SCHEDULE: Bank of America Exits PIMCO Muni Fund III Stake
Beneficial Ownership Update
Bank of America Corporation and its affiliate Banc of America Preferred Funding Corporation have ceased beneficial ownership of PIMCO California Municipal Income Fund III shares following a reorganization into PIMCO California Municipal Income Fund.
Summary
- This Amendment No. 2 to Schedule 13D was filed by Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively the Reporting Persons.
- The amendment reports a reorganization of PIMCO California Municipal Income Fund III (the Issuer) and PIMCO California Municipal Income Fund II (PCK) into PIMCO California Municipal Income Fund (PCQ).
- Effective August 1, 2025, Banc of America Preferred Funding Corporation exchanged 810 Remarketable Variable Rate Munifund Term Preferred (RVMTP) Shares of the Issuer (CUSIP No. 72201C604) for an equal number of RVMTP Shares of PCQ (CUSIP No. 72200N700).
- As a direct result of this reorganization, the Reporting Persons no longer beneficially own any RVMTP Shares of PIMCO California Municipal Income Fund III.
- The aggregate beneficial ownership of the Issuer's securities by the Reporting Persons is now 0.00, representing 0% of the class.
Sentiment
Score: 5
Explanation: The filing is a factual update regarding a change in beneficial ownership due to a corporate reorganization, presenting no explicit positive or negative sentiment.
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.
- Some of these proceedings have resulted in findings of violations of federal or state securities laws, as reported and summarized in the BofA Securities Form BD.
Future Outlook
The filing describes a completed corporate reorganization and the resulting change in beneficial ownership, providing no forward-looking statements or guidance.
Industry Context
This filing reflects a specific corporate reorganization within the PIMCO fund family, leading to a technical change in a large financial institution's (Bank of America) beneficial ownership position in a municipal income fund. It is a routine portfolio adjustment following a fund merger rather than an indicator of broader industry trends.
Legal Proceedings
- Bank of America Corporation and certain affiliates have been involved in civil proceedings and regulatory actions concerning their business, with some resulting in findings of federal or state securities law violations, as reported in BofA Securities Form BD.
Stakeholder Impact
- Shareholders of PIMCO California Municipal Income Fund III: Banc of America Preferred Funding Corporation, a significant shareholder, has ceased ownership of their shares in the fund, exchanging them for shares in the reorganized entity, PIMCO California Municipal Income Fund (PCQ).
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's Limited Power of Attorney. |
| 2025-05-05 | Date of Bank of America Corporation's Limited Power of Attorney. |
| 2025-08-01 | Date of the Reorganization event, where PIMCO California Municipal Income Fund III and PIMCO California Municipal Income Fund II reorganized into PIMCO California Municipal Income Fund. |
| 2025-08-05 | Date of filing this Amendment No. 2 to Schedule 13D. |
Keywords
SEC filing, Schedule 13D, Bank of America, PIMCO, Municipal Income Fund, Reorganization, Beneficial Ownership, RVMTP Shares, Corporate Action
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.