 1% to 30% of base pay, overtime pay, shift differential pay, vacation and holiday pay, short-term disability benefits, and commissions, bonuses or other incentive pay designated by the Committee. In accordance with federal law, 2010 annual pre-tax contributions were limited to $16,500 for participants who are below age 50. Additional 2010 contributions of $5,500 were permitted for participants over age 50. Participants are permitted to change their contribution rate in multiples of 1% on a daily basis.

Company matching contributions are calculated and allocated to the participant’s account on a pay period basis. Company matching contribution is equal to the first 5% of plan-eligible compensation contributed by the participant for the pay period. Company matching contributions are made in cash and are directed to the same investment choices as the pre-tax contributions. An end of year “true-up” matching contribution is also provided.

Employer contributions include forfeitures and additional contributions which are made in the form of cash. After consideration of forfeitures, the actual cash remitted by the Corporation was $157,779,668 for 2010.

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 59 1/2;

 

  (2)

Company matching contributions for 2005 and later Plan years may be withdrawn in the case of disability or after age 59 1/2; and

 

5


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

1. Description of the Plan (Continued)

 

Payment of Benefits (Continued)

 

  (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 59 1/2.

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. Participants may elect to roll over a portion or all of their vested Plan balance to increase their monthly annuity payment under The Bank of America Pension Plan for Legacy Fleet (the Pension Plan), which is a component plan of The Bank of America Pension Plan for Legacy Companies, if their vested cash balance account in the Pension Plan and account balance in this Plan both exceed $5,000. The Pension Plan is a defined benefit cash balance plan providing retirement benefits to eligible employees. The Plan provides other payment methods for certain participants in predecessor plans merged with the Plan.

Vesting of Benefits

Each participant is 100% vested in the participant’s pre-tax and rollover contributions to the Plan and company matching contributions, as well as earnings thereon.

Participant Accounts

Each participant’s account is credited with the allocation of the participant’s pre-tax and matching contributions each pay period. 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 loans is credited to the accounts of the participant making the payment.

Participant Notes Receivable

Participants with vested account balances of at least $2,000 may borrow from their vested account balance. The minimum loan amount is $1,000. The maximum loan amount is $50,000. The maximum loan amount is reduced by (i) the outstanding balance of any other loan from the Plan, the Pension Plan or The Bank of America Transferred Savings Account Plan (TSA) or (ii) if greater, the highest outstanding balance of any other loan from the Plan, the Pension Plan or the TSA Plan any time during the one year period

 

6


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

1. Description of the Plan (Continued)

 

Participant Notes Receivable (Continued)

 

ending immediately before the date of the loan. The maximum loan amount may also not exceed 50% of the participant’s vested account balance, reduced by the outstanding balance of any other loan from the Plan, the Pension Plan or the TSA Plan.

Participants may apply for a general purpose loan or a primary residence loan. At any time participants may have only one general purpose loan and one primary residence loan outstanding from the Plan.

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 4.25% to 11.50% for loans held by the Plan as of December 31, 2010 and 2009.

Loan repayments are made from payroll deductions and are invested in accordance with the participant’s current investment direction for future contributions. The repayment period for general purpose loans is 12 to 57 months. In the case of a primary residence loan the repayment period can be up to 180 months.

 

2.

Summary of Significant Accounting Policies

Recent Accounting Pronouncement

In January 2010, Accounting Standards Update 2010-06, Improving Disclosures about Fair Value Measurements (ASU 2010-06), expanded the required disclosures about fair value measurements (see Note 6: Fair Value Measurements). ASU 2010-06 requires (i) separate disclosure of significant transfers into and out of level 1 and level 2, along with reasons for such transfers; (ii) separate presentation of gross purchases, sales, issuances, and settlements in the level 3 reconciliation; and (iii) presentation of fair value disclosures by “nature and risk” class for all fair value assets and liabilities. The requirements of ASU 2010-06 are effective for the current reporting period except for the level 3 reconciliation disaggregation which is required in 2011 reporting. The Plan’s financial statements are presented to conform to the requirements of ASU 2010-06.

