Form 4: JPMCB Exits PIMCO PCK Shares in Reorganization

JPMorgan Chase Bank, N.A. reported the exchange of its indirect beneficial ownership of 275 preferred shares in PIMCO California Municipal Income Fund II as part of a fund reorganization.

Summary

• JPMorgan Chase Bank, N.A. (JPMCB), identified as a 10% owner, reported a change in its beneficial ownership of securities in PIMCO California Municipal Income Fund II (PCK).
• The transaction involved 275 Remarketable Variable Rate MuniFund Term Preferred Shares (RVMTP Shares) of PCK.
• This was a cashless exchange of the RVMTP Shares of PCK for an equal number of RVMTP Shares of PIMCO California Municipal Income Fund (PCQ).
• The transaction occurred on August 1, 2025, in connection with the reorganization of PCK into PCQ.
• Following this transaction, JPMCB no longer indirectly beneficially owns RVMTP Shares in PCK, with the reported beneficial ownership becoming 0 shares.

Sentiment

Score: 5

Explanation: The filing is neutral as it reports a routine regulatory disclosure of a structural change (fund reorganization) and does not provide information on financial performance or future outlook that would indicate positive or negative sentiment.

Positives

• The transaction represents the smooth execution of a cashless share exchange as part of a pre-announced fund reorganization.

Future Outlook

The filing reports a transaction effective August 1, 2025, indicating the completion of the reorganization of PIMCO California Municipal Income Fund II (PCK) into PIMCO California Municipal Income Fund (PCQ). This suggests a finalized structural change for the fund.

Industry Context

This transaction reflects a common practice within the closed-end fund industry where funds undergo reorganizations, often to consolidate similar strategies, achieve economies of scale, or simplify fund structures. Such reorganizations are typically pre-announced corporate actions.

Stakeholder Impact

• Shareholders of PIMCO California Municipal Income Fund II (PCK) had their shares exchanged for shares in PIMCO California Municipal Income Fund (PCQ) as part of the reorganization, as exemplified by JPMorgan Chase Bank, N.A.'s reported transaction.

Key Dates

Keywords

SEC Form 4, JPMorgan Chase Bank, PIMCO, PCK, PCQ, Municipal Income Fund, Preferred Shares, Fund Reorganization, Beneficial Ownership