PIMCO Municipal Income Fund II (PML) — Bank of America Redeems 1,250 Preferred Shares

What Happened Bank of America Corporation (reported jointly with its wholly owned subsidiary, Banc of America Preferred Funding Corporation, the 10% owner) reported a disposition of 1,250 Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2054 (RVMTP Shares). The shares were not sold on the open market; they were redeemed by the issuer on August 24, 2026. The Form 4 lists the price as N/A, and the redemption was for the liquidation preference plus accumulated but unpaid dividends as described in the issuer’s July 24, 2026 Notice of Intention to Redeem.

Key Details

• Transaction date: August 24, 2026 (Form filed August 26, 2026) — appears timely.
• Transaction type/code: Other acquisition/disposition (code J) — issuer redemption.
• Shares disposed: 1,250 RVMTP Shares, Series 2054. Price shown as N/A on Form 4; redemption price = liquidation preference + accrued unpaid dividends per issuer notice.
• Shares owned after transaction: these 1,250 shares held by BAPFC were redeemed (effectively removed from BAPFC’s holdings).
• Footnotes: F1 explains the shares were held by Banc of America Preferred Funding Corporation (BAPFC) and redeemed by the issuer; F2 notes the joint filing and Bank of America’s indirect interest via BAPFC; F3 states the filing is not an admission of group status under Section 13(d).

Context This was an issuer-initiated redemption of preferred shares, not an insider selling shares on the market. As a 10% owner reporting through an institutional subsidiary, this transaction reflects a contractual redemption event (routine for term preferreds) rather than a direct trading signal about management’s view.