Form 4: BofA Subsidiary Adjusts PIMCO Fund Holdings

Bank of America Corporation's subsidiary, Banc of America Preferred Funding Corp, exchanged 410 preferred shares of PIMCO New York Municipal Income Fund due to a fund reorganization.

Summary

• Bank of America Corporation, through its wholly-owned subsidiary Banc of America Preferred Funding Corporation (PFC), reported a change in beneficial ownership of PIMCO New York Municipal Income Fund (PNF).
• On August 1, 2025, PFC exchanged 410 Remarketable Variable Rate MuniFund Term Preferred Shares of PNF.
• This cashless transaction was part of a reorganization where PNF and PIMCO New York Municipal Income Fund III merged into PIMCO New York Municipal Income Fund II.
• Following the transaction, PFC's direct beneficial ownership of these specific shares in PNF became 0, as they were exchanged for an equal number of shares in the new fund, PIMCO New York Municipal Income Fund II.
• Bank of America Corporation maintains an indirect interest in the new fund's shares by virtue of its indirect ownership of PFC.

Sentiment

Score: 5

Explanation: The filing reports a technical exchange of shares due to a fund reorganization, which is a neutral event in terms of company performance or outlook. It does not indicate positive or negative operational developments.

Future Outlook

The filing does not provide forward-looking statements or guidance.

Industry Context

This transaction reflects a common practice in the investment fund industry where funds undergo reorganizations or mergers to optimize their structure or investment objectives. For municipal income funds, such reorganizations can be driven by market conditions, regulatory changes, or strategic decisions by the fund sponsor (PIMCO in this case) to consolidate or realign offerings. Bank of America's role as a significant holder of preferred shares in such funds indicates its involvement in the structured finance and investment product space, often as a liquidity provider or investor in specialized fund instruments.

Related Party Transactions

• The transaction involves Banc of America Preferred Funding Corporation (PFC), a wholly-owned subsidiary of Bank of America Corporation, exchanging shares. This represents an internal restructuring of holdings within the Bank of America corporate structure.

Stakeholder Impact

• Shareholders of PIMCO New York Municipal Income Fund (PNF) are impacted by the fund's reorganization into PIMCO New York Municipal Income Fund II.
• Bank of America Corporation's indirect beneficial ownership shifts from PNF to PIMCO New York Municipal Income Fund II, maintaining its overall exposure to the municipal income fund sector through its subsidiary.

Key Dates

Keywords

Bank of America, PIMCO, Municipal Income Fund, SEC Form 4, Beneficial Ownership, Preferred Shares, Fund Reorganization, RVMTP Shares, Closed-End Fund