Form 4: BofA Subsidiary Exchanges PIMCO Muni Fund Shares

Bank of America's subsidiary, Banc of America Preferred Funding Corp, exchanged 1,340 shares of PIMCO Municipal Income Fund in a cashless transaction as part of a fund reorganization.

Summary

• Bank of America Corporation and its wholly-owned subsidiary, Banc of America Preferred Funding Corporation (PFC), jointly filed a Form 4.
• PFC disposed of 1,340 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO Municipal Income Fund (PMF).
• This was a cashless exchange for an equal number of RVMTP Shares of PIMCO Municipal Income Fund II.
• The transaction occurred on August 1, 2025, as part of a reorganization combining PIMCO Municipal Income Fund and PIMCO Municipal Income Fund III into PIMCO Municipal Income Fund II.
• Following the transaction, PFC beneficially owns 0 of the reported RVMTP Shares of PIMCO Municipal Income Fund.

Sentiment

Score: 5

Explanation: Neutral. This is a routine regulatory filing reporting a cashless share exchange as part of a fund reorganization, which is an administrative event and does not indicate positive or negative performance or strategic shifts for the reporting entities.

Future Outlook

No explicit future outlook is provided beyond the completion of the fund reorganization.

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 reporting of a change in beneficial ownership due to a fund reorganization, common in the investment fund industry for administrative purposes. It reflects a restructuring within the PIMCO municipal bond fund complex.

Related Party Transactions

• Banc of America Preferred Funding Corporation is a wholly-owned subsidiary of Bank of America Corporation, making the indirect ownership a related party relationship.

Stakeholder Impact

• Shareholders of PIMCO Municipal Income Fund (PMF) are impacted by the fund's reorganization into PIMCO Municipal Income Fund II, which involves the exchange of their preferred shares.

Key Dates

Recommendation

This Form 4 filing reports a routine, cashless exchange of preferred shares by a Bank of America subsidiary as part of a fund reorganization. It does not provide new financial performance data, strategic shifts, or material events that would warrant a change in investment recommendation for either Bank of America or PIMCO Municipal Income Fund beyond the administrative nature of the transaction.

Keywords

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