Form 4: BofA Subsidiary Exchanges PIMCO Preferred Shares

Bank of America's subsidiary, Banc of America Preferred Funding Corp, exchanged 1,240 preferred shares of PIMCO Municipal Income Fund III for shares in PIMCO Municipal Income Fund II as part of a fund reorganization.

Summary

• Bank of America Corporation and its wholly-owned subsidiary, Banc of America Preferred Funding Corporation (PFC), reported a change in beneficial ownership.
• PFC disposed of 1,240 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PIMCO Municipal Income Fund III (PMX).
• This disposition was a cashless exchange for an equal number of RVMTP Shares of PIMCO Municipal Income Fund II.
• The transaction occurred on August 1, 2025, in connection with the reorganization of PIMCO Municipal Income Fund III and PIMCO Municipal Income Fund into PIMCO Municipal Income Fund II.
• Bank of America Corporation holds an indirect interest in these securities through its ownership of PFC.

Sentiment

Score: 5

Explanation: The filing reports a routine, cashless share exchange as part of a fund reorganization, indicating a neutral impact on the reporting entities and the issuer.

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 specific corporate action (fund reorganization) involving a major financial institution (Bank of America) and a large asset manager (PIMCO). Such reorganizations are common in the fund industry to streamline operations or consolidate funds.

Related Party Transactions

• Banc of America Preferred Funding Corporation, a wholly-owned subsidiary of Bank of America Corporation, engaged in the share exchange, making it a related party transaction.

Stakeholder Impact

• Shareholders of PIMCO Municipal Income Fund III are indirectly impacted by the fund's reorganization, which led to this share exchange. The transaction itself is a technical adjustment due to the reorganization and does not directly alter the economic interest of Bank of America or its subsidiary in the underlying assets, but rather the vehicle through which that interest is held.

Key Dates

Keywords

Bank of America, BofA, PIMCO, PMX, SEC Form 4, Beneficial Ownership, Preferred Shares, Fund Reorganization, Corporate Action, Insider Transaction