Bank of America Corp /DE/ and its subsidiary Banc of America Preferred Funding Corporation filed a joint Form 4 on November 3, 2026, disclosing the redemption of 700 Remarketable Variable Rate MuniFund Term Preferred Shares in PIMCO California Municipal Income Fund on October 30, 2026.

Key Highlights

  • Security redeemed: 700 Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054 ("RVMTP Shares") were disposed of on October 30, 2026, with transaction code J.
  • Redemption initiator: According to the filing, the shares were redeemed by the issuer, PIMCO California Municipal Income Fund, not sold in the open market.
  • Redemption price: The filing states the redemption price was "the liquidation preference and accumulated but unpaid dividends."
  • Prior notice: The filing references a Notice of Intention to Redeem Securities (Form N-23C-2) filed by the issuer with the SEC on September 15, 2026.
  • Remaining ownership: Following the redemption, 1,220 RVMTP Shares are reported as beneficially owned indirectly.
  • Reporting relationship: Both Bank of America Corp /DE/ and Banc of America Preferred Funding Corporation are identified as 10% owners of the issuer.

BAPFC Redemption of RVMTP Shares in PIMCO California Municipal Income Fund

According to the Form 4 filed on November 3, 2026, Banc of America Preferred Funding Corporation ("BAPFC"), a wholly owned subsidiary of Bank of America Corporation, held 700 Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054, in PIMCO California Municipal Income Fund (ticker: PCQ). Those 700 shares were redeemed by the issuer on October 30, 2026. The filing describes the redemption price as "the liquidation preference and accumulated but unpaid dividends."

The filing notes that the redemption followed a Notice of Intention to Redeem Securities on Form N-23C-2, which the issuer filed with the SEC on September 15, 2026. Bank of America Corporation reported that it held an indirect interest in the redeemed shares by virtue of its indirect ownership of BAPFC. The statement was jointly filed by both Bank of America Corp /DE/ and BAPFC, with the transaction coded as "J" in Table I, indicating a form of transaction other than a standard open-market purchase or sale.

After the October 30, 2026 redemption, the filing reports that 1,220 RVMTP Shares remain beneficially owned indirectly. The filing also includes a declaration from each reporting person stating that "neither the filing of this statement nor anything herein shall be construed as an admission" that either party is acting as part of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934.

What Was Disclosed

The filing disclosed the October 30, 2026 issuer-initiated redemption of 700 RVMTP Shares, Series 2054, held by BAPFC in PIMCO California Municipal Income Fund, with 1,220 shares remaining beneficially owned indirectly following the transaction.