Form 4: Bank of America Subsidiary Redeems PIMCO Muni Fund Shares

Bank of America's subsidiary, Banc of America Preferred Funding Corp, reported the redemption of 260 Remarketable Variable Rate MuniFund Term Preferred Shares from PIMCO New York Municipal Income Fund II.

Summary

• Banc of America Preferred Funding Corporation (BAPFC), a wholly-owned subsidiary of Bank of America Corporation, disposed of 260 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares), Series 2054.
• The RVMTP Shares were redeemed by PIMCO New York Municipal Income Fund II (PNI) on February 23, 2026.
• The redemption price was the liquidation preference and accumulated but unpaid dividends, as described in a Notice of Intention to Redeem Securities (N-23C-2) filed by PNI on January 23, 2026.
• Following this transaction, 910 RVMTP Shares are beneficially owned indirectly by Bank of America Corporation.
• Bank of America Corporation and BAPFC are both identified as 10% owners of PIMCO New York Municipal Income Fund II.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event, representing a routine redemption of preferred shares by the issuer, which was previously announced and executed at the agreed-upon terms.

Positives

• The redemption occurred at the liquidation preference plus accumulated but unpaid dividends, indicating a full recovery of the principal and accrued income for the preferred shares.

Negatives

• A reduction in the number of preferred shares held by Bank of America's subsidiary, though this was a redemption initiated by the issuer rather than a sale by the reporting person.

Future Outlook

This filing is a transaction report and does not contain any forward-looking statements or guidance regarding the issuer's or reporting person's future performance or strategy.

Industry Context

StockSavvy.ai notes that this transaction represents a routine capital management event for PIMCO New York Municipal Income Fund II, involving the redemption of preferred shares. For Bank of America, it reflects a reduction in a specific investment holding, consistent with portfolio adjustments common for large financial institutions.

Related Party Transactions

• Banc of America Preferred Funding Corporation (BAPFC) is a wholly-owned subsidiary of Bank of America Corporation, and both are reporting persons for this transaction, reflecting indirect beneficial ownership.

Stakeholder Impact

• Shareholders of PIMCO New York Municipal Income Fund II: Minimal direct impact, as this is a redemption of preferred shares, a capital management action.
• Bank of America Corporation: A minor adjustment to its investment portfolio, with no significant impact on its overall financial position.

Key Dates

Keywords

PIMCO New York Municipal Income Fund II, PNI, Bank of America Corporation, Banc of America Preferred Funding Corp, Form 4, SEC filing, beneficial ownership, preferred shares, redemption, municipal income fund