SCHEDULE 13D/A: Bank of America Updates Beneficial Ownership in PIMCO Municipal Income Fund II to 67.1%
Schedule 13D/A Amendment
Bank of America Corporation and Banc of America Preferred Funding Corporation have filed an amended Schedule 13D to report an updated beneficial ownership of 67.1% in PIMCO Municipal Income Fund II's preferred shares, primarily due to a decrease in the issuer's outstanding shares.
Summary
- Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively the Reporting Persons, filed Amendment No. 2 to their Schedule 13D.
- The amendment updates their beneficial ownership in PIMCO Municipal Income Fund II's Remarketable Variable Rate Munifund Term Preferred Shares (CUSIP No. 72200W882).
- The Reporting Persons beneficially own 2,530.00 shares with shared voting and dispositive power.
- This represents 67.1% of the class of securities.
- The change in percentage of class beneficially owned is solely due to a decrease in the Issuer's outstanding preferred shares to 3,772 shares, as reported by PIMCO Municipal Income Fund II in its N-CSR filing on March 6, 2025.
- The filing also includes updates to exhibits, including a Joint Filing Agreement and Limited Power of Attorney documents.
Sentiment
Score: 5
Explanation: The document is neutral in sentiment, providing a factual update on beneficial ownership percentage due to a change in the issuer's outstanding shares, without indicating positive or negative implications for the reporting entities or the issuer.
Risks
- Bank of America Corporation and its affiliates, including BofA Securities, Inc. and Bank of America, N.A., have been involved in civil proceedings and regulatory actions concerning their business conduct, with some resulting in findings of federal or state securities law violations, as reported in BofA Securities Form BD.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding future performance or strategic direction.
Industry Context
This filing is a routine regulatory disclosure required under Section 13D of the Securities Exchange Act of 1934, reflecting a change in beneficial ownership percentage due to a reduction in the issuer's outstanding shares. It does not indicate broader industry trends but highlights ongoing compliance with SEC reporting requirements for significant shareholders.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Power of Attorney Update | Bank of America Corporation executed a new Limited Power of Attorney on May 7, 2024, revoking a previous one from May 11, 2023. Banc of America Preferred Funding Corporation also executed a new Limited Power of Attorney on November 20, 2024. These documents appoint specific individuals as attorneys-in-fact for executing Section 13 and Section 16 related filings. | 2024-05-07 | Streamlines regulatory filing processes by granting specific individuals authority to sign SEC-related documents on behalf of the corporations. |
| Joint Filing Agreement | A Joint Filing Agreement was executed by Bank of America Corporation and Banc of America Preferred Funding Corporation, agreeing to jointly file any required documents under Section 13 or Section 16 of the Exchange Act. | 2025-04-09 | Formalizes the joint reporting obligations for the beneficial ownership of the securities, ensuring compliance and efficiency in disclosures. |
Legal Proceedings
- Bank of America Corporation and certain affiliates have been involved in civil proceedings and regulatory actions, some resulting in findings of federal or state securities law violations, as detailed in BofA Securities Form BD.
Stakeholder Impact
- Shareholders of PIMCO Municipal Income Fund II: Provides updated information on the beneficial ownership structure of a significant holder of preferred shares.
- Investors and Analysts: Offers transparency regarding the ownership stake of Bank of America entities in the fund, which is crucial for investment analysis and regulatory compliance tracking.
Key Dates
| Date | Description |
|---|---|
| 2023-05-11 | Previous Limited Power of Attorney executed by Bank of America Corporation, which was revoked by the May 7, 2024 Power of Attorney. |
| 2024-04-17 | Date of the Original Schedule 13D statement. |
| 2024-04-24 | Date the Original Schedule 13D was filed with the SEC. |
| 2024-05-07 | Execution date of the Limited Power of Attorney for Bank of America Corporation. |
| 2024-11-20 | Execution date of the Limited Power of Attorney for Banc of America Preferred Funding Corporation. |
| 2025-03-06 | Date of event requiring this filing; PIMCO Municipal Income Fund II reported a decrease in outstanding preferred shares in its N-CSR filing. |
| 2025-04-09 | Execution date of the Joint Filing Agreement and this Amendment No. 2. |
Keywords
SEC filing, Schedule 13D/A, Bank of America Corporation, Banc of America Preferred Funding Corporation, PIMCO Municipal Income Fund II, beneficial ownership, preferred shares, RVMTP Shares, regulatory filing, investment disclosure
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