SCHEDULE: PIMCO Fund Reorganization: BofA Exits RVMTP Shares
Schedule 13D Amendment
Bank of America Corporation and Banc of America Preferred Funding Corporation have ceased beneficial ownership of PIMCO Municipal Income Fund's RVMTP Shares following a reorganization into PIMCO Municipal Income Fund II.
Summary
- This document is Amendment No. 2 to the original Schedule 13D filed on April 24, 2024, by Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC).
- The amendment is filed due to the reorganization of PIMCO Municipal Income Fund and PIMCO Municipal Income Fund III into PIMCO Municipal Income Fund II (PML) on August 1, 2025.
- As part of the reorganization, Banc of America Preferred Funding Corporation exchanged 1,340 Remarketable Variable Rate Munifund Term Preferred Shares, Series 2054 (CUSIP No. 72200R883) of PIMCO Municipal Income Fund for an equal number of RVMTP Shares of PIMCO Municipal Income Fund II (CUSIP No. 72200W882).
- Following this exchange, the Reporting Persons (Bank of America Corporation and Banc of America Preferred Funding Corporation) no longer beneficially own any RVMTP Shares of the original PIMCO Municipal Income Fund.
- All voting and financing arrangements related to the RVMTP Shares of the original Issuer have been terminated as a result of the reorganization.
Sentiment
Score: 5
Explanation: Neutral, as this is an administrative update regarding a completed corporate reorganization and share exchange, with no direct financial performance implications for the reporting entities.
Risks
- Bank of America Corporation and certain of its affiliates, including BofA Securities, Inc. and Bank of America, N.A., have been involved in civil proceedings and regulatory actions concerning the conduct of their business, with some proceedings resulting in findings of violations of federal or state securities laws, as reported and summarized in BofA Securities Form BD.
Future Outlook
The filing details a completed corporate reorganization and share exchange, indicating no forward-looking statements or guidance regarding future financial performance or strategic direction.
Industry Context
This filing reflects a specific corporate reorganization within the PIMCO municipal bond fund complex, leading to an administrative update in beneficial ownership for Bank of America entities. It does not indicate broader industry trends but rather a specific fund restructuring event.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Amendment to Filing Schedules | Item 2(c) and 2(d) of the Original Schedule 13D are amended by replacing Schedule I and Schedule II, respectively, with updated versions. | 2025-08-05 | Updates the disclosed identity and background information for the reporting persons and their affiliates, including details on executive officers and directors, and legal proceedings. |
| Termination of Arrangements | All voting arrangements and financing arrangements relating to the Remarketable Variable Rate Munifund Term Preferred Shares of the Issuer have been terminated as a result of the Reorganization. | 2025-08-01 | Removes previous contractual obligations and relationships tied to the now-exchanged securities, reflecting the cessation of beneficial ownership. |
Legal Proceedings
- Bank of America Corporation and certain affiliates, including BofA Securities, Inc. and Bank of America, N.A., are involved in civil proceedings and regulatory actions related to their business conduct, some of which have resulted in findings of federal or state securities law violations, as detailed in BofA Securities Form BD.
Stakeholder Impact
- Reporting Persons (Bank of America Corporation and Banc of America Preferred Funding Corporation) no longer hold beneficial ownership of the specified PIMCO Municipal Income Fund RVMTP Shares.
Key Dates
| Date | Description |
|---|---|
| 2024-04-17 | Date of the original Schedule 13D statement. |
| 2024-04-24 | Date the original Schedule 13D statement was filed with the SEC. |
| 2024-11-20 | Date of Banc of America Preferred Funding Corporation Limited Power of Attorney. |
| 2025-05-05 | Date of Bank of America Corporation Limited Power of Attorney. |
| 2025-08-01 | Date of the reorganization event which required the filing of this statement. |
| 2025-08-05 | Date of signing of this Amendment No. 2 to Schedule 13D. |
Keywords
SEC filing, Schedule 13D, PIMCO Municipal Income Fund, Bank of America, Banc of America Preferred Funding Corporation, RVMTP Shares, Reorganization, Beneficial Ownership, Investment Fund, Fixed Income
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.