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. All other expenses are recorded as incurred.

 

7


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

2. Summary of Significant Accounting Policies (Continued)

 

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 6: Fair Value Measurements).

Benefit responsive investment contracts are stated at fair value and are adjusted to contract value (which represent contributions made under the contract, plus interest less withdrawals and administration expenses) on the Statements of Net Assets Available for Benefits (see Note 5: Interest in the Stable Value Master Trust). As described in Financial Accounting Standards Board (FASB) Staff Position AAG INV-1 and SOP 94-4-1, Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare and Pension Plans, which was codified in Accounting Standards Codification (ASC) 962-205-45, investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that 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. The Statements of Net Assets Available for Benefits present the fair value of the investment contracts from fair value to contract value. The Statement of Changes in Net Assets Available for Benefits is prepared on a contract value basis.

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.

 

8


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

2. Summary of Significant Accounting Policies (Continued)

 

Investment Valuation and Income Recognition (Continued)

 

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.

Participant Notes Receivable

Participant notes receivable are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan document.

Plan Expenses

Trustee direct expenses, some professional fees and certain administrative fees for associate communication and services, recordkeeping and benefit payment services are paid by the Plan. These expenses are borne by participants based on their investments in the Plan’s investment funds. Other administrative expenses and some professional fees are paid by the Corporation.

Subsequent Events

In preparing the financial statements, transactions and events were evaluated for potential recognition. It was determined that there are no subsequent transactions that require disclosure to or adjustment in the financial statements.

Reclassifications

In September, 2010, ASU 2010-25, Reporting Loans to Participants by Defined Contribution Pension Plans, clarified the classification and measurement of the participant loans by defined contribution plans. ASU 2010-25 provided that in defined contribution plans’ financial statements, participant loans should be classified as notes receivable from the participants, which are segregated from plan investments and measured at their unpaid principal balance plus any accrued but unpaid interest. Additionally, participant loans are exempt from (i) the disclosure requirements about fair value in paragraphs 825-10-50-10 through 50-16 of the ASC and (ii) credit quality disclosures required by the amendments in ASU 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses.

The Plan reclassified participant loans to participant notes receivable totaling $108,211,985 and $101,435,777 as of December 31, 2010 and 2009, respectively on the Statements of Net Assets Available for Benefits. Net assets of the Plan were not affected by the reclassification.

 

9


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

3. Concentrations of Investment Risk

Investments as of December 31, 2010 and 2009 that represent 5% or more of the Plan’s net assets available for benefits include the following:

 

     2010      2009  

Bank of America Corporation Common Stock

   $ 516,632,348       $ 558,132,139   

Columbia Large Cap Index Fund

     357,795,144         330,722,254   

Columbia Mid Cap Index Fund

     306,442,597         *   

Dodge & Cox Stock Fund

     512,382,042         476,714,372   

Fidelity Diversified International Fund

     355,473,875         340,571,044   

Growth Fund of America

     434,755,359         408,181,868   

Western Asset Core Bond Portfolio Fund

     362,968,990         333,030,750   

Plan interest in the Stable Value Master Trust at contract value

     1,145,738,967         1,180,864,986   

 

  *

Investment was below 5% of the Plan’s net assets at year end.

 

4.

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 statement of net assets available for benefits.

 

5.

Interest in the Stable Value Master Trust

A portion of the Plan’s investments is in the Stable Value Master Trust (Master Trust). The Master Trust was established on January 1, 2009 to provide a single collective investment vehicle for the Stable Value Fund investment option of the Plan, The Bank of America 401(k) Plan, and the TSA Plan, and effective December 3, 2010, the Merrill Lynch & Co., Inc. 401(k) Savings & Investment Plan and the Merrill Lynch & Co., Inc. Retirement Accumulation 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, The Dreyfus Corporation, a unit of BNY Mellon. Each Participating Plan owns an undivided interest in the Master Trust.

