Bank of America Corporation and Banc of America Preferred Funding Corporation filed Amendment No. 5 to their Schedule 13D on November 3, 2026, disclosing a reduction in their beneficial ownership of Remarketable Variable Rate Munifund Term Preferred shares of PIMCO California Municipal Income Fund following a redemption event on October 30, 2026.

Key Highlights

  • Redemption completed: 700 RVMTP shares held by Banc of America Preferred Funding Corporation were redeemed by the issuer on October 30, 2026.
  • Remaining position: The reporting persons now beneficially own 1,220 RVMTP Shares following the redemption.
  • Ownership percentage: The 1,220 shares represent 71.0% of the class, according to the filing.
  • Redemption price: The filing states shares were redeemed "for a redemption price of the liquidation preference and accumulated but unpaid dividends."
  • Shared voting and dispositive power: Both reporting persons report 0 sole voting power and 0 sole dispositive power, with 1,220 shares each in shared voting and shared dispositive power.
  • Source of funds: The filing identifies the source of funds as WC (working capital) for both reporting persons.

Redemption Reduces Bank of America's RVMTP Position in PIMCO California Municipal Income Fund

According to the filing, this Amendment No. 5 amends the original Schedule 13D dated April 17, 2024 and filed with the SEC on April 24, 2024. The amendment was triggered by a change in the reporting persons' ownership percentage of PIMCO California Municipal Income Fund (the "Issuer"), resulting from the redemption of 700 RVMTP shares. The filing notes this redemption was described in a Notice of Intention to Redeem Securities, N-23C-2, filed by the Issuer with the SEC on September 15, 2026.

The two reporting persons are Bank of America Corporation ("BAC"), organized in Delaware and classified as a holding company (HC), and Banc of America Preferred Funding Corporation ("BAPFC"), also organized in Delaware and classified as a corporation (CO). The filing states that the 700 RVMTP shares held by BAPFC were redeemed by the Issuer on October 30, 2026, at a redemption price equal to the liquidation preference plus accumulated but unpaid dividends. As a result, the reporting persons collectively hold 1,220 RVMTP Shares, representing 71.0% of the class.

The securities in question carry CUSIP number 72200N700 and are described as "Remarketable Variable Rate Munifund Term Preferred, Series 2054." The Issuer, PIMCO California Municipal Income Fund, maintains its principal executive offices at 1633 Broadway, New York, New York 10019, according to the filing. The amendment was signed by Andres Ortiz as Authorized Signatory for both reporting persons on November 3, 2026.

What Was Disclosed

Bank of America Corporation and Banc of America Preferred Funding Corporation disclosed a reduction in their RVMTP share holdings in PIMCO California Municipal Income Fund from a prior position to 1,220 shares, or 71.0% of the class, following the October 30, 2026 redemption of 700 shares.