Form 4: Bank of America Subsidiary Exchanges PIMCO Muni Fund Shares

Bank of America's subsidiary, Banc of America Preferred Funding Corp, exchanged 410 preferred shares of PIMCO New York Municipal Income Fund as part of a fund reorganization.

Summary

• Bank of America Corporation and its wholly-owned subsidiary, Banc of America Preferred Funding Corporation (PFC), filed a Form 4 regarding changes in beneficial ownership.
• PFC disposed of 410 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO New York Municipal Income Fund (PNF).
• This was a cashless exchange for an equal number of RVMTP Shares of PIMCO New York Municipal Income Fund II.
• The transaction occurred on August 1, 2025, as part of a reorganization merging PNF and PIMCO New York Municipal Income Fund III into PIMCO New York Municipal Income Fund II.
• Following the transaction, PFC beneficially owns 0 RVMTP Shares of PNF.

Sentiment

Score: 5

Explanation: The filing reports a routine share exchange as part of a fund reorganization, indicating a structural change rather than a positive or negative operational event for the issuer or reporting entity.

Risks

• The reporting persons explicitly state that the filing does not constitute an admission that they are acting as a partnership, syndicate, or group for the purpose of acquiring, holding, or disposing of securities of the Issuer under Section 13(d) of the US Securities Exchange Act of 1934.

Future Outlook

The filing indicates a structural change for PIMCO New York Municipal Income Fund (PNF) as it is being reorganized and merged into PIMCO New York Municipal Income Fund II.

Management Comments

• "Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer."

Industry Context

This is a routine insider transaction within the municipal bond fund sector, reflecting a structural reorganization of investment funds. Such reorganizations are common for optimizing fund structures or consolidating assets.

Related Party Transactions

• Banc of America Preferred Funding Corporation (PFC) is a wholly-owned subsidiary of Bank of America Corporation, and the transaction involves shares beneficially owned by PFC, with Bank of America Corporation holding an indirect interest.

Stakeholder Impact

• Shareholders of PIMCO New York Municipal Income Fund (PNF) are impacted by the fund's reorganization into PIMCO New York Municipal Income Fund II, as their shares in PNF were exchanged for shares in the new fund.

Key Dates

Keywords

PIMCO, Municipal Income Fund, Bank of America, Form 4, Beneficial Ownership, Preferred Shares, Fund Reorganization, SEC Filing