 

10


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

5. Interest in the Stable Value Master Trust (Continued)

 

The terms of the underlying investment contracts in the Stable Value Fund 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 fair market values of these investment contracts reported in the aggregate for the Master Trust was $3,661,075,833 and $3,335,714,669 as of December 31, 2010 and 2009, respectively. The Plan had an undivided interest of 32.11% and 35.90% in the following assets of the Master Trust as of December 31, 2010 and 2009, respectively:

 

     2010  
     Contract Value     Investment
at Fair Value
    Wrap Contract
Fair Value
     Adjustment to
Contract Value
 

Money market funds

   $ 500,688,331      $ 500,688,331      $ —         $ —     

Investment contracts:

         

Fixed maturity synthetic guaranteed investment contracts

     588,546,374        603,537,780        524,556         (15,515,962

Constant duration synthetic guaranteed investment contracts

     2,357,556,397        2,429,717,391        2,687,903         (74,848,897

Variable rate synthetic guaranteed investment contract

     10,025,197        10,110,583        —           (85,386

Guaranteed investment contracts

     59,477,816        60,691,718        —           (1,213,902

Collective investment funds

     52,278,669        53,117,571        —           (838,902
                                 
     3,568,572,784        3,657,863,374        3,212,459         (92,503,049

Accrued expenses

     (268,903     (268,903     —           —     
                                 

Total Master Trust net assets

   $ 3,568,303,881      $ 3,657,594,471      $ 3,212,459       $ (92,503,049
                                 

Plan Interest in the Stable Value Master Trust

   $ 1,145,738,967      $ 1,174,409,159      $ 1,031,412       $ (29,701,604
                                 
     2009  
     Contract Value     Investment
at Fair Value
    Wrap Contract
Fair Value
     Adjustment to
Contract Value
 

Money market funds

   $ 240,731,916      $ 240,731,916      $ —         $ —     

Investment contracts:

         

Fixed maturity synthetic guaranteed investment contracts

     777,427,959        797,995,445        524,776         (21,092,263

Constant duration synthetic guaranteed investment contracts

     2,151,540,822        2,172,906,834        2,038,400         (23,404,411

Variable rate synthetic guaranteed investment contract

     10,051,161        10,409,290        —           (358,129

Guaranteed investment contracts

     58,511,381        59,699,218        —           (1,187,837

Collective investment funds

     50,848,695        51,408,790        —           (560,095
                                 
   $ 3,289,111,934        3,333,151,493        2,563,176         (46,602,735

Accrued expenses

     (242,394     (242,394     —           —     
                                 

Total Master Trust net assets

   $ 3,288,869,540      $ 3,332,909,099      $ 2,563,176       $ (46,602,735
                                 

Plan Interest in the Stable Value Master Trust

   $ 1,180,864,986      $ 1,196,677,341      $ 920,306       $ (16,732,661
                                 

 

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Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

5. Interest in the Stable Value Master Trust (Continued)

 

For the year ended December 31, 2010, the Master Trust earned $110,675,974 in interest income. The average yield and crediting interest rates for such investments were 3.01% and 3.23%, respectively for 2010. The average yield credited to participants was 2.98% for 2010.

The Stable Value Fund generally consists of the following types of guaranteed investment contracts (GICs) described below:

Guaranteed Investment Contracts

Traditional GICs are unsecured, general account obligations of insurance companies. The obligation is backed by the general account assets of the insurance company that writes the investment contract. The crediting rate on this product is typically fixed for the life of the investment.

Fair values of traditional GICs are calculated using the present value of the contract’s future cash flow values discounted by comparable duration Wall Street Journal GIC Index rates.

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 GICs return. The crediting rate on this product will reset periodically and it will have an interest rate of not less than 0%.

Fair values of separate account GICs are calculated using the market value provided by the insurance companies that manage the underlying assets of the product.

