SCHEDULE 13D/A: Bank of America Updates PIMCO Fund Ownership to 77% Following Decrease in Outstanding Preferred Shares

Bank of America Corporation and Banc of America Preferred Funding Corporation have amended their Schedule 13D filing to reflect a 77% beneficial ownership in PIMCO New York Municipal Income Fund II's preferred shares, a change driven by a reduction in the fund's total outstanding preferred shares.

Summary

• Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC) have filed Amendment No. 1 to their Schedule 13D regarding their beneficial ownership in PIMCO New York Municipal Income Fund II's Remarketable Variable Rate Munifund Term Preferred Shares (RVMTP Shares).
• The amendment is solely to report a change in the percentage of the class beneficially owned by the Reporting Persons.
• This change is due to the Issuer (PIMCO New York Municipal Income Fund II) reporting a decrease in the outstanding shares of its preferred class to 649 shares.
• As a result, the Reporting Persons' aggregate beneficial ownership of 500 RVMTP Shares now represents 77% of the class, an increase in percentage due to the reduced total outstanding shares.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Schedule 13D/A) updating beneficial ownership information due to a change in the issuer's outstanding shares. It contains no performance data, strategic announcements, or forward-looking statements that would indicate a positive or negative sentiment.

Positives

• The filing clarifies the beneficial ownership percentage, providing updated transparency to the market.
• The reporting persons maintain their beneficial ownership of 500 RVMTP Shares, indicating continued investment in the fund.

Negatives

• The decrease in the total outstanding preferred shares of PIMCO New York Municipal Income Fund II could indicate a reduction in the fund's capital base or a restructuring, though the filing does not provide details on the reason for this decrease.

Risks

• Bank of America Corporation and its affiliates are involved in various civil proceedings and regulatory actions, some of which have resulted in findings of violations of federal or state securities laws, as detailed in the BofA Securities Form BD.

Future Outlook

NA

Industry Context

This filing is a routine regulatory update for beneficial ownership and does not provide broader industry context or trends. It reflects a specific change in the capital structure of a single municipal income fund, impacting the reported ownership percentage of a large financial institution.

Corporate Governance

Legal Proceedings

• Bank of America Corporation and certain affiliates (including BofA Securities) are involved in civil proceedings and regulatory actions related to their business conduct.
• Some of these proceedings have resulted in findings of violations of federal or state securities laws.
• Further details are reported and summarized in the BofA Securities Form BD, which is incorporated by reference.

Stakeholder Impact

• Shareholders (of PIMCO New York Municipal Income Fund II): Provides updated transparency on the beneficial ownership structure of a significant holder of preferred shares.
• Shareholders (of Bank of America Corporation): Minimal direct impact, as this is a routine regulatory disclosure related to a small portion of their investment portfolio.

Key Dates

Keywords

Bank of America Corporation, Banc of America Preferred Funding Corporation, PIMCO New York Municipal Income Fund II, Schedule 13D/A, Beneficial Ownership, Preferred Shares, RVMTP Shares, SEC Filing, Investment Fund, Municipal Income Fund