Form 4: Bank of America Adjusts PIMCO Fund Holdings

Bank of America Corporation and its subsidiary exchanged preferred shares in PIMCO Municipal Income Fund as part of a fund reorganization.

Summary

• Bank of America Corporation and its subsidiary, Banc of America Preferred Funding Corporation, reported a change in beneficial ownership of PIMCO Municipal Income Fund (PMF) securities.
• 1,340 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PMF were disposed of.
• This was a cashless exchange for an equal number of RVMTP Shares in PIMCO Municipal Income Fund II.
• The transaction occurred on August 1, 2025, as part of a reorganization merging PIMCO Municipal Income Fund and PIMCO Municipal Income Fund III into PIMCO Municipal Income Fund II.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction (exchange of shares) due to a fund reorganization, which is neither inherently positive nor negative for the issuer's operational or financial performance.

Positives

• Transaction executed as part of a pre-arranged Rule 10b5-1(c) plan, indicating structured and compliant trading.
• Cashless exchange of shares, avoiding direct cash impact on the reporting entities.

Negatives

• No direct negatives identified for the issuer, PIMCO Municipal Income Fund, as this is a routine ownership change due to a fund reorganization.

Risks

• Reporting persons explicitly state that this statement does not constitute 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, acting as a partnership, syndicate, or group for acquiring, holding, or disposing of securities of the Issuer.

Future Outlook

No specific future outlook or guidance for PIMCO Municipal Income Fund is provided. The transaction relates to a completed fund reorganization.

Management Comments

• No specific management comments or quotes are provided beyond the standard legal disclaimers and signatory information.

Industry Context

This transaction reflects a routine adjustment in holdings by a significant institutional investor (Bank of America) due to a specific fund reorganization within the PIMCO municipal bond fund complex. It does not indicate broader industry trends but rather a structural change within the issuer's fund family.

Comparison to Industry Standards

• Not applicable as this filing reports an insider transaction related to a fund reorganization, not financial performance or operational results that can be benchmarked against industry standards or comparable companies.

Related Party Transactions

• Banc of America Preferred Funding Corporation, a wholly-owned subsidiary of Bank of America Corporation, was the direct beneficial owner of the disposed shares, making the transaction an internal adjustment within the Bank of America corporate structure.

Stakeholder Impact

• Shareholders of PIMCO Municipal Income Fund (PMF) will see a change in the beneficial ownership structure of certain preferred shares, as Bank of America's subsidiary exchanged its holdings in PMF for shares in the newly reorganized PIMCO Municipal Income Fund II. This is a structural change related to the fund itself rather than a direct operational impact.

Next Steps

• No specific future actions or milestones for PIMCO Municipal Income Fund are mentioned in this filing.

Key Dates

Keywords

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