Fixed Maturity Synthetic Guaranteed Investment Contracts

General fixed maturity synthetic GICs consist of an asset or collection of assets that are owned by the fund (or plan) and a benefit responsive, book value wrap contract purchased for the portfolio. The wrap contract provides book value accounting for the asset and assures that book value benefit responsive payments will be made for participant directed withdrawals. The crediting rate of the contract is set at the start of the contract and typically resets every quarter. Generally, fixed maturity synthetics are held to maturity. The initial crediting rate is established based on the market interest rates at the time the initial asset is purchased and it will have an interest crediting rate not less than 0%.

 

12


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

5. Interest in the Stable Value Trust (Continued)

 

Fixed Maturity Synthetic Guaranteed Investment Contracts (Continued)

 

Fair values of general fixed maturity synthetic GICs are calculated using the sum of all assets’ market values provided by Interactive Data Services, a third party vendor BNY Mellon has engaged to provide fixed income prices on a monthly basis.

Variable Synthetic Guaranteed Investment Contracts

Variable synthetic GICs consist of an asset or collection of assets that are managed by a bank or insurance company and are held in a bankruptcy remote vehicle for the benefit of the fund (or plan). The contract is benefit responsive and provides next day liquidity at book value. The crediting rate on this product resets every quarter based on the current market index rates at that time and an investment spread. The investment spread is established at time of issuance and is guaranteed by the issuer for the life of the investment.

Fair values for variable synthetic GICs are calculated using the present value of the contract’s future cash flow values discounted by comparable swap rates.

Constant Duration Synthetic Guaranteed Investment Contracts

Constant duration synthetic GICs consist of a portfolio of securities owned by the fund (or plan) 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 book value benefit responsive payments will be made for participant directed withdrawals. The crediting rate on a constant duration synthetic GIC resets every quarter based on the book value of the contract, the market yield of the underlying assets, the market value of the underlying assets and the average duration of the underlying assets. The crediting rate aims at converging the book value of the contract and the market value of the underlying portfolio over the duration of the contract and therefore will be affected by movements in interest rates and/or changes in the market value of the underlying portfolio. The initial crediting rate is established based on the market interest rates at the time the underlying portfolio is first put together and it will have an interest crediting rate of not less than 0%.

Fair values for constant duration synthetic GICs are calculated using the market values provided by the external investment managers BNY Mellon or its clients have engaged to provide investment services.

 

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Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

5. Interest in the Stable Value Master Trust (Continued)

 

In the absence of an actively traded market, discounted cash flows are only an estimate of the contract’s economic value. These values are not a useful value for participant statement purposes nor are they representative of the value that may be received from those contracts in either a participant disbursement or an early termination of the contract.

It is probable that withdrawals and transfers resulting from the following events will limit the ability of the fund 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 fund;

 

   

Employer communications designed to induce participants to transfer from the fund;

 

   

Competing fund transfer or violation of equity wash or equivalent rules in place;

 

   

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, 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.

All contracts are benefit responsive unless otherwise noted.

 

6. Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, provides the 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.

 

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Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

6. Fair Value Measurements (Continued)

 

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. There have been no changes in the methodologies used as of December 31, 2010 and 2009.

Money market funds and interest bearing cash are valued at cost, which approximates fair value.

Mutual funds are valued at the net asset value of shares held by the Plan at year end.

Collective investment funds are valued based on the closing market price reported on the active market on which the underlying investments are traded.

Common stocks are valued at the closing market price reported on the active market on which the securities are traded.

 

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Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

6. Fair Value Measurements (Continued)

 

Investment contracts, including wrap contracts, held in the Master Trust which are comprised of fixed maturity synthetic GIC, constant duration synthetic GIC, variable rate synthetic GIC and traditional GIC are valued using the present value of the contracts’ future cash flow values discounted by comparable duration Wall Street Journal GIC Index rates. In relation to Master Trust GIC contracts, principal protection is purchased from the issuer in the form of a wrap. These wraps are valued based on an internal pricing matrix which uses an income approach to determine the present value of the fee payments related to the contract, using both current contractual fees as well as replacement fees generated by matrix pricing (see Note 5: Interest in the Stable Value Master Trust).

