SCHEDULE: BofA Filing: Preferred Shares Ownership Update

Bank of America and its subsidiary report a change in beneficial ownership percentage for PIMCO California Municipal Income Fund's preferred shares due to a decrease in total outstanding shares.

Summary

• This filing is an amendment (Amendment No. 4) to a Schedule 13D, originally filed on April 24, 2024.
• The amendment concerns the remarketable variable rate munifund term preferred shares (RVMTP Shares) of PIMCO California Municipal Income Fund.
• Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC) are the reporting persons.
• The filing reports a change in the percentage of class beneficially owned by the reporting persons.
• This change is due to a decrease in the total outstanding shares of the preferred class of the Issuer, which fell to 2,419 shares as of September 10, 2026.
• The reporting persons collectively beneficially own 1,920 shares, representing 79.4% of the class.
• The filing incorporates updated Schedules I and II regarding the identity and background of the reporting persons.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this as a neutral to slightly negative filing, primarily due to the decrease in outstanding shares which, while not directly negative for the reporting persons, indicates a reduction in the overall market for this specific preferred security.

Positives

• The reporting persons maintain a significant beneficial ownership stake (79.4%) in the preferred shares.
• The filing is an administrative update, not indicating any new sales or divestitures by the reporting persons.

Negatives

• The total number of outstanding preferred shares has decreased, indicating a potential reduction in the market for this specific security.
• The decrease in outstanding shares, while not directly impacting the reporting persons' holdings in absolute terms, reduces the overall size of the investment class.

Risks

• A decrease in the total outstanding shares of a preferred security could indicate reduced demand or a shrinking market for such instruments.
• While not explicitly stated as a risk, a declining number of outstanding shares might suggest potential future liquidity challenges for this specific class of preferred stock.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. It is an update on beneficial ownership percentages.

Management Comments

• This Amendment is being filed solely to report a change of the percent of class beneficially owned by the Reporting Persons due to the outstanding shares of the preferred class of the Issuer decreasing to 2,419 shares as reported by the Issuer to the Reporting Persons on September 10, 2026.

Industry Context

StockSavvy.ai notes that this filing pertains to a specific class of preferred securities within the municipal income fund sector. Changes in outstanding shares can reflect broader market trends or specific issuer actions regarding capital structure management.

Stakeholder Impact

• Shareholders of PIMCO California Municipal Income Fund: The decrease in outstanding preferred shares may impact the overall liquidity and market dynamics of this specific security class.
• Bank of America and Banc of America Preferred Funding Corp: Their significant ownership stake remains, but the reduced total outstanding shares means their percentage ownership is based on a smaller total pool.

Next Steps

• The reporting persons will continue to file amendments to Schedule 13D as required by SEC regulations.
• Further updates may be filed if there are changes in beneficial ownership or the number of outstanding shares.

Key Dates

Keywords

PIMCO California Municipal Income Fund, Remarketable Variable Rate Munifund Term Preferred Shares, Schedule 13D, Beneficial Ownership, Preferred Stock, Bank of America, Banc of America Preferred Funding Corp, Municipal Income