Form 4: Bank of America Reduces PIMCO Municipal Fund Stake

Bank of America's subsidiary, Banc of America Preferred Funding Corp, disposed of 260 Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO New York Municipal Income Fund II through a redemption.

Summary

• Bank of America Corp /DE/ and its wholly-owned subsidiary, Banc of America Preferred Funding Corporation (BAPFC), reported a change in beneficial ownership.
• BAPFC disposed of 260 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares), Series 2054, in PIMCO New York Municipal Income Fund II (PNI).
• The transaction occurred on February 23, 2026, as a redemption by the Issuer, PIMCO New York Municipal Income Fund II.
• The redemption price was the liquidation preference plus accumulated but unpaid dividends.
• Following this transaction, Bank of America Corporation indirectly beneficially owns 910 RVMTP Shares.
• The redemption was previously described in a Notice of Intention to Redeem Securities (N-23C-2) filed by PIMCO New York Municipal Income Fund II with the SEC on January 23, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, representing a routine redemption of preferred shares by the issuer, which is a standard capital management activity and was previously announced.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing, which reports a completed transaction.

Industry Context

StockSavvy.ai notes that this Form 4 reports a routine redemption of preferred shares, a common capital management activity for closed-end funds like PIMCO New York Municipal Income Fund II. Such redemptions are typically initiated by the issuer to optimize their capital structure or manage financing costs, and do not necessarily indicate broader trends for the municipal bond market or PIMCO's overall strategy.

Stakeholder Impact

• Shareholders of PIMCO New York Municipal Income Fund II: The redemption reduces the outstanding preferred shares, which can impact the fund's capital structure and leverage.
• Bank of America Corporation: Reduces its indirect beneficial ownership in the fund's preferred shares, converting an equity-like instrument into cash (liquidation preference plus dividends).

Key Dates

Recommendation

The Form 4 reports a routine redemption of preferred shares by the issuer, PIMCO New York Municipal Income Fund II, from Bank of America's subsidiary. This transaction is a standard capital management event and does not provide sufficient new information to alter an investment thesis for either PIMCO New York Municipal Income Fund II or Bank of America Corporation.

Keywords

Bank of America, PIMCO, Municipal Income Fund, Preferred Shares, Redemption, Beneficial Ownership, Form 4, PNI