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 Master Trust’s investments at fair value as of December 31, 2010 and 2009:

 

     Investments at Fair Value as of December 31, 2010  
     Level 1      Level 2      Level 3      Total  

Money market funds

   $ 500,688,331       $ —         $ —         $ 500,688,331   

Investment contracts:

           

Fixed maturity synthetic guaranteed investment contracts

     —           603,537,780         —           603,537,780   

Constant duration synthetic guaranteed investment contracts

     —           2,429,717,391         —           2,429,717,391   

Variable rate synthetic guaranteed investment contract

     —           10,110,583         —           10,110,583   

Guaranteed investment contracts

     —           60,691,718         —           60,691,718   

Collective investment funds

     —           53,117,571         —           53,117,571   

Wrap contracts

     —           —           3,212,459         3,212,459   
                                   

Total Master Trust investments at fair value

   $ 500,688,331       $ 3,157,175,043       $ 3,212,459       $ 3,661,075,833   
                                   
     Investments at Fair Value as of December 31, 2009  
     Level 1      Level 2      Level 3      Total  

Money market funds

   $ 240,731,916       $ —         $ —         $ 240,731,916   

Investment contracts:

           

Fixed maturity synthetic guaranteed investment contracts

     —           797,995,445         —           797,995,445   

Constant duration synthetic guaranteed investment contracts

     —           2,172,906,834         —           2,172,906,834   

Variable rate synthetic guaranteed investment contract

     —           10,409,290         —           10,409,290   

Guaranteed investment contracts

     —           59,699,218         —           59,699,218   

Collective investment funds

     —           51,408,790         —           51,408,790   

Wrap contracts

     —           —           2,563,176         2,563,176   
                                   

Total Master Trust investments at fair value

   $ 240,731,916       $ 3,092,419,577       $ 2,563,176       $ 3,335,714,669   
                                   

 

16


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

6. Fair Value Measurements (Continued)

 

The following table sets forth the summary of changes in the fair value of the Master Trust’s level 3 investments for the years ended December 31, 2010 and 2009:

 

     Wrap Contracts  
     2010      2009  

Balance, beginning of year

   $ 2,563,176       $ 2,917,527   

Realized gains (losses)

     —           —     

Unrealized gains (losses) relating to Master Trust for investments still held at reporting date

     —           —     

Purchases, sales, issuances, and settlements (net)

     649,283         (354,351

Transfers in to/out of level 3

     —           —     
                 

Balance, end of year

   $ 3,212,459       $ 2,563,176   
                 

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, 2010 and 2009:

 

     Investments at Fair Value as of December 31, 2010  
     Level 1      Level 2      Level 3      Total  

Money market funds and interest bearing cash

   $ 9,986,639       $ —         $ —         $ 9,986,639   

Mutual funds

           

Domestic broad market equity

     90,707,272         —           —           90,707,272   

Domestic large cap equity

     1,494,325,458         —           —           1,494,325,458   

Domestic mid cap equity

     306,442,597         —           —           306,442,597   

Domestic REIT equity

     50,927,398         —           —           50,927,398   

Domestic small cap equity

     274,121,795         —           —           274,121,795   

Fixed income

     532,848,387         —           —           532,848,387   

International developed equity

     382,970,600         —           —           382,970,600   

Collective investment funds

     —           391,063,646         —           391,063,646   

Common and preferred stocks

     516,632,648         —           —           516,632,648   

Other investments

     —           —           27,690         27,690   
                                   

Total non-Master Trust investments at fair value

   $ 3,658,962,794       $ 391,063,646       $ 27,690       $ 4,050,054,130   
                                   

 

17


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

6. Fair Value Measurements (Continued)

 

     Investments at Fair Value as of December 31, 2009  
     Level 1      Level 2      Level 3      Total  

