SCHEDULE: Bank of America Adjusts PIMCO Fund Stake Post-Redemption

Bank of America Corporation and its affiliate have updated their Schedule 13D filing, reporting a reduced ownership in PIMCO New York Municipal Income Fund II following a preferred share redemption.

Summary

• Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively the Reporting Persons, filed Amendment No. 3 to their Schedule 13D.
• The amendment reports a change in ownership percentage in PIMCO New York Municipal Income Fund II (the Issuer).
• This change resulted from the redemption of 260 Remarketable Variable Rate Munifund Term Preferred (RVMTP) Shares by the Issuer on February 23, 2026.
• The redeemed shares were held by BAPFC and were redeemed at their liquidation preference plus accumulated but unpaid dividends.
• Following the redemption, the Reporting Persons now beneficially own 910 RVMTP Shares.
• This represents 85.9% of the class of securities.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event for the Reporting Persons, as it represents an orderly return of capital from a preferred share investment, consistent with the terms of the security. The reduction in ownership is a factual change, not inherently negative.

Positives

• The redemption of 260 RVMTP shares at liquidation preference and accumulated dividends indicates a return of capital to the Reporting Persons under expected terms.

Negatives

• The reduction in ownership percentage from an implied 1170 shares to 910 shares means a decrease in the Reporting Persons' stake in the Issuer.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding future operations or financial performance beyond the reported redemption event.

Industry Context

StockSavvy.ai notes that preferred share redemptions are a common capital management tool for closed-end funds like PIMCO New York Municipal Income Fund II, often used to optimize capital structure or manage dividend obligations. For institutional holders like Bank of America, such redemptions represent a return of capital, which can then be redeployed.

Stakeholder Impact

• Shareholders of PIMCO New York Municipal Income Fund II: The redemption of preferred shares could potentially impact the fund's capital structure and future dividend capacity, though the specific impact is not detailed in this filing.
• Bank of America Corporation and Banc of America Preferred Funding Corporation: The redemption results in a return of capital, which can be reinvested elsewhere, and a reduced exposure to the Issuer's RVMTP shares.

Key Dates

Recommendation

This filing primarily reports a routine redemption of preferred shares and a subsequent adjustment in beneficial ownership. It does not contain information that would fundamentally alter the investment thesis for either the issuer or the reporting entity, Bank of America, in a way that warrants a strong buy or sell recommendation. It's a factual update on a capital event.

Keywords

PIMCO New York Municipal Income Fund II, Bank of America Corporation, Banc of America Preferred Funding Corp, RVMTP Shares, Remarketable Variable Rate Munifund Term Preferred, Schedule 13D/A, Preferred Stock Redemption, Municipal Income Fund, Beneficial Ownership