SCHEDULE 13D/A: Bank of America Updates PIMCO Fund Stake to 74.7% Following Issuer's Share Reduction

Bank of America Corporation and Banc of America Preferred Funding Corporation have amended their Schedule 13D filing to reflect an increased percentage of beneficial ownership in PIMCO California Municipal Income Fund's preferred shares, now at 74.7%, due to a decrease in the issuer's total outstanding shares.

Summary

• This document is Amendment No. 1 to the original Schedule 13D filed by Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC) concerning their beneficial ownership of Remarketable Variable Rate Munifund Term Preferred Shares (RVMTP Shares) of PIMCO California Municipal Income Fund.
• The amendment is filed solely to report a change in the percentage of the class beneficially owned by the Reporting Persons.
• The change is attributed to a decrease in the outstanding shares of the preferred class of the Issuer, which now stands at 1,366 shares, as reported by the Issuer in its N-CSR filing on March 6, 2025.
• The Reporting Persons continue to beneficially own 1,020.00 RVMTP Shares.
• This beneficial ownership now represents 74.7% of the class, an increase from the previous percentage due to the reduction in the total outstanding shares by the Issuer.

Sentiment

Score: 5

Explanation: The document is a neutral, administrative update to a regulatory filing, reporting a factual change in beneficial ownership percentage due to external factors (issuer's share count reduction). It contains no positive or negative operational or financial news.

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.
• Certain of these proceedings have resulted in findings of violations of federal or state securities laws.
• Such proceedings are reported and summarized in the BofA Securities Form BD, which descriptions are incorporated by reference.

Future Outlook

This filing is an administrative update to a beneficial ownership report and does not contain forward-looking statements or guidance regarding future operations or financial performance.

Industry Context

This Schedule 13D/A filing is a routine regulatory disclosure by Bank of America Corporation and its affiliate, Banc of America Preferred Funding Corporation, updating their beneficial ownership percentage in a specific PIMCO municipal income fund. It reflects a change in the issuer's total outstanding shares rather than a strategic investment or divestment by the reporting entities, thus having minimal direct implications for broader industry trends or competitive dynamics.

Corporate Governance

Legal Proceedings

• Bank of America Corporation and certain affiliates (including BofA Securities, Inc. and Bank of America, N.A.) have been involved in civil proceedings and regulatory actions.
• Some of these proceedings have resulted in findings of violations of federal or state securities laws.
• These proceedings are reported and summarized in the BofA Securities Form BD.

Stakeholder Impact

• Shareholders (of PIMCO California Municipal Income Fund): The change in beneficial ownership percentage is a technical adjustment due to a reduction in the total outstanding shares of the preferred class, not a change in the number of shares held by the reporting persons. This has no direct operational or financial impact on the fund or its shareholders.
• Shareholders (of Bank of America Corporation): This is a routine regulatory filing and has no material impact on Bank of America's operations or financial performance.

Key Dates

Keywords

Schedule 13D/A, Beneficial Ownership, Bank of America Corporation, Banc of America Preferred Funding Corporation, PIMCO California Municipal Income Fund, REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES, RVMTP Shares, SEC Filing, Shareholding, Investment, Preferred Shares, Corporate Governance