Money market funds and interest bearing cash

   $ 13,242,485       $ —         $ —         $ 13,242,485   

Mutual funds

           

Domestic broad market equity

     61,412,343         —           —           61,412,343   

Domestic large cap equity

     1,382,195,833         —           —           1,382,195,833   

Domestic mid cap equity

     237,565,300         —           —           237,565,300   

Domestic REIT equity

     31,109,406         —           —           31,109,406   

Domestic small cap equity

     215,569,216         —           —           215,569,216   

Fixed income

     485,454,890         —           —           485,454,890   

International developed equity

     365,758,527         —           —           365,758,527   

Collective investment funds

     —           273,617,944         —           273,617,944   

Common and preferred stocks

     558,132,402         —           —           558,132,402   

Other investments

     —           —           —           —     
                                   

Total non-Master Trust investments at fair value

   $ 3,350,440,402       $ 273,617,944       $ —         $ 3,624,058,346   
                                   

The following table sets forth the summary of changes in the fair value of the non-Master Trust’s level 3 investments for the year ended December 31, 2010:

 

     Other Investments  
     2010  

Balance, beginning of year

   $ —     

Realized gains (losses)

     —     

Unrealized gains (losses) relating to Master Trust for investments still held at reporting date

     —     

Purchases, sales, issuances, and settlements (net)

     —     

Transfers in to/out of level 3

     27,690   
        

Balance, end of year

   $ 27,690   
        

 

18


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

7. Net Appreciation in Fair Value of Investments

The Plan’s investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in fair value as follows for the year ended December 31, 2010:

 

Mutual funds

   $ 353,359,252   

Collective investment funds

     43,844,532   

Common stocks

     (65,107,401

Other investments

     27,690   
        

Net appreciation in fair value of investments

   $ 332,124,073   
        

 

8. Other Income

Other income substantially represents the Plan’s allocable share of proceeds from a judicially approved settlement of a class action lawsuit brought by participants in the Countrywide Financial Corporation 401(k) Savings and Investment Plan (Countrywide Plan) that alleged ERISA fiduciary violations with respect to that plan’s investments in the Countrywide Stock Fund. The Plan is the successor to the Countrywide Plan.

 

9.

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.

 

10.

Related Party Transactions

At the end of 2009 the Plan held investments in the Columbia Fund family totaling $1,039,693,151. These funds were administered and advised by Columbia Management Group (CMG) which was at the time, a non-bank affiliate of the Corporation.

On May 1, 2010, the Corporation completed the sale of CMG’s long-term asset management business. The Corporation retained CMG’s cash business which was renamed BofA Global Capital Management.

These cash funds are advised by BofA Global Advisors, LLC, distributed by BofA Distributors, Inc. and are collectively referred to as the “BofA Funds.” BofA Global Capital Management, BofA Global Advisors, LLC and BofA Distributors, Inc. are all affiliates of BANA and the Corporation.

 

19


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

10. Related Party Transactions (Continued)

 

Certain collective funds in the Plan are managed by BlackRock Investment Management LLC (BlackRock). BlackRock is an indirect, wholly owned subsidiary of BlackRock Inc. The Corporation owns a 7% economic interest in BlackRock, Inc.

As of December 31, 2010, the Plan held investments managed and administered by BofA Global Capital Management totaling $9,986,639 and received interest thereon of $17,183.

As of December 31, 2010 and 2009, the Plan held investments in Bank of America Corporation Common Stock valued at $516,632,348 and $558,132,139, respectively. The Plan earned dividends of $1,524,758 on the Bank of America Corporation Common Stock held during the year ended December 31, 2010.

As of December 31, 2010 and 2009, the Plan held investments in BlackRock funds totaling $391,063,646 and $273,617,944, respectively.

The Plan paid direct expenses to the Trustee totaling $183,098 during 2010.

 

11.

