SCHEDULE 13D/A: Bank of America Updates Beneficial Ownership in PIMCO New York Municipal Income Fund Preferred Shares
Schedule 13D Amendment
Bank of America Corporation and Banc of America Preferred Funding Corporation have filed an amendment to their Schedule 13D, updating their beneficial ownership of PIMCO New York Municipal Income Fund's remarketable variable rate munifund term preferred shares to 100% due to a decrease in outstanding shares.
Summary
- Bank of America Corporation (BAC) and Banc of America Preferred Funding Corporation (BAPFC), collectively the 'Reporting Persons', filed Amendment No. 1 to their Schedule 13D.
- The amendment updates their beneficial ownership of the Remarketable Variable Rate Munifund Term Preferred Shares, Series 2054 (CUSIP No. 72200T509) of PIMCO New York Municipal Income Fund.
- The filing reports a change in the percentage of the class beneficially owned by the Reporting Persons.
- This change is due to the outstanding shares of the preferred class decreasing to 410 shares, as reported by the Issuer in its Form N-CSR filed on March 6, 2025.
- The Reporting Persons now beneficially own 410 shares, representing 100% of the outstanding shares of this specific preferred class.
- The filing also includes updated Limited Powers of Attorney for both Bank of America Corporation and Banc of America Preferred Funding Corporation, authorizing specific individuals to execute SEC filings.
- A joint filing agreement confirms the joint submission of this and future related filings.
- Schedule I provides a list of current executive officers and directors for both Bank of America Corporation and Banc of America Preferred Funding Corporation.
- Schedule II references ongoing civil proceedings and regulatory actions involving Bank of America Corporation and its affiliates, as detailed in BofA Securities Form BD.
Sentiment
Score: 5
Explanation: The document is neutral and factual, primarily serving as a regulatory update on beneficial ownership and legal authorizations. It contains no positive or negative performance indicators.
Risks
- 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 concerning their business conduct.
- Some of these proceedings have resulted in findings of violations of federal or state securities laws.
Future Outlook
The document does not provide any forward-looking statements or guidance regarding future financial performance or strategic direction.
Industry Context
This filing is an administrative update regarding beneficial ownership of preferred shares in a municipal income fund. It does not provide broader insights into industry trends or competitive landscape, but rather reflects a specific ownership position and related legal authorizations within the financial services sector.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Limited Power of Attorney Update | Bank of America Corporation executed a new Limited Power of Attorney, effective May 7, 2024, revoking a previous one from May 11, 2023. This authorizes specific individuals to execute Section 13 and Section 16 filings under the Securities Exchange Act of 1934. | 2024-05-07 | Streamlines and updates the authorization process for designated individuals to sign regulatory filings on behalf of Bank of America Corporation, ensuring compliance with SEC reporting requirements. |
| Limited Power of Attorney Update | Banc of America Preferred Funding Corporation executed a new Limited Power of Attorney, effective November 20, 2024, authorizing specific individuals to execute Section 13 and Section 16 filings under the Securities Exchange Act of 1934. | 2024-11-20 | Streamlines and updates the authorization process for designated individuals to sign regulatory filings on behalf of Banc of America Preferred Funding Corporation, ensuring compliance with SEC reporting requirements. |
Legal Proceedings
- 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 related to their business conduct.
- 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, which descriptions are incorporated by reference.
Stakeholder Impact
- Shareholders of PIMCO New York Municipal Income Fund: The filing clarifies the beneficial ownership structure of a specific class of preferred shares, providing transparency regarding a significant holder.
- Regulatory Authorities: The filing ensures compliance with SEC disclosure requirements regarding beneficial ownership and related legal authorizations.
Key Dates
| Date | Description |
|---|---|
| 2023-05-11 | Date of previous Limited Power of Attorney executed by Bank of America Corporation, which was revoked by the new one. |
| 2024-04-17 | Date of the Original Schedule 13D filing. |
| 2024-04-24 | Date the Original Schedule 13D was filed with the SEC. |
| 2024-05-07 | Date of execution for the new Limited Power of Attorney for Bank of America Corporation. |
| 2024-11-20 | Date of execution for the new Limited Power of Attorney for Banc of America Preferred Funding Corporation. |
| 2025-03-06 | Date of event which required this filing; Issuer (PIMCO New York Municipal Income Fund) reported outstanding shares in Form N-CSR. |
| 2025-04-09 | Date of execution for the Joint Filing Agreement and this Amendment No. 1 to Schedule 13D. |
Keywords
Schedule 13D/A, Beneficial Ownership, PIMCO New York Municipal Income Fund, Bank of America Corporation, Banc of America Preferred Funding Corporation, Remarketable Variable Rate Munifund Term Preferred Shares, Preferred Shares, SEC Filing, Corporate Governance, Legal Proceedings
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