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  
     2010     2009  

Net assets available for benefits per the financial statements

   $ 5,322,995,356      $ 4,919,499,918   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts

     29,701,604        16,732,661   

Benefit obligations payable

     (2,051,552     (1,463,004
                

Net assets available for benefits per Form 5500

   $ 5,350,645,408      $ 4,934,769,575   
                

 

20


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

11. Reconciliation to Form 5500 (Continued)

 

The following is a reconciliation of investment income per the financial statements to Form 5500:

 

     Year Ended
December 31, 2010
 

Total income per the financial statements

   $ 898,500,800   

Adjustment from contract value to fair value for fully benefit-responsive investment contracts:

  

End of year

     29,701,604   

Beginning of year

     (16,732,661
        

Total income per Form 5500

   $ 911,469,743   
        

The following is a reconciliation of benefits paid to plan participants per the financial statements to Form 5500:

 

     Year Ended
December 31, 2010
 

Benefits paid to plan participants per the financial statements

   $ 491,688,716   

Add: Benefit obligations payable at end of year

     2,051,552   

Less: Benefit obligations payable at beginning of year

     (1,463,004
        

Benefits paid to plan participants per Form 5500

   $ 492,277,264   
        

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.

 

12.

Federal Income Tax Status

On August 8, 2003, the Plan Sponsor was informed by a determination letter from the Internal Revenue Service (IRS) that the Plan was designed in accordance with applicable sections of the IRC. The Plan has been amended and restated since receiving this determination letter. In January of 2010, the Plan Sponsor filed for an updated determination letter. The application is currently pending review by the IRS.

 

21


Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

Notes to Financial Statements

December 31, 2010 and 2009

 

 

 

12. Federal Income Tax Status (Continued)

 

The Plan administrator believes the Plan 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.

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.

GAAP requires Plan management to evaluate uncertain tax positions taken by the Plan. The financial statement effects of a tax position are recognized when the position is more likely than not to be sustained upon examination by the IRS. The tax positions taken by the Plan have been analyzed and, as of December 31, 2010, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2007.

 

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Table of Contents

The Bank of America 401(k) Plan for Legacy Companies

EIN 56-0906609 Plan No. 006

Schedule H, Line 4i - Schedule of Assets

December 31, 2010

 

( a )   ( b )    ( c )    ( d )      ( e )  

    

 

Identity of Issue, Borrower,

Lessor, or Similar Party

  

Description of Investment Including Maturity Date,

Rate of Interest, Collateral, Par, or Maturity Value

   Number of
Shares/Units
     Current Value  
 

MONEY MARKET AND INTEREST BEARING CASH

     
*  

BOFA

  

CASH RESERVES CAPITAL CLASS

     9,986,639       $ 9,986,639   
                
 

TOTAL MONEY MARKET AND INTEREST BEARING CASH

        9,986,639   
                
 

MUTUAL FUNDS

     
 

AMERICAN FUNDS

  

GROWTH FUND OF AMERICA

     14,282,371         434,755,359   
 

COLUMBIA

  

CORE BOND FUND

     12,875,061         140,981,915   
 

COLUMBIA

  

LARGE CAP INDEX FUND

     14,730,142         357,795,144   
 

COLUMBIA

  

LARGE CAP VALUE FUND

     13,290,942         153,111,649   
 

COLUMBIA

  

MARSICO FOCUSED EQUITIES FUND

     1,563,174         36,281,264   
 

COLUMBIA

  

MID CAP INDEX FUND

     26,600,920         306,442,597   
 

COLUMBIA

  

MULTI-ADVISOR INTL EQUITY FUND

     2,259,386         27,496,725   
 

COLUMBIA

  

SMALL CAP INDEX FUND

     9,592,838         165,764,232   
 

DODGE & COX

  

STOCK FUND

     4,754,844         512,382,042   
*  

FIDELITY

  

DIVERSIFIED INTERNATIONAL FUND

     11,790,178         355,473,875   
*  

FIDELITY

  

REAL ESTATE INVESTMENT PORTFOLIO

     1,982,382         50,927,398   
 

LEGG MASON BATTERYMARCH

  

US SMALL CAP EQUITY PORTFOLIO

     11,193,963         108,357,563   
 

VANGUARD

  

INFLATION PROTECTED SECURITIES FUND

     2,778,604         28,897,482   
 

VANGUARD

  

INSTITUTIONAL TOTAL STOCK MARKET INDEX FUND

     3,178,251         90,707,272   
 

WESTERN ASSET

  

CORE BOND PORTFOLIO FUND

     31,783,624         362,968,990   
                
 

TOTAL MUTUAL FUNDS

        3,132,343,507   
                
 

COLLECTIVE INVESTMENT FUNDS

     
*  

BLACKROCK

  

LIFEPATH INDEX 2015 FUND

     3,069,186         32,594,753   
*  

BLACKROCK

  

LIFEPATH INDEX 2020 FUND

     6,606,270         68,771,267   
*  

BLACKROCK

  

LIFEPATH INDEX 2025 FUND

     4,403,210         45,000,801   
*  

BLACKROCK

  

LIFEPATH INDEX 2030 FUND

     7,668,249         76,989,221   
*  

BLACKROCK

  

LIFEPATH INDEX 2035 FUND

     3,972,592         39,209,480   
*  

BLACKROCK

  

LIFEPATH INDEX 2040 FUND

     6,135,330         59,574,055   
*  

BLACKROCK

  

LIFEPATH INDEX 2045 FUND

     1,737,482         16,610,324   
*  

BLACKROCK

  

LIFEPATH INDEX 2050 FUND

     954,656         9,126,509   
*  

BLACKROCK

  

LIFEPATH INDEX 2055 FUND

     51,665         584,329   
*  

BLACKROCK

  

LIFEPATH INDEX RETIREMENT FUND

     3,831,197         42,602,907   
                
 

TOTAL COLLECTIVE INVESTMENT FUNDS

        391,063,646   
                
 

COMMON AND PREFERRED STOCKS

     
 

ARYT INDS LTD

  

COMMON STOCK

     1,000         300   
*  

BANK OF AMERICA CORPORATION

  

COMMON STOCK

     38,728,062         516,632,348   
                
 

TOTAL COMMON AND PREFERRED STOCKS

        516,632,648   
                
 

OTHER INVESTMENTS

     
 

MUTUALS CAPITAL ALLIANCE INC

        276,895         27,690   
                
 

TOTAL OTHER INVESTMENTS

        27,690   
                
 

TOTAL NON-MASTER TRUST INVESTMENTS

      $ 4,050,054,130   
                
*  

PARTICIPANT LOANS

  

INTEREST RATES RANGING FROM 4.25% TO 11.50%

      $ 108,211,985   
                

 

* Investments with parties-in-intereset as defined under ERISA.

Column (d) Cost was omitted as all investments are participant-directed.

 

23


Table of Contents

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 FOR  LEGACY COMPANIES
Date: June 28, 2011      

/s/ SUSAN E. KELLY

     

Senior Vice President

Retirement Service Delivery Executive

Bank of America Corporation

 

24


Table of Contents

Exhibit Index

 

Exhibit
No.

  

Description

23.1   

Consent of Morris, Davis & Chan LLP, Independent Registered Public Accounting Firm.

 

25

EX-23.1 2 dex231.htm CONSENT OF MORRIS, DAVIS & CHAN LLP Consent of Morris, Davis & Chan LLP

Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in the Registration Statement Numbers 333-110924, 333-127124 and 333-149204 on Form S-8 of Bank of America Corporation filed with the Securities and Exchange Commission, pertaining to The Bank of America 401(k) Plan for Legacy Companies of our report dated June 23, 2011, with respect to the financial statements and supplemental schedule of The Bank of America 401(k) Plan for Legacy Companies included in the Annual Report (Form 11-K) as of December 31, 2010 and for the year then ended.

/s/ Morris, Davis & Chan LLP

Charlotte, North Carolina

June 23, 2011

 

26